The number of road accidents and mishaps are increasing day by day. Thus, buying an insurance policy is necessary. If you ride a bike regularly then buying two-wheeler insurance must be a priority for you. It keeps you and your vehicle safe and protects you from unfortunate events like accidents in the future. Moreover,getting an insurance policy for your vehicle is mandatory in India as per the Motor Vehicles Act 1988. At the same time, renewal of bike insurance is essential too. You will not be provided with coverage if your insurance plan is not active.
- How to renew two-wheeler insurance?
Renewal of two-wheeler insurance is an easy process. Many insurance companies have launched their websites or apps. These online websites make it simpler for individuals to buy insurance or renew it. A person can either renew the insurance through the online procedure or by contacting the insurance company. However, the online procedure for insurance renewal is convenient and hassle-free.
- Lapsing period
Grace period means the additional time given by the insurance provider to renew the policy and pay the premium. If the policy is up for renewal and the payment of premium is not paid within a certain number of days, as specified under the grace period of your provider, then the policy will lapse. This affects your next policy and the benefits you will be availing from it.
- If the policy expires before renewal, it will need an inspection of the vehicle. It will be done by authorized personnel. You will have to pay the inspection charges.
- Your NCB (no claim bonus) will expire if you have not renewed your comprehensive two-wheeler insurance policy within the grace period.
- Buying process
Following are the steps of the renewal process:
- One can renew insurance online by visiting the insurance company’s website.
- A link is provided which will directly open the renewal page. Fill up the required details there.
- A premium quote will be given to you online.Make premium payment by choosing the payment options available.
- Various policies
Comprehensive policy: Comprehensive bike insurance protects your two-wheeler against any damage caused because of riots, theft, burglary, an act of terrorism, etc. It protects the vehicle against any natural calamities like floods, landslides, earthquakes, fire, etc. It also includes the third-party damages or losses. This policy covers up the damage, harm or death of the third party in an accident. Transit damage caused while transferring your vehicle by road, rail, air or water is also covered under this policy.
Third-party policy: This policy covers up the losses caused to the aggrieved party. It covers any kind of damage or harm done to the third-party in an accident. This policy does not cover up the loss or damage of your vehicle.
Long term policy: A long term policy will help you avoid the yearly two wheeler insurance renewal. Once you have insured your bike you can stay secured and insured for a long period. Few other advantages included in this policy are:
- This policy protects you from premium hikes and premium fluctuations.
- You will get a no claim benefit (NCB) if you have not claimed for the duration of your policy.
- You get longer coverage of insurance. Once you have insured for more than a year you avoid the hassle of repeated renewals.
- It minimizes the risk that may be due to a lapse of renewal of your two-wheeler insurance.
You can renew the policy after its expiry, but renewing it before the due date is wise. In case an accident takes place with the policyholder, while his/her policy is in an inactive state, then the policyholder won’treceive any insurance benefits from the insurance provider.