6 Benefits of Bike Insurance Renewal
by Gaurav Kadam Insurance AdviserTimely
renewal of your bike insurance benefits in many ways. In not only ensures
continuity in cover, but also gives you a sense of security. Having an active
motor insurance is also mandatory by law. Some of the benefits of Bike
Insurance renewal has been elaborated below.
- Protection
Against Natural Perils
Renewing
your bike insurance on time ensures continuity in protection against natural
perils such as Fire, Earthquake, Explosion, Cyclone, Landslide, Flood, Storm,
Self-ignition and many more. It pays towards the repair work for damages caused
due to any of the perils and also compensates loss of life or injury to the
rider-owner and its occupants.
- Protection
Against Manmade Perils
Incidents
such Burglary, Theft, Strikes, Malicious acts and Accidents and many more man
made calamities can either lead to loss of bike or damage to it. An active
insurance ensures that your financial liability is limited as it pays a sum
insured in case of loss of vehicle or covers the costs of repair and
replacements.
- Protection
of Legal Interests
You should
be aware of the fact that third party insurance is mandatory which implies that
the policy should cover liabilities arising out of damage/injury to a third
party person/property. Renewal of bike insurance ensures your obligations as a
bike owner are fulfilled. The cover provides monetary assistance in case of an
unfortunate incident.
- Insurance
Cover in Foreign Land
Cross border
travel on motorcycles is a fad today. Having a bike
insurance online pays for damages outside the Indian Territory as well. At
the time of immigration, 2 wheeler insurance may be mandatory in the
country/territory you’re travelling to. Therefore, renewing on time also helps
in fulfilling the statutory obligations.
- Access
to Discounts and Perks
Ensuring
renewal of the insurance policy on time ensures that you remain eligible for
discounts such as the No Claim Bonus(NCB). Break in policy period can lead to
seizure of perks and discounts.
- Gives
You a Sense of Security
The most
important factor. Being covered gives you a sense of security to ride
confidently. It also saves you from fines imposed by enforcement agencies such
as traffic police for not carrying a valid insurance.
Things to keep in mind before Renewal
- Keep a track of the policy
validity dates and renew well in advance as per the timelines to save on
additional costs such as Inspection Charges.
- Compare insurance offers online
before applying. There may an insurer who will offer enhanced benefits at
a cheaper price.
- Make use of discounts such as
the No Claim Bonus(NCB) and consider increasing your share in Voluntary
Excess to get a lower premium amount.
[Source: https://www.bankbazaar.com/two-wheeler-insurance/guide/benefits-of-bike-insurance-renewal.html]
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Created on Dec 31st 1969 18:00. Viewed 0 times.