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Factors To Consider While Renewing Bike Insurance Policy

Factors to consider while renewing bike insurance with the same insurance provider

As per the latest Motor Vehicle A​ct, an uninsured two-wheeler will attract a fine of Rs. 2000 and/or imprisonment of 3 months. The increment in the penalties is one of the most discussed things in 2019 in India. In the hope of making the Indian roads safer for riding and driving, the government has come up with this plan as it makes the citizen’s respect law and fear breaking the rules.

You must have heard the people talk about the importance of having a comprehensive two-wheeler insurance policy, now is the time to implement the same. A bike insurance policy covers you and your vehicle against several threats like physical damage, accident cover, third-party bike liability​, theft, etc. Therefore, it is essential to renew your two-wheeler insurance policy as soon as possible. You should not let the policy lapse in the first place because it can cause a lot of problem in case of an emergency, resulting in unnecessary struggle and anxiety.

You can even renew your expired two-wheeler insurance policy online in easy steps. All you need to do is enter your details and answer a few questions. Here are a few things you should remember while renewing bike insurance with the same insurance provider.

Don't wait for the expiry

We agree that you can forget a thing or two in this busy lifestyle. However, you should even understand that delaying your policy renewal is not a good idea. If you get a notification from your insurer saying that your insurance policy is about to expire- take it seriously and get the renewal done. Don't wait for your two-wheeler insurance policy to lapse. FYI, you can lose all your accumulated benefits if your policy expires.

Avail the No Claim Bonus

When you renew bike insurance policy in time, you can avail the NCB benefits you have not made any claims in the past years. Your No Claim Bonus keeps increasing with every claim-free year and can go up to 50%.

Re-evaluate your policy coverage

You have the freedom to increase or decrease the cover at the time of policy renewal. You can reconsider some features and get an add-on for additional coverage.

Correct your details

One of the most important things you can do while renewing your two-wheeler insurance policy is that you can change/ correct your information quickly. For example- You just shifted homes and stay at a new place, which means you'll have to update your current address in the policy details. You can do this easily at the time of renewal.

Even after getting several reminder messages if you missed renewing your insurance policy, don't panic. Most insurance providers offer a grace period that allows you to renew two wheeler insurance policy till next 45 days or a month after the policy expiry date. In case you have forgotten making the payment, you can still renew your policy by utilising this grace period.

Keep these points in mind to ensure hassle-free renewal of your two-wheeler insurance!