Do you enjoy riding your bike but find the renewal process to be time-consuming? Then we’ll educate you about a slew of advantages that come with renewing your two-wheeler insurance. According to a survey done by the Insurance and Regulatory Authority of India (IRDA) in 2016, 75% of two-wheelers on the road are not insured, despite the fact that it is required by law. Because purchasing a two-wheeler insurance policy is a legal requirement for new bike owners, it is the old owners who refuse to renew their policies. As a result, given the importance of having a bike insurance coverage, it is also vital to renew it.
The significance of renewing your two-wheeler insurance
With the necessity to insure oneself, other parties, and your vehicle in mind, updating your bike insurance is a must. Given the numerous benefits that a bike insurance policy provides, it is critical that you do not miss out on the policy’s renewal. If you do not renew the policy, you will also miss out on the NCB. Every insurance carrier gives you a 30-day grace period to renew your bike insurance after it expires. You are not only breaking the law by not renewing your bike insurance, but you are also exposing yourself to a significant liability risk. As a result, it’s critical to renew your bike insurance on a regular basis.
Benefits of renewing your two-wheeler insurance
1. You have legal protection:
In India, having a third-party liability two-wheeler insurance policy is required by law. It ensures that the car is protected against third-party property damage caused by the insured’s vehicle. As a result, renewing your two-wheeler insurance policy assures that you are not responsible for any damages caused to a third party or their property.
2. Guards against natural and man-made disasters:
What if your insurance coverage expired only yesterday, and your bike swept away in floods? Who will make up the difference? Nobody. You will be missing out on the coverage that a bike insurance policy would provide if you do not renew your insurance policy. As a result, updating your bike insurance policy is critical to avoiding situations like these. A two-wheeler insurance coverage safeguards the policyholder from both natural and man-made disasters.
3. You will not be deprived of NCB:
Every year you go without filing a claim, insurance companies reward you with a no-claim bonus. This can help you save money on your insurance premiums. You will forfeit your accrued no claim bonus if you do not renew your insurance on time. A policyholder also has 90 days from the date of lapse to save his NCB, as well as a grace period of 30 days for renewal.
4. Provides a sense of safety:
One of the advantages of renewing your bike insurance policy is that it offers you the confidence to ride with confidence while also protecting you from any financial stress caused by an accident.