9 Benefits of Two-wheeler Insurance Renewal Online
There are several benefits of bike insurance online other than financial protection. Here are the top benefits for renewing bike insurance policy online:
Abiding by Motor Laws
Renewing your bike insurance on time is more than just a formality. It is a legal obligation that you must follow. Riding without a mandatory third-party bike insurance policy can lead to fines and imprisonment.
Remember, your bike policy becomes inactive the moment it expires. Hence, timely bike insurance renewal ensures you abide by the law and stay protected under your coverage.
Renewing your two-wheeler insurance online means safeguarding against financial losses from accidents, theft, fire, natural calamities, man-made liabilities, third-party liabilities, etc. A comprehensive 2-wheeler insurance policy covers damages and ensures you stay insured, providing financial support when needed.
No Break-in Policy Disadvantage
Renewing your bike insurance policy before it expires is crucial to labelling it as a break-in policy. This period may differ from insurer to insurer, where they offer you a considerable period after the expiry date to renew your policy.
In case of delay in renewal or after it lapses, it may prompt a vehicle inspection and increase your bike insurance premium. Stay proactive to maintain a seamless insurance history.
You may also read Understanding Break-in Period in Bike Insurance Renewal
Can't Miss the NCB
The No Claim Bonus (NCB) is a valuable discount offered during own-damage bike insurance policy renewal for safe driving. Failing to renew within 90 days of the expiry date (grace period) resets the NCB to zero. However, timely renewal of a comprehensive or standalone own-damage bike insurance policy ensures you retain this discount of up to 50% on the policy premium during renewal.
You may also read Understanding Grace Period in Two-wheeler Insurance Renewal
Right Time to Review Policy Coverage
Usually, a month before policy expiry is the perfect time to review your policy coverage. When renewing it, consider buying beneficial add-ons like 24x roadside assistance cover, NCB protection cover, engine protection cover, etc. Embrace the process of renewing bike insurance online by exploring new features or specifications and enhancing your coverage quickly.
Bike Insurance Coverage Remains Intact
Renewing your bike insurance on time ensures continuous coverage against several unforeseen instances. The policy offers a range against third-party liabilities and own damage caused due to theft, fire, natural calamities, etc. Besides, you can also purchase personal accident cover, where you get coverage up to Rs. 15 lakh in case of death or disability.
Hence, you should not skip and complete the renewal process to stay financially & legally protected against several perils.
No Fines or Challans
Beyond the risks of riding without a valid bike insurance policy, failing to renew your bike insurance can lead to hefty fines and challans. In India, the penalty for not holding an active or valid bike insurance policy is ₹ 2,000 and/or imprisonment of up to 3 months. For repeated offences, the fine is ₹ 4,000 and/or imprisonment of up to 3 months. Stay safer by renewing on time and avoiding unnecessary expenses and legal consequences.
Easy to Compare
Use the renewal period to compare different plans, features, and prices. You can visit the official website of Policybazaar Insurance Brokers Private Limited to compare different types of bike insurance plans offered by the best bike insurance companies. Here, you can explore various options, switch insurers if needed and enhance your coverage. Make informed decisions to ensure the proper protection for your two-wheeler.
Renewing bike insurance online is now a hassle-free. Say goodbye to the tedious processes of renewing policy by relying on agents or standing in long queues in the insurer's office. You can save time by reviewing and choosing the right coverage for your bike in the comfort of your home.
Renewing bike insurance online comes with a multitude of benefits. From legal compliance to financial security, timely online renewal ensures you ride with peace of mind and save time. Do not let your bike insurance policy lapse or expire, and act responsibly for a worry-free biking experience.
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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.
^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.
#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.
*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)
#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.
*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.
*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis