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Benefits of Bike Insurance Renewal

Team AckoJul 22, 2021

Insurance is a way of protecting yourself from financial losses and two-wheeler insurance covers bikes against major perils such as accidents, calamities, and theft. In India, it is mandatory to purchase at least a Third-party Liability policy if you want to ride a two-wheeler legally. Failure to do so makes you vulnerable to penalties.

If you are a bike owner and are contemplating whether to purchase a Third-party Liability policy or a Comprehensive Two-wheeler Insurance policy, it is suggested to go for the comprehensive option. It not only includes the mandatory aspect of the Third-party Liability but also insures your bike against the above-mentioned perils. However, merely purchasing a Comprehensive Two-wheeler Insurance Policy isn’t enough. It needs to be renewed from time to time.

Mentioned below are 5 benefits of two-wheeler insurance renewal for a comprehensive policy.

Benefits 2 Wheeler Insurance Renewal

1. Being A Law-abiding Citizen

Renewing your two-wheeler insurance policy when it is due will ensure that you follow the law of the land. You will avoid penalties and continue to be shielded as per your insurance cover. You can be fined, even imprisoned, for riding a bike without a valid two-wheeler insurance policy. Note that your two-wheeler policy becomes inactive the moment it expires. Thus, timely two wheeler insurance online renewal after expiry becomes all the more important.

2. Staying Insured

Failing to renew your two-wheeler insurance policy will make you vulnerable to financial losses in case of unfortunate events involving your bike. A Comprehensive Two-wheeler Insurance policy covers your bike in case it gets damaged due to an accident or due to calamities. It also insures your two-wheeler against theft. Renewing your two-wheeler insurance will help you to stay insured and to continue availing your bike’s insurance coverage.

Also, read: Third Party Bike Insurance

3. No Break-in Policy Disadvantage

As mentioned earlier, you need to renew your insurance policy before its expiry. If you renew it after a considerable period (varies from insurer to insurer) after the expiration date, your two-wheeler insurance policy will be considered as a break-in policy. The insurance company might want to inspect your bike in such cases. This could increase your bike’s insurance premium.

4. Keeping NCB Active

No Claim Bonus (NCB) is an incremental discount (for 5 years) offered by insurance companies while renewing the policy. It is a discount offered for safe driving and not raising a claim during the course of the policy period. No Claim Bonus will cease to exist if you raise a claim or fail to renew your bike insurance policy before 90 days from its expiry date. 90 days is a grace period provided to keep your NCB active.

5. Right Time to Review

A month before your policy’s expiration period is usually a good time to review your Comprehensive Two-wheeler Insurance policy. While renewing, you can choose to opt for Add-ons such as Roadside Assistance, Pillion Rider Cover, etc. if it meets your requirements. Add-ons will increase the insurance premium slightly but will strengthen the insurance cover by extending its coverage. You can also switch your insurance provider while renewing your policy. Digitization has changed the insurance industry and new insurers have come up.

Also, read: Basic Mistakes to Avoid When Renewing Two-wheeler Insurance Online

Online Two-wheeler Insurance

Unlike few years ago, purchasing insurance has become entirely hassle-free. All you have to do is choose the policy you want from your insurance company’s website and then perform the transaction just as you would on any popular e-commerce platform. You do not have to worry about filling lengthy forms as basic details are enough. The policy’s features are explained in a simple manner on the insurance company’s website itself. However, if you have any doubts, you can get them clarified on call or through email with the insurance company’s executive before purchasing the policy.

Benefits of Online Bike Insurance Renewal

Online Bike insurance renewal will give you the following set of benefits:

  • Save time

When you renew bike insurance online, you save time on coordinating with the insurance agent. You can do your own research and decide a suitable policy from a range of insurance products.

  • Option to compare

You can quickly compare different policies with respect to coverage and price when you opt for online bike insurance renewal.

  • Additional Discounts

As compared to the offline process, if you opt for online bike insurance renewal you may be entitled to additional discounts or offers.

  • Choose the Best coverage

You can browse through different bike insurance plans and buy the one that is offering the best coverage. In this manner, you can buy the best plan at an affordable rate.

Procedure to Renew Bike Insurance Online

The process to renew bike insurance online is simple and won’t take a lot of time.

Visit your preferred insurance company’s website and navigate to the page where you can renew bike insurance. Enter the required details and select a suitable plan. You can then proceed to make payment. Your insurance policy will be instantly sent to your registered email ID if bike inspection is not required.

Click here to Renew Bike Insurance online at Acko.

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