While purchasing two wheeler insurance at the same time as the bike is important, periodically renewing the policy is just as crucial. Although some might consider this to be a waste of money, the procedure is necessary and can be advantageous to the bike owner.
#1 Gain concessions by renewing your motorcycle insurance on time
If you renew your bike insurance on time and haven’t filed a claim during the previous policy year, you will receive a significant concession. The term “No Claim Bonus” refers to this concession. *
There is a chance that you could lose this bonus if you don’t renew your insurance in a timely manner. Your bike insurance policy may provide up to 50% concessions. Through timely bike insurance renewal, you benefit from maintaining the No Claim Bonus. *
#2 No-breaking-in rule
The new policy that is issued to you may be referred to as a break-in policy if you do not succeed in renewing your bike insurance policy by the due date. In the event that you have a break-in policy, your insurer may also ask for an inspection. They must be certain of the condition of the vehicle they are insuring. If you have a break-in policy, your insurer might record all of the minor dings and damages (if any).
#3 Instantaneous rule
As was previously mentioned, if there is a lapse in your bike insurance renewal, your insurer may need to inspect your bike. However, if you renew your bike insurance on time, you might not need an inspection and could get your renewed policy right away. Otherwise, your insurer might need more time to issue your bike insurance policy if an inspection is requested.
#4 Ongoing insurance protection
You risk riding your bike around without an active insurance policy if you do not renew your bike insurance policy on time. Your insurer won’t be responsible for covering the costs of any damages if you have an accident during this time. If you have an accident with a third party during this time, you will be responsible for paying their damages out of your own pocket. Depending on the third party’s income and age, the compensation could be very high.
You cannot make a claim for your own damages in addition to those of third parties. A complete bike insurance plan includes this protection. There is a chance that your bike will be stolen or damaged by calamities caused by nature or by humans. When your third party bike insurance is not in effect, you are responsible for all possible financial and legal obligations relating to your motorcycle.
#5 No fear of punishment
In India, it is illegal to ride a bike without a valid insurance policy for your vehicle. The Motor Vehicles Act of 1988, says that it is required to purchase at least third-party bike insurance coverage in order to ensure that the third party will be fairly compensated for their loss. You will be responsible for paying the fines for failing to renew the policy on time if it is not active.
Why should your bike be insured?
Bike insurance is essential because it provides financial protection in the event of unforeseen circumstances and is required by law. You will therefore be covered against third-party liabilities as well as any legal liabilities and own damage depending on the type of coverage you purchase. Additionally, you will be protected from theft and damage from calamities caused by nature or humans.
How do I renew my two-wheeler insurance online?
You must go to the website of your preferred insurer and enter the information about you and your bike in order to renew your two-wheeler insurance online. Choose a plan, then proceed to pay for your renewed two wheeler insurance.
* Standard T&C Apply
** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.
# Visit the official website of IRDAI for further details.
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.