When is the Best Time to Renew Your Bike Insurance?
Every insurance policy comes with an expiry date; this applies to your bike insurance policy too. As a bike owner, it is one of your prime responsibilities to renew your bike insurance policy on time. Read ahead to know the right time to renew your bike insurance policy so that you don’t miss the expiry date.Read more
Best Time to Renew Your Bike Insurance
Every bike insurance policy has a policy term which refers to the period for which the policy comes into force and provides coverage to the vehicle. Whether you purchase a long-term bike insurance plan or a short-term plan, both have an expiry date. You have to renew it before the end of the policy term. Here is a list of situations discussed below to help you understand the best time for bike insurance renewal-
In the case of a Short-term Bike Insurance Plan
The ideal time to renew an annual plan is within 15 to 30 days of the mentioned expiry date in your policy documents.For example, if your bike insurance policy is valid for 20 December 2022, the best time to renew the policy starts from 20 November 2022.
In the Case of a Long-term Bike Insurance Plan
If you want to remove the hassle of renewing the bike insurance plan annually, opting for a long-term or multi-term 2-wheeler insurance policy is best. In this case, also, you can renew the bike insurance plan 15-30 days before the due date.
Significance of Grace Period in Bike Insurance Policy
If you forget the due date because of any reason, the very first thing you will need to do is to check the grace period by which you can renew your bike insurance plan. A grace period is an extension given by several insurers to policyholders if their renewal date has expired. In most cases, this grace period is 30 days. However, some insurers might offer more than 30 days so it's best to confirm with them.
During this grace period, the policy is considered null and void, i.e., the insurer will not accept any claim requests raised during the grace period.
What Happens When Your Bike Insurance Expires?
Your vehicle remains financially uncovered if you hold an expired or lapsed bike insurance policy. In the below points, we have mentioned some of the drawbacks of not renewing your bike insurance policy timely-
- Your bike insurance policy is null and void. Hence, the insurer will not entertain your claims.
- You will lose the accumulated bonus (NCB) if you do not renew it on time.
- Riding your uninsured bike is full of risks, and the cops have the right to levy a fine of up to Rs. 2,000 for not having an active bike insurance plan.
- Your vehicle remains financially uncovered against third-party liabilities. If you had comprehensive two-wheeler insurance, your own damages and other coverage benefits wouldn’t be offered either.
What Not to Miss While Renewing Bike Insurance Online?
To keep your policy coverage intact, you should renew it before the expiry date. Here are things to keep in mind before renewing your bike insurance policy-
- If you have only mandatory third-party liability insurance, you can choose a wider coverage by opting for a comprehensive bike insurance policy at the time of renewal. You can also buy add-on covers with your comprehensive plan and enhance your policy coverage.
- If you are looking for any modifications in your vehicle, the best time to do this is during policy renewal. However, before going for any makeover in your two-wheeler, always inform your insurer. The insurer will include this point while calculating the revised bike insurance premium.
- It’s always good to have multiple options before buying or renewing your two-wheeler insurance online. So what better way to get started at Policybazaar.com? Here you will find and compare multiple bike insurance plans offered by top insurers in India. Once you’re satisfied with the options, coverage, budget, and other factors, you can buy the perfect plan for you.
6 Things to Consider While Renewing Bike Insurance Online
As mentioned above, renewal is the best time to enhance your bike insurance coverage. Below are a few pointers that you must consider while renewing your bike insurance online-
- Inclusions and Exclusion
- Claim Settlement Ratio
- Availability of Add-on Covers
- Network Garages
- Customer Support Services
- Terms & Conditions of the Bike Insurance Policy
Renewing your bike insurance on time plays a significant role in receiving coverage and retaining other benefits, especially the No Claim Bonus or NCB. Make sure you don’t miss your renewal date. However, if you have purchased it from Policybazaar.com, you will automatically get reminder calls and SMS alerts from the support team to avoid a policy lapse.
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