Insurance is an effective tool offering protection against expected and/or unexpected financial losses. Maintaining at least one third-party liability insurance policy is mandatory. This is applicable for all sorts of vehicles including two-wheelers. Therefore, being a bike owner it is your responsibility to maintain two wheeler bike insurance. However, merely buying one policy once is not enough. You have to keep renewing it as soon as it is due.
We will focus on the top seven benefits of two wheeler bike insurance policy renewal.
1. Following the mandate:
As a law-abiding responsible citizen of the country, it is your responsibility to keep your bike insurance policy active. The insurance coverage will protect you from any sort of unprecedented losses. Lack of updated insurance might lead to penalties, fines or even imprisonment. Your current policy becomes inactive as soon as it reaches its expiration date.
2. Remaining insured:
In case you fail to renew your bike insurance, it makes you all the more vulnerable to unexpected financial losses under any unfortunate circumstances regarding your two-wheeler. But, a valid insurance policy provides coverage in case of any accidents
3. No break-in policy:
As soon as the expiry date is reached, your insurance policy becomes invalid. It is technically termed as “policy break-in” when you want to renew your policy after the expiration. Under such circumstances, the insurance company may wish to inspect the concerned vehicle before issuing the insurance. This might lead to an enhanced premium value. Therefore, it is best to renew the policy before the end of the term.
4. Active NCB:
NCB stands for No Claim Bonus. It implies a particular incremental bonus for five years that the insurance companies offer on policy renewal. It is a special discount that is offered for safe driving and not issuing any claim within the term. If you fail to renew your policy within the ninety days grace period after expiration, NCB will cease to exist
Approximately one month’s time is enough prior to your two wheeler bike insurance policy expiration. You can revise the add-ons according to your requirements.
6. Online renewal:
Online insurance renewal is time-efficient, simple and cost-effective. There are provisions for additional benefits for online bike insurance renewal.
It is important that you do an online bike insurance comparison before proceeding to settle for one. This homework will help you to know the market status. You can decide better which policy would be the right choice for you. Online bike insurance comparison is an essential factor in buying an online policy.
From the above discussion, it is evident that merely buying an insurance policy while buying a two-wheeler is simply not enough. You have to regularly maintain the policy with a punctual renewal as long as you own the vehicle. You can easily complete the task now digitally with just a few clicks on your smartphone. But, before proceeding, you must not forget an online bike insurance comparison for best results.