According to the Motor Vehicles Act of 1988, it is compulsory to have your bike covered with an insurance policy. Two Wheeler Insurance Policy is a category of insurance plan that helps you cover the financial expenses of your bike against any unexpected situations comprising accidents, thefts or natural disasters. This way, the cost of your insurance policy is usually added to your total sum as a premium that is valid for one year or three years if you opt for long term bike insurance policy. Bike Insurance renewal is a must, once the period of your initial policy is over.
Timely Renewal of Bike Insurance to Avoid Inspection
You might think that renewal of bike insurance is an unnecessary hassle or that since you are very wary and a careful driver, you don’t need one. However, the option of claiming in case of theft or total loss from fire or other natural as well as man-made causes makes protection a prudent choice.
Making sure that you get timely bike insurance renewal online is highly imperative as accidents can occur anytime and anywhere. It also helps you in times of emergency when you might be suffering from a serious monetary crisis along with offering relief during distress. This is why you should invest in the best bike insurance renewal plan available to you:
· Saves You From Extra Work:
Failing to renew your bike insurance on time, will make you work doubly harder on either making your policy active again or buying a new insurance policy.
· Protects You From Violating The Laws:
If you wish to ride a bike on the Indian roads, then it is mandatory to have a valid insurance cover on your bike as per the Motor Vehicles Act of 1988. So, in case your current bike insurance coverage lapses, you would be violating the law. You are liable to be penalised and fined if you are caught. The Government ensures your as well everyone else’s safety by making the renewal of bike insurance a compulsion.
· No Claim Bonus:
No Claim Bonus or NCB is a policy in which, you earn a discount in the next year’s premium for each year that you do not make a claim for your two-wheeler insurance policy. This policy is cumulative in nature, which means that its rate of discount surges for each claim-free year. Thus, failure to devote time and finance in bike insurance renewal makes you lose out the amassed No Claim Bonus.
· Ensures Financial Safety In Case Of Emergencies:
If you have an expired bike insurance plan and your bike undergoes some damage during that period, then you would be responsible for all the financial expenditures incurred for repairing the damages of your bike. Your chosen insurance company won’t be accountable for paying the expenses of the repairs, just because you missed or forgot to recommence your insurance policy on time.
Extra Charges in Bike Insurance Renewal
Even the best bike insurance renewal plans are not free of cost. All renewal plans have some charges, depending on the extent of coverage you have opted for your vehicle. With the development of technology, renewing a bike insurance policy is pretty easy and convenient.
There are two modes of renewal available: Online and Offline. Online insurance renewal process typically costs less and is quicker as it does not involve paperwork and waiting in lines. Also, online policy renewal often does require any bike inspection. This is why the online renewal of policy is usually preferred over the offline one.
· Online renewal process:
- Log on to the Coverfox.com.
- Enter your vehicle’s registration details as well as your previous plan particulars on the website.
- You will be presented with various bike insurance renewal plans from different insurers. Carefully analyse, examine and compare the plans as per your requirements. After careful comparison, select the plan that suits your needs the best.
- After selecting your plan, make the payments. All the renewal policy documents will be emailed to you almost instantaneously.
· Offline renewal process:
- Take your bike to your chosen insurer’s office along with the proper documents and details.
- Do all the paperwork as required by your insurer and submit a copy of the RTC as well as your old policy documents.
- A representative from your chosen insurance enterprise might do the complete inspection of your bike, before mentioning your insurance sum.
- Pay the designated amount and you will get your bike’s insurance policy.
How to Choose the Best Bike Insurance Renewal Plan?
There are various benefits of investing in some of the best bike insurance renewal plans in 2018. Coverfox.com can help you in choosing the best fit for your bike from all the possible plans, according to your needs and budgets.