Advantages of Timely Renewal of Your Bike Insurance Plan
Driving a two-wheeler is one of the most liberating experiences you can experience. This will allow you to enjoy your journey and provides a great deal of convenience. In times when car owners are stuck in traffic, you can easily move through the traffic jam on your bike. However, riding a bike can also lead to many accidents. Making a single mistake on the road can have dire consequences. The bike you are emotionally attached to can take a lot of damage or worse, you can injure yourself in an accident. Ideally, the best way to protect yourself from such a situation is to travel safely with the right gear. However, no matter how hard you try to avoid them, accidents happen. In such a situation, the most helpful thing for you is a good bike insurance policy.
A bike insurance policy usually has a year-long validity. That means you have to make sure you pay the premiums on time every year. However, new policy buyers are often confused about many things. One of these things is why renewing their two wheeler insurance online on time is so important.
Missing bike insurance renewal
Paying the premium for your two-wheeler and maintaining coverage after the term of the policy is over is called bike insurance renewal. This renewal has a time limit. It is usually until the last day of the policy term. Once you have missed this date your bike insurance coverage will expire. Upon expiration, the insurance provider will give you a break-in period. In most cases, this break-in period is 90 days. This period allows you to restore your coverage as before. Although you may still be able to renew your coverage, the policy benefits will not apply to you until you have paid the premium. If you fail to renew your policy even during this break-in period, your plan will be terminated. At this point, the only option you have left is to purchase a completely new policy. *
If you miss the break-in period of bike insurance renewal, your policy is terminated. Upon termination, the total coverage you have under the policy will be null and void. It covers both own damage and protection from third party liabilities. That means if you are in an accident, you will need to compensate for any loss or damage. This includes both your own losses and those of any third parties. Most importantly, it is illegal to ride a bike without a valid insurance policy. If you are caught by traffic police personnel riding without insurance, you will face a hefty fine. *
Loss of benefit
By now, you know you will lose your basic coverage. However, if you purchase additional benefits with your coverage. For example, an additional cover called a No Claim Bonus gives you a concession on the premium each year you do not claim. Generally, this benefit starts at 20% after the first year of purchasing the policy and can be up to 50% depending on your insurance provider. However, as your policy expires, you will also lose this benefit. The new policy you need to purchase will not provide you with this for at least one year. *
Purchasing a new policy
The most frustrating part of an expired bike insurance plan is buying a new one. You will have to spend money for the new policy. In addition, you will have to go through a rigorous process of documentation and certification. *
* Standard T&C Apply
How can you prevent this?
First of all, you need to make sure that you pay your premiums on time. This means making sure there are no obstacles in your way of doing so. One of these obstacles may be the insurance renewal process itself. Traditionally, you submit documents, fill out forms and get paid within a few days or weeks. This upgrade process can also take a long time. So, the solution here is to change the way you renew your policy. Go for bike insurance renewal online through the insurance provider’s website or through their mobile app. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.