A BIKE insurance policy ensures that you are financially protected in case you get into an accident while riding your scooter or bike. But that’s not the only reason you need to have a bike insurance plan. As it turns out, a third party bike insurance plan is also mandatory in India, as per the Motor Vehicles Act, 1988. Not having the required kind of bike insurance could mean that you may have to pay a hefty fine as per the law.
On the upside, buying a bike insurance plan is extremely easy these days. You can get your policy within minutes by applying for insurance online. Alternatively, you can even purchase a cover through our bike insurance app, so you can secure your vehicle right from the comfort of your home.
Importance of Renewing Your Bike Insurance
It is not just enough if you buy bike insurance as a one-time effort. You also need to renew your insurance policy promptly. This ensures that your vehicle and your finances are protected at all times. In addition to this, it also allows you to stay on the right side of the law since third-party two-wheeler insurance is a legal requirement, as mentioned above.
What Happens if You do not Renew Your Bike Insurance on Time?
If you do not renew your bike insurance on time, you could be at a great disadvantage in many ways. Here are some of the downsides of not renewing your insurance plan via a bike insurance app or through any other channel.
● Penalties levied:
If you take your two-wheeler out on the roads without an active insurance policy, traffic authorities will levy fines up to Rs. 2,000 and/or imprisonment up to 3 months, in case this is your first offense of this kind. However, for subsequent offenses, the fine can go up to Rs. 4,000.
● Loss of your No Claim Bonus (NCB):
If you have not raised any claim on your insurance plan, your insurance provider may offer savings or discounts on renewal premium in the form of a No Claim Bonus (NCB). You may lose this bonus if you fail to renew your bike insurance policy for a period of 90 days after its expiry. So, to ensure that you don’t lose out on the NCB benefits, it’s always a good idea to renew your policy on time.
● Unexpected liabilities:
Additionally, if you are involved in an accident and have no valid insurance coverage, you may find yourself facing unexpected liabilities, either towards a third party or towards fixing your own vehicle. These sudden expenses can prove to be quite steep, depending on the nature of the damage. A valid bike insurance plan can protect you from such eventualities.
Easy Ways to Renew Your Bike Insurance
As you’ve seen in the section above, there are many disadvantages that come with not renewing your two-wheeler insurance on time. Fortunately, there are many easy ways to renew your two-
wheeler cover and continue to enjoy uninterrupted financial protection when you take your bike or scooter out on the roads.
Check out the top ways to renew your bike insurance below.
1. On the insurance provider’s website
If you are tech-savvy and prefer to do things quickly online, you can always visit the insurance provider’s website and take care of the renewal through this online channel. Not just this, nowadays, insurance providers like Finserv MARKETS also help you get this done promptly. Typically, here’s what you’ll need to do to renew your two-wheeler insurance plan on the insurance provider’s website.
1. Visit the insurance provider’s website
2. Enter the details of your previous two-wheeler insurance policy
3. Take a look at the premium quote shown
4. Make your premium payment online via the channels supported
That’s all! Your bike insurance is easily renewed.
2. Via a Bike Insurance App
Another easy way to renew your insurance cover is through a bike insurance app. Today, all leading and upcoming insurance providers have their own apps, which help you buy and renew your insurance policy in just a few clicks. You can simply download the bike insurance app and get the insurance policy renewed easily.
3. . Through an insurance agent
If you have purchased your two-wheeler insurance plan from an insurance agent, you can also get your policy renewed via the same channel. Although this seems like an old-fashioned way of going about it, resulting in more time to get your bike insurance renewed.
See how easy it is to renew your bike insurance plan? Now, there’s no excuse to put off this essential step in securing your finances. And, if you do not have a bike insurance plan yet, or if it’s time for you to renew your insurance policy, you can also visit Finserv Markets and go about buying or renewing your two-wheeler insurance plan effortlessly.