• Benefits Of Two Wheeler Insurance Renewal

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    Apart from the fact that a motor insurance policy is mandatory as per the Government of India’s Motor Vehicles Act, 1988, it offers coverage against damages that can be caused following an accident or any other listed circumstances in the insurance policy. However, a good number of two-wheelers on the roads in the country do not have a valid insurance policy. This is because they fail to renew their policy and deem it a waste of finances and time. While it might seem like a burden, motor insurance companies have been doing everything on their part to rectify the number of two-wheeler vehicles owners that are failing to renew their insurance policies.

    Recently, the two-wheeler insurance companies have rolled out the multi-year insurance policy. With this, policyholders just have to make one payment for the premiums and be insured up to 3 years. In addition, policyholders who choose to avail the multi-year insurance policy are benefited by the discounted premiums. For two-wheeler vehicle owners, it is imperative that they do not allow the policy to lapse. Not only will they have to pay more to reinstate the policy, their vehicle will have to be inspected during renewal. In addition, allowing the policy to lapse will result in the benefits that come with the two-wheeler insurance plan being withdrawn.

    If the vehicle does get damaged during this break-in period of the policy, he/she cannot avail any of the listed coverages and will have to spend from their own pocket to get their bike repaired. That said, we’ve listed out a few reasons why motorists should renew their two-wheeler insurance policy.

    Benefits Of Renewing Two Wheeler Insurance Policy

    Listed below are some reasons why a two-wheeler vehicle owner should not have a break in their insurance policy or allow it to lapse:

    • Comprehensive protection against damage to the vehicle

    Two-wheeler vehicle owners that have availed a comprehensive two-wheeler insurance policy can protect their finances if their vehicle is damaged following an accident, a natural calamity such as landslide, earthquake, flood, etc., riots, strikes or any terrorist activity.

    • Coverage of medical expenses

    Following an accident or any of the aforementioned circumstances, by holding a comprehensive insurance policy, the policyholder can avail coverage for medical expenses if he/she is injured or disabled following the event. That said, a third-party insurance policy offers coverage for medical expenses to the third party involved in the accident.

    • Third-party liability

    As already mentioned, a third-party insurance policy is mandatory by law as set by the Government of India. If the policyholder meets with an accident, the insurance policy will cover the damages met to the vehicle of the third party and will also cover the medical expenses in case of injury or disability. Failure to have an insurance policy at the time of an accident, will firstly result in you having to cover all the expenses as well as you landing in a legal soup for riding without an insurance policy.

    • Coverage outside India

    Since two-wheeler enthusiasts wish to take their bikes to unchartered territories, insurance companies now offer insurance coverage outside India as well. If the vehicle owner does meet with an accident or the vehicle is damaged as a result of a natural calamity, etc., outside India, the insurance policy will cover the cost of the damage up to the insured declared value (IDV) of the vehicle.

    • Loss of benefits and perks

    If the two-wheeler vehicle owner lets the policy lapse, then the benefits and perks that come with the insurance policy will be withdrawn from the date of the policy lapse. If the two-wheeler policy has a break-in period for a long duration, then the no-claim bonus will be withdrawn by the insurance company.

    • Inspection and hike in premium

    If the policy has lapsed for a long duration, then when the two-wheeler owner wishes to renew the insurance policy, the bike will have to go through an inspection, a fitness test and only then he/she can renew the policy. In addition, for allowing the policy to lapse, the premium to renew the insurance will be more expensive.

    • Peace of mind

    Not having a valid insurance policy will result in you taking a u-turn everytime you see a cop at the end of the road. In addition, if you do meet with an accident, you will have to to submit your insurance document to the cops and insurance company. Failure to do so will result in you being fined heavily or jailed. To avoid such a precarious situation, it’s best you have a valid insurance policy when riding on the road.

    Things to keep in mind when renewing your two-wheeler insurance policy

    Listed below are a few things to keep in mind when it’s time to renew your two-wheeler insurance policy:

    • Ensure you know exactly when the date is to renew your two-wheeler insurance. To be reminded, share your mobile number and email address with your insurer and they will do the job of reminding you to renew your insurance policy.
    • If your bike is old, it might need a fitness test or an inspection. This might result in you having to spend a little more to get the required permits.
    • Look around for the best offer. It’s not necessary to stick with the same insurer when renewing your policy. You can even transfer your no-claim bonus and choose an insurer offering the same benefits for a cheaper premium rate.
    • If you’ve had a claim-free year, then you are eligible for the no-claim bonus resulting in paying for the policy at a discounted rate. Most insurers give policyholders a maximum of clubbing 5 claim-free years. For every claim-free year, your premium gets cheaper.

    Keep in mind that you can now renew your two-wheeler insurance policy online. You do not need to visit the insurance company office to get the job done. The payment for the renewal can be made online as well and the whole process takes just a few minutes. If you’re renewing your insurance policy with the same insurer, you wouldn’t need to submit any documents. Just click on the policy renewal button, enter your policy and make the payment for it. That’s it. Lastly, opt for the multi-year insurance policy that is offered by all two-wheeler insurance companies. This will save you from the burden of renewing your insurance policy every year and the premium rate will be cheaper as well. By making a single premium payment, you can insure your vehicle up to 3 years.

     

    • 5 Ways to Save Money When Renewing Your Two-Wheeler Insurance Policy this Festive Season

      1. Compare Policies Before Renewing: If you are unhappy with the services provided by your two-wheeler insurance provider if you are being charged a high premium for the policy, it is advisable to compare various two-wheeler insurance policies and change your insurance provider at the time of renewing the policy.
      2. Renew the Policy before the Due Date: Renewing your two-wheeler insurance policy before the specified due date will help you carry forward the No Claim Bonus to the next policy year in a hassle-free manner. If your policy gets lapsed and you don’t renew it within 90 days from the date of lapse, you will lose the No Claim Bonus. Thus, make sure to set up an automatic reminder to ensure that you renew the policy on time.
      3. Look for Discounts: If you have installed any ARAI-approved security devices or if you have joined a recognised riding association, you can avail a discount on your premium. Further, if you haven’t raised any claims during the policy tenure, your insurer will offer you a No Claim Bonus. These discounts can help you bring down your premium payable without compromising on the coverage.
      4. Reconsider Your Choice of Add-Ons: It is a must to review your choice of add-ons at the time of renewing your two-wheeler insurance policy. Given that they increase the cost of the insurance policy, you should, ideally, only opt for add-ons that you think are necessary.
      5. Opt for a Voluntary Excess: Opting for a voluntary excess can help you save on premiums since you will have to bear a certain pre-specified percentage of the claim amount. However, it is important to remember that opting for a voluntary excess can increase the expenses that you will have to bear in case of a vehicular damage or accident. If you use your bike sparingly or if your two-wheeler is very old, you can consider opting for a voluntary excess.

       

      As a policyholder, you should make sure to keep the above-mentioned tips in mind and renew your insurance policy on time to receive continued coverage.

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