With the increasing popularity of two-wheelers in the Indian market, there has been a rise in the number of insurance providers across the country. According to the Motor Vehicles Act, 1988, it is mandatory for two-wheeler owners to have a Third-Party Insurance to take their vehicles out on Indian roads.
A third-party insurance policy provides coverage to the third party in case of an unfortunate accident with the insured two-wheeler. It does not provide insurance coverage to the bike or the owner. Therefore, it is advisable to opt for a comprehensive bike insurance policy.
A comprehensive bike insurance policy covers third-party liability as well as provides complete coverage to the policyholder in case of damage, loss or theft of the two-wheeler. You also get the option to extend your coverage by opting for add-ons. Thus, it is not only advisable to purchase a comprehensive bike insurance policy but also it is equally essential to ensure its timely renewal. Below, we are going to have a look at some of the major benefits of timely bike insurance renewal.
Protection against natural disaster
A comprehensive bike insurance policy provides complete coverage against the loss or damage of the vehicle in case of a natural disaster. Be it earthquake, landslide, fire, or other natural calamities; if you have purchased comprehensive bike insurance, the insurance provider will compensate for the loss of the vehicle.
In addition to that, the insurer will also pay for the compensation in case of the unfortunate demise of the rider-owner. However, policyholders won’t be able to reap any of these benefits if the insurance policy expires. Therefore, make sure that you renew your bike insurance on time.
Protection against man-made activities
Renewing your bike insurance policy on time will also safeguard you against the financial liabilities that may arise due to man-made activities such as burglary, theft, accident, or loss of the two-wheeler. It is to be noted that the insurance company may receive replacement charges or service cost based on the incident.
Benefits and Discounts
Timely renewal of bike insurance policy ensures that you continue to receive several discounts and perks as a bike owner. You can also receive the No Claim Bonus (NCB), and other kinds of discounted price offers if you renew your bike insurance policy on time.
Sense of Security
Having an active comprehensive bike insurance policy would provide you with a sense of security while riding the two-wheeler. A break in the policy period would lead to discontinued facilities and can be the reason for unwanted stress while travelling. Therefore, ensure that you renew your bike insurance on time so that you can travel without any worries on your mind.
Now that you are well aware of the various benefits of timely bike insurance renewal ensure that you make the most of it and renew your bike insurance policy before it expires.
Nowadays, you can purchase and renew your bike insurance policy online from the comfort of your home. You can choose your plan and make the payment online in a hassle-free way. Some insurance companies have also come up with personalized apps that make purchasing and renewing insurance policy even more convenient process. You can download these apps on your smartphone to buy and renew your bike insurance policy.
You can also keep a track of your insurance policy online with the help of these apps. You can consider purchasing and renewing your bike insurance policy with the help of the Finserv MARKETS app. This app is available on both Google Play and the App Store.
You can also compare various insurance policies online and choose the one with wider coverage and affordable premium. Do not forget to read the terms and conditions of the insurance policy before availing it. This will help you avoid any inconvenience in the later stage.
