Why Is It Essential To Go For Timely bike Insurance Renewals?
In India, all bike insurance policies have an expiration date. This holds for both Comprehensive Plans and Third-Party Bike Insurance. While bike insurance is mandatory in India, you must renew your coverage to maintain it. Your bike will only be covered for damage if you have an active policy. And after the policy has expired, you are no longer covered. So, it is best to renew your bike insurance and check the app promptly. Learn why it is necessary to do so by reading on.
The following points will highlight why you should renew your motorcycle insurance. Significance of Two-Wheeler Insurance Policy Renewal:
1) Liability
The Complete Plan also includes Liability Coverage. It covers your liability if a third party is injured or their property is damaged due to an incident involving the covered bike. Involvement in a bike accident without a valid insurance policy might lead to severe consequences. In such a case, the insurer cannot assist you in settling the responsibilities, and you will be responsible for handling the problem yourself.*
2) Penalty
If you fail to renew your motorcycle insurance on time and it expires, you expose yourself to legal consequences. Although riding a bike with an expired insurance policy violates the law, police officers might punish you for the offence. Hence, timely bike insurance renewal will prevent such penalties.
3) Your bike Inspection
Suppose the Grace Period expires, and the insurers determine that they must inspect the bike to evaluate its condition before renewing the policy. In that case, they commence the Bike Inspection process. The insurer’s executives will check the bike here and then provide an estimate for renewal. Self-inspection is now possible by recording a video of the bike and sending it to your insurance. The premium typically rises after a Bike Inspection.*
4) Grace Period
Frequently, bike insurers provide a grace period for the renewal of bike insurance. This period often lasts a few weeks to a month beyond the policy’s expiration date. You have another opportunity to renew the policy here. Unfortunately, the Grace Period does not extend coverage, and the policy will remain void. It is just an opportunity to renew your bike insurance policy without experiencing a premium increase, which is generally the result of a Bike Inspection.*
5) Own Damage
If you don’t renew your bike insurance and your bike is damaged, the insurer will not pay for the damages. Only when the insurance coverage is activated is it valid? Failure to renew motorcycle insurance will result in the policy expiring and becoming inactive. Thus, you will have to pay out of pocket for bike repairs. Thus, renewing the policy before its expiration is in your best interest.*
Bonus for not making a claim
Skipping the renewal date may result in the loss of the renewal concession. Below are some essential details concerning the No-Claim-Bonus (NCB). *
NCB is a reward for not filing a claim throughout the policy period. It is connected to the Own Damage portion of the policy. It will be reduced to zero by filing a claim.*
The NCB benefit remains accumulated for 90 days following insurance expiration. After then, it expires.*
Don’t wait till you have to do the bike insurance expired renewal; however, if you cannot do so, you must do it within the aforementioned 90-day window to receive the NCB. *
Bike Insurance Renewal Advantages:
The main advantages of renewing your Comprehensive Bike Insurance coverage before expiration are listed below:
- Comply with The Motor Vehicles Act’s legal requirements to avoid penalties.
- Maintain your insurance coverage.
- Prevent Bike Inspection and price increases.
- Utilise the renewal concession and keep it current.
- Assure tranquilly for bike riding and insurance-related worries.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
