Benefits of Renewing Bike Insurance Online
Bike insurance companies in India are actively striving to make insurance policies more accessible and easily affordable for customers, given the presence of numerous young riders and drivers on Indian roads.
During any mishaps, a bike insurance policy provides safeguard and monetary assistance, enabling you to have a peaceful recovery. You can purchase two-wheeler insurance online by visiting the site and providing some of the essential documents.
The two wheeler insurance market has been growing over the years due to the increase in road accidents and rising traffic density. You can visit the company’s website to purchase a bike insurance policy online and ensure that you have a complete documentation package for buying or renewing the bike insurance policy.
What factors need to be considered while renewing bike insurance?
Guaranteed Declared Worth
The insured declared value (IDV) directly influences the special value. In the event of a total loss or damage to the insured motorcycle, this amount is transferred to the insured individual. Make sure to choose an appropriate IDV amount. Opting for a lower Insured Declared Value may result in your vehicle being underinsured, while a higher Insured Declared Value might necessitate a higher premium payment.
Choose Before to Policy Expiry
The bike insurance policy renewal should occur at least 45 days before the expiration date of your current bicycle protection policy. Avoid waiting for your bike insurance policy to expire, as if the policy lapses, you could lose all your accumulated benefits.
Cashless Support
Some insurance agencies offer credit-only assistance, while others do not provide such services.
No Claim Bonus
Ensure that, when renewing your bike insurance policy, you can avail the No Claim Bonus (NCB) benefit only if you haven't raised any claims during the previous contract.
However, if you need to choose an online bike insurance renewal that offers such services, especially when considering premium bikes.
What are the benefits of renewing bike insurance online?
Here are some benefits of renewing bicycle insurance for a comprehensive contract:
Remaining Safeguarded
Failing to renew your bicycle insurance policy exposes you to financial hardships in the event of unfortunate incidents involving your bike. A Comprehensive Two-wheeler Insurance policy covers your bike in case of damage due to an accident or disaster, and it also protects against theft. Renewing your bicycle insurance will help you stay protected and continue to benefit from your bike’s insurance coverage.
Being a Decent Resident
Renew or buy a bike insurance online policy to demonstrate adherence to the law. Doing so will prevent you from being penalized for riding a bicycle without a valid bike insurance policy.
Note that your bike policy becomes inactive immediately upon termination. Therefore, timely renewal of bike insurance online after expiry becomes even more significant.
Keeping the NCB Dynamic
The insurance company introduces a continuous discount (for a certain period) known as a No Claim Bonus (NCB) while renewing the policy. It is a rebate offered for safe driving and refraining from raising a claim throughout the policy period. No Claim Bonus will cease to exist if you raise a claim or fail to renew your bike insurance online policy within 90 days of its last date. 90 days is a grace period provided to keep your NCB active.
No Break-in Arrangement Burden
As mentioned earlier, you must renew your insurance policy before its expiry. If you renew it after a significant period (which varies from one insurer to another) following the expiration date, your bike insurance policy will be considered a lapsed policy. The insurance company should inspect your bike in such cases. This could prolong the process of your bike’s insurance coverage.
You get a rebate on Bicycle Insurance Installment
When you renew the bike insurance policy on time, your insurer can offer you a specific discount on the policy cost. If you hadn't raised a claim in the previous policy period, you will be eligible for a No Claim Bonus. This is considered the best possible discount as it can be increased by a percentage of the policy premium. NCB is restrictive, so you need to meet specific requirements to be able to benefit from the discount.
Ideal Opportunity to Survey
Typically, a month before your policy's expiration period is an excellent time to review your Comprehensive Two-wheeler Insurance policy. It addresses your various needs. Adding extras will slightly increase the insurance payment but will enhance the security cover by expanding its coverage.
However, you can also switch your insurance provider while renewing your policy. Digitization has transformed the insurance industry, leading to the emergence of new underwriters.
No Fines or Punishments
According to the law in India, purchasing an insurance policy for vehicles is compulsory. Therefore, if you fail to renew bike protection before its expiry, you will face fines and damages. The fine for not obtaining bicycle protection is 2,000 rupees or potential imprisonment.
Therefore, aside from not having a monetary cover against liabilities connected with your bicycle, you may have to pay a fine or, worse, face repercussions.
Choice to Analyze
Renewing insurance presents an excellent opportunity to compare various plans, features, and prices. You can use the online platform to make a decision. Therefore, you can switch to another insurance provider, or you can switch from a Third-party Bike Insurance policy to a Comprehensive Bike Insurance policy for broader coverage. Only with Comprehensive Insurance can you choose to include add-on covers to enhance the base coverage. Make sure to compare different bike insurance plans before renewing the current policy to ensure the right coverage for your vehicle.
Save time
Renewing bike insurance online is no longer a cumbersome task. Online bike insurance renewal is a hassle-free way to renew the policy without relying on agents or visits to the office. You can review various plans and choose the right insurance coverage for your bike.
Inclusion Stays in a Piece
When you fail to renew your bike insurance, you expose yourself to various financial risks associated with damage to your bike and other entities. Renewing bike insurance online ensures that you are covered against the following conditions if you have a comprehensive bike insurance policy.
Remember to complete the renewal process through the bike insurance online platform with MyPolicyExpress before the expiry date to avail of the aforementioned inclusions.
Conclusion
As you can see, renewing bike insurance online is convenient and offers several rewarding benefits. Therefore, missing the renewal dates only causes inconvenience and losses. With an affordable premium, bike insurance provides financial protection against various risks that you may encounter on the road.