Benefits Of On-Time Renewal of Your Two Wheeler Insurance
It is quite common to miss out on bike insurance renewal. There can be a number of reasons for it, such as an emergency situation at home, a hectic daily schedule, etc. But most of the time, people intentionally skip renewing two-wheeler insurance to save the premium amount without fully understanding the legal repercussions. Let’s take a look at why two-wheeler insurance is important in India.
Why Bike Insurance is Essential?
The Motor Vehicles Act, 1988, makes it mandatory for all motorized vehicles to have at least third party insurance. While you might take all the necessary precautions, there is always a chance that you might get associated with any road accident. This can cause financial loss and personal injuries. Add trauma to it, and you will be left dealing with mental stress. In such cases, having 2-wheeler insurance can help alleviate the distress you are witnessing.
Here is why you should be renewing your two-wheeler insurance on time:
1. Protection against Natural Disasters
Vehicle insurance provides coverage against natural disasters such as Fire, Earthquake, cyclone, landslide, flood, Storm, Self-ignition, and the like. Two-wheeler insurance helps mitigate the financial burden by bearing the cost of repairing the damages caused due to any of the above mentioned natural disasters.
2. Protection against Manmade Calamities
Bike insurance often includes cover for damage incurred due to manmade activities. These include things like theft, burglary, strike, war, or accidents. The two-wheeler insurance will cover the service cost or replacement charges whichever you maybe incurring at that time.
3. Protection of Legal Interest
As said before, third-party insurance is mandatory as per the Motor Vehicles Act, 1988. Third-party cover ensures that as the owner of the insured vehicle, you will be free from any third-party liability that may arise in case of an accident involving the insured two-wheeler. The renewal of two-wheeler insurance on time ensures that you do not have to bear expenses incurred for fixing damages of your two-wheeled vehicle, a third person or third-party property.
4. Access to No Claim Bonus
Renewing you bike insurance on time ensures that you can avail the No Claim Bonus you’ve accumulated over the course of your policy tenure. By allowing your 2-wheeler insurance policy to lapse, you are losing out on this perk.
5. Gives You a Sense of Security
The most important thing you will get on renewing your two-wheeler insurance on time is the peace of mind. By getting your vehicle covered under 2-wheeler insurance will give you a sense of security while riding it on the road. It will also help you avoid getting fined under traffic laws, as driving a vehicle without a valid insurance cover can lead to hefty fines.
Renewing a Lapsed Policy
Thus, you can see that renewing two-wheeler insurance is very important. In addition to that, even renewing lapsed bike insurance online is easy and can help you save money. When you renew your lapsed two-wheeler insurance, there are few tips that can help you save money.
1. First of all, you should have a pre-planned budget on your mind. You can opt for third party insurance which provides coverage against third party property damage and bodily injury or death of a third party.
2. You can also consider a low-priced motor insurance plan, but do check the benefits provided by the plan.
3. You should also compare two-wheeler insurance quotes. This is one of the major advantages of renewing bike insurance online.
4. Also, before renewing 2 wheeler insurance, read the policy terms and conditions.
To ensure that you don not end-up paying higher 2 wheeler insurance premiums, you should be aware of your vehicle’s value. Calculate its market value before renewing the policy cover. Knowing the depreciated value of your vehicle will allow you to negotiate with the insurance provider, and save money on it.
While these tips will come in handy at the time of policy renewal, make it a point to renew your bike insurance policy on time, and do not let it lapse.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**