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Things that Make Two Wheeler Insurance Renewal an Easy Victory!
- DetailsWritten by PolicyBazaar -
- Hits : 837 -
Insurance prepares you for the unfortunate financial losses that cause a financial threat to you. Two wheeler insurance is the most essential among them, which protects all types of two-wheelers during accidental damages, collides, damages due to man-made or natural calamities.
But here is the catch…
You can enjoy the policy benefits only if you renew it on time. Sadly, 60% of bike-owners don’t bother renewing their bike insurance on time. Or many of them dare to ride their vehicles without an active insurance policy.
Despite knowing the consequences, how could you avoid renewing two wheeler insurance?
The Horror of Carrying an Inactive Policy!
A lapsed two wheeler policy is not less than a nightmare! The consequences are manifold:
- When you don’t pay the policy premiums on time, it expires. And carrying an expired two wheeler insurance is a legal offence and may lead to hefty penalty
- Your insurance company will not entertain your accidental claim for loss or damage if your insurance policy is not up-to-date
- The accumulated no claim bonus will be lost. NCB is offered for not claiming your policy which ranges from 20% to 50%. In case policy lapses for more than 90 days, the NCB will be lost
- You may end up paying huge out-of-pocket expenses, in case of damage to your prized possession’
- The legal liabilities can burn a big hole in your pocket without an insurance policy. So be aware!
Thus, the best way to keep such a situation at bay is to remember the renewal date and pay the premiums on time.
How to Reinstate a Lapsed policy?
Remember that, renewing a lapsed policy after 90 days is impossible. In such a case, you will have to buy a new policy with the required documents. A vehicle inspection will be done from the insurer’s end to decide the premium.
How to Deal with an Expired policy
Though insurance providers send renewal notification and calls when the date is due, there can be a situation when you unknowingly miss the date. And the policy will thus expire. In such a case, don’t panic and try to reinstate your policy
- If you have missed the policy date, immediately call the insurance provider asking for the assistance
- The insurer may renew it without any penalty if the gap is not more than days
- Even it may not undertake an inspection if you renew the policy within the stipulated grace period.
Renew Two Wheeler Insurance Like a Pro
Thankfully, for the busy bees or the lazy ones, 2-wheeler insurance renewal is no more a burden for anyone. With technological advancement and introduction of innovative products, more and more people have started realizing its importance. Even, renewing two wheeler insurance becomes easier with time. Let’s throw away your big INDOLENCE and renew the policy without hassle. By saying that, here’re the things that make the renewal process an easy victory:
Online Hai, Sab Sahi Hai
The internet has made our lives easier. Starting from paying utility bills to flight bookings everything is possible within a few clicks. But if you face any issue in payment, you would rush to the respective office and clear the paperwork in case of a discrepancy. But when it comes to renewing your policy, you can just rely on online insurance and remain stress-free. Just go to the official website of the respective insurer, fill the required details and pay the premium. Get your renewed policy instantly. Simple!
No Paperwork, No Headche
When you renew your policy online, it requires less paperwork. You just need to log on to the insures website and navigate through the renewal option, mention the required details such as registration number, policy type and details, engine number, chassis number etc. and calculate the premium. If the offered premium suits you, pay the amount using debit or credit card or via bet banking. Complete the renewal process in a few minutes. Just make sure you collect the premium receipt or acknowledgement letter online. Moreover, restrain from making a mistake while providing your information about the vehicle or policy details.
Long-term Two Wheeler Insurance is a Big Time Relief!
Many insurance providers have come up with long term two wheeler insurance policy, with a tenure of 2 to 3 years. With this policy, the headache of renewing two wheeler insurance every year has been reduced, thus helps the bike owners to remain insured and ride hassle-free. Moreover, insurance providers also send renewal reminders which help the insured to remember the due date, even after 3 years. Hence, this won’t let you miss the renewal date.
What’s Your Opinion?
Now, if you can realize the importance of two wheeler insurance and why you should not postpone the renewal date, the purpose of this article is fulfilled. It doesn’t make sense riding your precious possessions without insurance and dare the risks. Say yes to a timely renewal of two wheeler insurance and keep those financial stress at bay!
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