Two-wheeler is a need today more than a luxury as it was in the olden days. Almost every household will have at least one two-wheeler to travel for their daily work commitments. And if you are living in a city, having a two-wheeler makes your life easier. Two-wheelers are one of the most convenient vehicles to travel be it for daily work or for long bike rides. However, it is a fact that two-wheelers are the most vulnerable vehicles towards road accidents and mishaps. In the past few years, road accidents and two-wheeler mishaps have increased exponentially. Therefore, a two wheeler insurance policy is a must have for all the two-wheelers which provides financial security during distress times.
Making sure that the two wheeler insurance policy is active and valid at all times is very important. If it is a new bike, then the dealer mandatorily provides two wheeler insurance be it third-party liability policy or a comprehensive policy. But from there on, it is the responsibility of the owner to renew it on time without fail, so that you don’t compromise on the benefits provided. The insurance company provides multiple reminders to the insured when the policy is approaching the renewal date. Even so, it is seen that majority of the policyholders tend to forget to renew the policy on-time because of their busy schedule or sometimes on sheer negligence.
To tackle this issue, the insurance company provides ‘break-in period’ also known as ‘grace period’, where in the insured gets a time extension of 30-60 days past the expiry date, to renew the two wheeler insurance policy. If the insured still does not renew the policy, then it will be lapsed or no longer valid.
All the process can be easily completed through online as it saves your time and it is eco-friendly. It only requires few clicks to renew the policy:
|Age of the vehicle||Percentage of Depreciation|
|Between 0 to 6 months||5%|
|Between 6 months to 1 year||15%|
|Between 1 to 2 years||20%|
|Between 2 to 3 years||30%|
|Between 3 to 4 years||40%|
|Between 4 to 5 years||50%|
Riding a two-wheeler is fun and enjoyable, but staying safe and secure with a two wheeler insurance is very important as the traffic and road conditions are dangerous. As per the law, it is mandatory to at least have third-party liability cover according to the Motor Vehicles Act, 1988. The rate for third-party cover is set by the IRDAI after revisions every year that is affordable to all. If you choose to increase the cover for the vehicle and yourself, you can opt for a comprehensive two wheeler insurance policy. Remember, a two wheeler insurance policy covers all the damages caused to the vehicle and the insurer will bare the cost of repair of the vehicle which otherwise has to be borne by you. So do not let your policy expire and make sure to renew it on time.
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