Want to know what are the benefits of bike insurance, Then this blog for you. But before knowing it, you know in India motor vehicle act 1988 say, a bike insurance is a must-have for anybody who owns a bike. By insuring your vehicle with the Comprehensive Bike Insurance Policy, you are covered against unplanned financial losses resulting from damage to your bike or third-party liabilities. You may be certain that you are financially insured at all times if you renew your bike insurance on time.
TOP 10 Major Benefits of Bike Insurance Policy That Is Necessary to Know Before Buying It
Apart from financial security, renewing your bike insurance has a lot of additional advantages. We discuss the benefits of renewing your two-wheeler insurance as well as how to do it fast and conveniently online. Here are the benefits of renewing your bike insurance for a complete coverage.
1. Being a responsible citizen
You will be obeying the law of the country if you renew your two-wheeler insurance coverage when it expires. You will avoid fines and your insurance coverage will protect you. Riding a motorcycle without valid two-wheeler insurance might result in a fine or possibly incarceration. After your two-wheeler policy has expired, it will become inactive. As a consequence, it is vital to renew two-wheeler insurance online as soon as it expires.
2. Having insurance
If you don’t renew your two-wheeler insurance, you might face financial consequences if something goes wrong with your bike. In the case of an accident or natural disaster, comprehensive two-wheeler insurance covers your bike. It also safeguards your two-wheeler from being stolen. You will be insured and able to ride your bike again if you renew your two-wheeler insurance.
3. No break-in policy disadvantage
As noted previously, you need to renew your insurance coverage before its expiry. Your two-wheeler insurance policy will be regarded a break-in policy if you renew it after a certain amount of time (varies per insurer) has passed since the expiration date. In this case, your insurance company may want to inspect your bike. Your motorbike insurance premiums may rise as a result of this.
4. Maintaining the NCB’s effective
When you renew your policy, insurance companies give you a five-year discount called the No Claim Bonus (NCB). It’s a discount offered in exchange for safe driving and no claims throughout the policy period. Your No Claim Bonus will forfeit if you submit a claim or do not renew your bike insurance policy within 90 days of its expiration date. To keep your NCB operating, you have a 90-day grace period.
5. Reviewing at the right time
A month before your Comprehensive Two-wheeler Insurance policy expires, it’s a good idea to review your coverage. When renewing your insurance, you may choose Add-ons such as Roadside Assistance, Pillion Rider Cover, and so on if they suit your needs.
Add-ons will increase the cost of insurance somewhat, but they will increase coverage by expanding it. You can switch insurance providers while renewing your policy. As a result of digitalization, the insurance industry has changed and new insurers have formed.
6. Save money on your bike insurance premiums
This is also an important benefits of bike insurance where your insurer may offer you a discount on your policy premium if you renew your bike insurance policy on time. You will be eligible for a No Claim Bonus if you did not file a claim during the preceding policy period. This is the greatest discount available, as it may save you up to 50% on your insurance cost. The nature of NCB is conditional. To be eligible for the discount, you must satisfy certain requirements.
As previously stated, NCB is available if you do not file a claim. You should not file a claim for 5 years in a row to earn a bigger discount, such as 50%. When you submit a claim, the NCB cycle restarted, and the discount reduced to zero.
When you do not renew your two-wheeler insurance on time, your NCB will also be reduced to zero. If your policy has been expired for more than 90 days, and you purchase a new bike insurance coverage, a new NCB cycle will begin. You may save a lot of money if you renew your bike insurance online on time.
7. Coverage remains intact
When you fail to renew your bike insurance, you expose yourself to a variety of financial risks associated with the damage to your bike and other entities. If you have a comprehensive bike insurance policy, timely bike insurance renewal guarantees that you are insured against the following circumstances.
a) Third-party Liabilities:
Bike insurance protects you financially against third-party obligations such as injuries, property damage, and legal penalties. You don’t have to worry about paying for the third party’s loss. Naturally, avoiding harming others should always be a top concern. However, you will financially protect in the event of an accident.
b) Fire: Damages to your bike caused by a fire-related catastrophe also covered under the insurance.
c) Own Damage:
Just like third-party bike insurance obligations, own damage, or damage to the insured bike, covered under a complete policy. In case if your bike destroyed, your insurance company will compensate you. You can get cashless repairs if you transport your broken bike to a network garage.
d) Personal Accident Cover:
The death benefit on bike insurance is now up to 15 lakh rupees, thanks to a recent judgement. Thus, in the event of death or incapacity, the bike insurance provider will compensate expenditures through personal accident coverage.
e) Calamities:
Your bike insurance coverage will protect you financially in the event of a natural or man-made disaster in the region. Earthquakes, floods, landslides, and other natural disasters, as well as rioting and vandalism, are examples of man-made disasters.
f) Theft:
You may rest certain that your bike will not theft. If your bike stolen and the authorities are unable to locate it, your insurer will pay you with the approximate current market worth of your bike.
To take advantage of the above-mentioned coverages, be sure to renew your bike insurance before the expiration date.
8. No fines or penalties
In India, purchasing an automobile insurance coverage required by law. You will incur fines and penalties if you do not renew your two-wheeler insurance before it expires. A fine of 2,000 rupees and/or jail will impose for failing to purchase motorcycle insurance. You will have to pay a fee or, worse, face fines if you do not have financial protection against responsibilities associated to your motorcycle.
9. Option to compare
The renewal of your insurance policy is a fantastic opportunity to compare alternative plans, features, and rates. You can make your selection using the online platform. You can change insurance providers if necessary, or convert from Third-Party Bike Insurance Policy to Comprehensive Bike Insurance Policy for greater coverage. Only Comprehensive Insurance gives you the option of adding add-on covers to your basic coverage. Before you renew your current bike insurance plan, make sure you evaluate several options for the correct coverage for your vehicle.
10. Save time
Bike insurance renewal is no longer a difficult procedure. Online bike insurance renewal is a convenient method to keep your policy current without having to rely on agents or make office visits. You may compare plans and select the best insurance coverage for your motorcycle.
