Know the advantage of bike insurance renewal

In many ways, timely renewal of your bike insurance reaps many benefits. Not only does it guarantee continuity in the cover, but it also gives you a sense of security. It is also compulsory by statute to have adequate motorcycle insurance.

Some of the advantages of the renewal of bike insurance are as follows –

Protection against natural disasters: Bike insurance renewal guarantees consistency of safety against natural hazards including fire, earthquake, explosion, cyclone, landslide, floods, and much more. It contributes to the repair work for damages incurred by the perils and even compensates the rider-owner and occupants for loss of life or injury.

Protection against human-made calamities: Incidents such as robbery, strikes, accidents and more human-made calamities may either cause bike loss or harm to it. Active insurance will ensure that your financial liability is limited, as it pays an insured sum in the event of vehicle loss or covers repair and replacement costs.

Legal protection: You should know insurance from third parties is compulsory, which means that the policy should cover damages resulting from damage/injury to a third-party person/property. Bike insurance policy renewal ensures your responsibilities as a bike owner get met. The cover offers financial assistance in case of an adverse incident.

Insurance in a foreign country: Cross border travel on motorcycles is a big trend nowadays. Having two-wheeler insurance compensates for costs outside the Indian territory as well. At the time of entry, two-wheeler insurance may be mandatory in the country/territory you are travelling to. Therefore, bike insurance renewal on time also helps in satisfying the legal obligations.

Avail discounts and perks: Ensuring that the insurance policy gets updated on time, make sure you are eligible for benefits such as the No Claim Bonus (NCB). Nowadays, you can easily do bike insurance renewal online.

You feel secure: Being covered gives you a sense of self-confidence to ride the bike safely. This also protects you from fines imposed for not having a legal cover by law enforcement authorities such as the traffic police.

Things to be aware of:

Keep track of the policy validity dates and renew well in advance to save on extra costs such as compliance charges.

Compare the deals online before buying the insurance. There may be an insurer offering enhanced benefits at a lower price.

Take advantage of discounts like the No Claim Bonus (NCB) and think about increasing your share of Voluntary Excess to get a lower premium.

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