Bike insurance acts as a financial safety net, protecting you against damages caused to your two-wheeler by accidents, natural calamities, or thefts. Two-wheeler insurance financially covers the damages caused due to accidents to any third party or their property. Keeping in check whether your bike insurance is active is also necessary to check the validity of the insurance plan. Bike insurance renewal allows you to recheck the relevancy of the plan chosen and make necessary updates or changes if required, along with the options of including add-ons to the existing insurance plan.
The Motor Vehicles Act 2019 mandated the applicability of two-wheeler insurance. In this way, users can freely ride their vehicles without the stress of being financially susceptible to any damages. Thus, it becomes crucial for riders to have their two-wheeler insurance renewed as any potential lapses could lead to financial distress.
After knowing the two-wheeler insurance coverage details, it is essential to renew the two-wheeler insurance policy on time. If a person fails to complete the bike insurance renewal within the policy period or grace period, the insurance policy will lapse along with its benefits. The insurance company offers a grace period to the policyholder to renew the plan. However, if you fail to do so, you would lose out on the opportunity for the no-claim bonus, if applicable. A no-claim bonus is used to avail discounts on bike insurance premiums during the period of policy renewal.
Lapsing bike insurance has several demerits. Following are the most significant disadvantages of not ensuring bike insurance renewal in time:
Now, we’ll have a look at various aspects you must keep in mind while completing your bike insurance renewal:
Keeping in mind the points mentioned above, you can complete the process of bike insurance renewal seamlessly. Getting the right insurance plan for a bike can be tiring if one is unaware of the proper procedure. With these steps, you can decide the right plan for your bike and consider all the necessary steps while avoiding any undue complications in the process.
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