Benefits Of Renewing Your Bike Insurance Policy
Having at least a third party insurance is mandatory for all vehicles in India under the Motor Vehicles Act, 1988. It is equally important to get your two-wheeler insurance regularly renewed to be safe from personal and legal repercussions. Below are the reasons why you must get your bike renewed on time:
- Protection Against Natural Disasters
Your two-wheeler insurance policy covers the cost of repairing the damage caused by natural disasters like fire, earthquake, cyclone, flood, self-ignition, etc. Renewing your bike on time would save you from bearing hefty expenses caused by natural disasters.
- Protection Against Humanmade Calamities
Damage or loss incurred due to humanmade activities like riots, theft, burglary, accidents, war, crime, terrorism, strike, etc. are covered under your two-wheeler insurance policy. In accordance with the situation, it also covers the service or replacement charges necessary.
- Safety From Legal Issues
As mentioned above, having third-party insurance is mandatory under the Motor Vehicles Act, 1988. Having third-party insurance at all times ensures that you do not have to bear expenses incurred for fixing damages caused to your vehicle, a third-party or third-party property.
- Access To No Claim Bonus And Other Discounts
Getting a regular renewal of your bike can get you access to perks and benefits like No Claim Bonus and such other discounts. Not keeping your policy updated can lead to seizure of discounts and perks.
- Insurance Coverage In Foreign Land
Taking your two-wheeler across borders and territories can be thrilling. You can avail the benefits of the policy outside India as well, in case of meeting with an accident or facing any other mishap or damage to the vehicle. But this is only possible if you have an updated insurance policy with you.
- Having A Sense Of Security And Peace Of Mind
In today’s times, peace of mind has become a rarity and we must do all we can to assure it. This assurance comes with the regular renewal of your bike insurance policy. When you are aware of all the benefits and safety you are provided with under the insurance cover, you ride with a sense of security on the road. It will also help you avoid paying hefty fines that are charged for driving a vehicle with an expired insurance policy.
- Avoid Inspection And Heavy Premium
If your two-wheeler policy has been lapsed for a long period of time, you have to go through an inspection process and also pay higher premium charges for the next renewal. To avoid this expensive and time-consuming process, it is always beneficial to keep your bike insurance policy updated.
You can save time and effort by renewing all your general insurance policies online. There is no need to visit the insurance company office in person to get the job done. You can also opt for a multi-year insurance policy to avoid the burden of getting it renewed every year, and the premium would also be cheaper.