Reasons to Renew Bike Insurance Immediately
Having a two-wheeler insurance policy protects you from financial losses arising out of damages, injuries or death caused to a third party or property and also due to man-made and natural calamities. In India, it is mandatory to purchase a third-party liability policy, whereas buying a comprehensive cover is a matter of choice. However, merely purchasing the policy is not enough, but renewing it on time is also of prime importance. In case your bike insurance policy lapses, you won’t be liable to receive any coverage in case of any damages that you cause.
If you are thinking as to why the renewal of bike insurance is necessary, then read below to understand why the timely renewal of bike insurance is essential.
Mandatory legal requirement: The Motor Vehicles Act, 1988 makes it mandatory for vehicle owners to insure his vehicle with a third-party insurance cover. Buying a third-party cover also ensures that you are protected against all the third-party liabilities that can arise due to an accident caused by your vehicle.It also provides protection against damages caused to third property. If you do not renew your third party insurance on time, then you won’t be liable to receive any coverage against the third party or property damages, but can also land up behind bars for not abiding by the legal requirements.
Protection against man-made and natural calamities: Not renewing your comprehensive two wheeler insurance property can deny you protection against any damages caused to your vehicle due to man-made and natural calamities such as strike, theft, landslide, earthquake and others.
You do not miss out on the no claim bonus: Timely renewal of no claim bonus ensures that you do not miss out on the accumulated no claim bonus. This bonus can help you save a lot on your bike insurance renewal premium and can range up to 50% too. But in case if your policy has lapsed, your no claim bonus will cease to exist if you fail to renew your bike policy within a period of 90 days from its date of expiry.
Gives you peace of mind: The main reason to renew your two wheeler insurance policy on time is to get peace of mind. Hence, while riding your two-wheeler on the road, you get a sense of security and can freely ride around your bike anytime, anywhere, without having to worry about any legal action. Remember, riding a two-wheeler without a valid insurance policy can lead to a hefty fine and even land you behind the bars.
The process of renewing bike insurance is pretty simple and hassle-free with HDFC ERGO. Simply visit our website, click on renew and enter your bike policy and renew.
If you are a new customer, visit our website and click on two wheeler insurance, enter your bike number and proceed. Enter the required details and make the payment. On successful payment, you will receive your renewed bike policy on your registered email ID in just a few minutes.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.