A motor insurance policy is mandatory for individuals who own an automobile, according to the Motor Vehicles Act, 1988, in India. Sadly, most people forget their duties once the vehicle comes under their possession. They either forget or refrain from buying a motor insurance policy that protects them from a wide range of unforeseen problems like accidents, burglary, theft, among others. If you wish to avail maximum protection for your two-wheeler, you can easily buy a motorbike insurance policy online. You can just as easily renew your existing motor insurance policy online as well.
Now, let us look at some of the benefits of renewing your two-wheeler insurance policy on time:
Protection from natural calamities
Renewing your two wheeler insurance on time can save you from hefty expenses arising due to natural disasters such as fires, earthquakes, cyclones, landslides, floods, storms, etc. The insurance policy bears the cost of repairing the damages caused due to any of the aforementioned events.
Protection from man-made calamities
Damage incurred due to manmade activities like theft, burglary, strike, war, or accidents is covered under your two-wheeler insurance policy. The repair cost or replacement charges, whichever is needed according to a situation, is also included.
Provides you with a sense of security
Peace of mind is the most important feature that renewing your two-wheeler insurance will get you, which, in turn, will allow you to ride your vehicle confidently. It also protects you from the hefty fines imposed under traffic laws. There is a heavy penalty for not carrying valid insurance while driving your vehicle.
Hence, it behoves you to drive responsibly with valid insurance.
Remember these tips during your policy renewal
By now, you must have realized the importance of renewing your two-wheeler insurance. Here is a checklist of certain things that you should pay attention to while renewing your two-wheeler insurance policy in India:
- Check the validity date of your insurance policy frequently. Renew in advance of the deadline mentioned in the policy to avoid late payment charges or fine or policy lapse.
- Always compare two-wheeler insurance quotes online before you renew your existing policy with your current insurer. There might be insurance policies or companies who offer comprehensive benefits at an affordable premium.
- Make use of your no-claim bonus (NCB) and pay voluntary deductibles to renew your two-wheeler insurance policy at a lower premium.
What is the renewal process like?
The two wheeler insurance renewal procedure, possible via the internet, is different for each insurance company. The general procedure that needs to be followed is elaborated below:
- Go to the official website of the insurance company and log in to your account
- Press the renewal button; enter the details of your existing insurance policy
- Select any add-on covers that you need/want and click on the submit button
- Pay the renewal amount using a credit card, debit card, or net banking or EMI
- Save the renewal receipt in a secure and accessible place and get a hard copy of the same
Keep the aforementioned tips in mind the next time you are ready to renew your bike insurance.
Read up on renewal on the website of your general insurance provider for any additional information you might need.