What are the Benefits of Renewing Two-wheeler Insurance on Time?
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Having valid insurance for your two-wheeler is compulsory as per the Motor Vehicle Act, 1988. Apart from being a legal necessity, it protects your vehicle in case of accidents or other unfortunate events.
However, insurance policies are periodic contracts that require regular renewal to maintain coverage and benefits. Unfortunately, many people neglect to renew their policies on time for various reasons.
They may not realize that skipping this simple step could lead to significant troubles. It is essential to consider the timely renewal of insurance and enjoy the two-wheeler insurance renewal benefits. Continue reading to learn about benefits of renewing the two-wheeler insurance on time.
Benefits of Renewing Bike Insurance on Time
Here are the advantages of renewing your two-wheeler insurance on time.
Avoid Legal Penalties
As per the Motor Vehicles Act of 1988, all vehicle owners must insure their vehicle with the third-party bike insurance. Failure to insure the vehicle with the third-party insurance shall lead to traffic penalties and huge financial and legal implications in case of third-party liabilities.
Among the benefits of renewing your two-wheeler insurance, one crucial advantage is that it provides protection from legal consequences and offers reimbursement in case of accidents or disasters.
To ensure a hassle-free two-wheeler insurance renewal process, it is advisable to seek a dependable two-wheeler insurance company like Shriram General Insurance.
Coverage Against Damages Due to Natural Disasters
Natural disasters can cause damage to vehicles, resulting in significant loss and destruction. However, if you ensure timely renewal of your two-wheeler insurance, your bike will be safeguarded from damage caused as a result of natural disasters.
The expenses involved in recovering from such losses can deplete your finances rapidly. Therefore, having financial security in the form of an insurance plan can provide vital protection and peace of mind.
Before settling on an insurance company, it is essential to consider the two-wheeler insurance renewal cost carefully. By doing this, you can make an informed decision and ensure adequate coverage at a reasonable price.
Constant Insurance Coverage
Failure to renew your two-wheeler insurance on time will leave you riding your bike without any insurance coverage. At this situation, any damage to your two-wheeler will not be covered by your insurance company, which can lead to significant financial losses.
Loss of No Claim Bonus (NCB)
If you renew your bike insurance on time and haven't filed any claims during the prior policy year, you are rewarded with a No Claim Bonus.
You can retain this valuable bonus by renewing your bike insurance policy promptly. If you fail to renew your two-wheeler policy on time, you may lose NCB.
The NCB discount can be a maximum of 50% on the cost of your bike insurance policy. Therefore, renewing your policy on time ensures that you can enjoy the benefit of keeping the NCB discount intact.
Opportunity to Review the Policy Features
Renewing your policy on time gives you ample opportunity to assess the benefits and features of the insurance plan carefully. During the renewal process, you can enhance your coverage by adding additional features, or if desired, you can opt out of unnecessary extras to save on costs.
If you fail to renew your insurance on time, you might make hurried decisions without sufficient time to review the policy details thoroughly.
By opting for the two-wheeler insurance renewal online, you can access comprehensive information about your chosen plan, enabling you to make well-informed decisions during the renewal process.
No Break-in Policy
If your two-wheeler insurance renewal is not completed on schedule, the subsequent insurance issued after the renewal period will be considered a break-in policy.
In such instances, the insurance company will require a vehicle inspection before issuing the policy. This thorough inspection may lead to an increase in the policy's cost.
Moreover, a break-in policy takes longer to process due to the ongoing inspections, resulting in a delay on receive the policy. One of the two-wheeler insurance renewal benefits is that it will skip the inspection procedure, saving you more money on your insurance rate.
With the points mentioned above, you can now appreciate the significance and advantages of timely two-wheeler insurance policy renewals. Making the two-wheeler insurance renewal comparison is essential and thus saves you more money. To avoid late fees or hassles, it is wise to renew your motor insurance policy online before the deadline.
1. How can I find out the expiry date of my two-wheeler insurance policy?
The policy document will indicate the expiry date of the bike insurance policy. You can also access your policy through the website or mobile app. At Shriram General Insurance, we will remind the renewal of the two-wheeler policy via SMS or email.
2. Can I renew the two-wheeler insurance policy after it has expired?
Yes, you can review your two-wheeler insurance policy after it expires. However, the renewal must be completed before the grace period ends. As you may be aware, grace period in insurance is a brief extension of time after a premium due date during which the policy remains active, providing a chance to make the payment without penalty.
3. Can I renew the two-wheeler insurance policy two weeks before the expiry date?
Yes, you can renew your two-wheeler insurance policy two weeks before its expiry.
4. Can I include any add-ons to the two-wheeler insurance policy?
Yes! You can view and include the additional add-ons according to your insurance needs. Remember, you will be charged extra for the add-ons you choose.
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