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Why It is Important to Renew Bike Insurance During Coronavirus Lockdown

Team AckoNov 17, 2021

The Coronavirus pandemic has forced several districts in the country to go under a strict lockdown. People are advised to stay at home except for essential travel due to restrictions and health measures.

Why It is Important to Renew Bike Insurance During Coronavirus Lockdown

The Covid-19 lockdown has forced many regular activities to come to a standstill. However, when it comes to renewing bike insurance, whether there is a lockdown or not, you cannot let it come to a halt. You must renew the plan for the continuity of insurance coverage. There are serious repercussions if you do not renew the insurance plan within the due date.

This article ventures into the reasons why you must renew bike insurance during the Coronavirus lockdown and avoid any serious consequences.

Reasons to Renew Two-wheeler Insurance During a Lockdown

You may not be using your two-wheeler due to the restrictions; however, you may still use the bike to buy essentials or for a vaccination or a medical emergency. During such times, if you are caught riding without an active motor insurance plan, you may have to pay a hefty fine.

Apart from being legally compliant, here are the reasons why you must renew bike insurance, whether there is a coronavirus lockdown or not.

Third-party Liability Plan is Mandatory

As per The Motor Vehicles Act, 1988, you must insure your bike at least with the Third-party Liability plan. If you are caught riding the vehicle without the Third-party Liability plan, you will be fined Rs. 2000 and/or imprisoned for up to 3 months, and if you are caught the second time, you will be liable to pay a fine of Rs. 4,000 and/or imprisoned for up to 3 months.

Whether it is a lockdown or not, you must renew bike insurance for your vehicle to avoid unnecessary penalties. You can easily insure your vehicle with ACKO since the entire purchase journey is online. It takes just a few minutes to insure your bike on ACKO’s website or the mobile app without any paperwork.

Claims May Be Rejected

There is a possibility that you may have to park your vehicle on the side of the road. That does not mean that your bike will not be damaged. It could be damaged due to an explosion or fire or even natural/man-made calamities such as floods or riots. Also, there is a possibility that your bike could be stolen. 

During such situations, bike insurance will protect your finances. You can renew the Comprehensive Bike Insurance Plan that comes bundled with both the Third-party Liability Plan and Own Damage insurance to be financially protected during such scenarios.

Premiums Can Become Higher

You may think that you need not pay the renewal premium and avoid expenses since you are not using the bike. However, when you finally renew the plan, the premiums can be higher. That’s because if you do not renew the plan within the due date, the policy is considered expired, and if you do not renew it within 90 days of the due date, you will lose out on the No Claim Bonus (NCB) of the bike discount benefit.

By losing out on the NCB, you end up paying a higher premium compared to the discount that you could have taken advantage of.

Inspection By the Insurer

If the insurance policy expires due to the non-renewal of the Comprehensive Plan, the insurer will get the vehicle physically inspected before insuring your bike. There is a possibility that the insurer will pass on the cost of inspection while insuring your vehicle.

Offers a Sense of Security

By renewing the insurance policy of your bike, you can be assured that you will not be penalised or financially impacted due to unforeseen accidental damages. Having a valid bike insurance policy offers a sense of security in case of accidental damages or if the bike is stolen. That’s because the insurer will compensate you for the losses you have incurred.

Also, read: Compare Two Wheeler Insurance Online

How to Renew Bike Insurance During Lockdown at ACKO?

ACKO is a digital insurance company and does not have agents or middlemen to help you with the renewal process. ACKO believes in the direct-to-customer model, and its digital infrastructure allows you to renew your bike insurance policy instantly and at an affordable price.

Follow the steps below to renew bike insurance online either through www.acko.com or mobile application.

  • Step 1: Enter details about your bike and previous policy (if applicable).

  • Step 2: Choose a plan that suits your needs along with bike insurance add-ons.

  • Step 3: Pay the premium online and receive the policy document instantly to your registered email address.

Note: For existing ACKO customers, you can log into your account through the website or mobile app and select the renewal option against the policy card.

Conclusion

Just like with utility bills or credit card payments, forgetting to renew your bike insurance policy can cost you more money. Missing a bike insurance renewal payment may lead to penalties for not insuring the vehicle with the mandatory Third-party Bike Liability plan

Additionally, you may lose money if the two-wheeler is stolen or damaged due to an accident or due to natural or man-made calamities. Ensure you are on top of things to avoid financial loss or penalties so that your finances are secure and safe.

Also, read: Impact of Covid-19 on Motor Insurance

Frequently Asked Questions

Here are some of the commonly asked questions about bike insurance renewal.

Can I renew bike insurance online at ACKO if my previous policy is from a different insurance company?

Yes, you can renew the two-wheeler insurance online with ACKO even though the previous plan is from a different insurance provider. Just enter the details of the bike and previous policy on the website or the mobile app to renew the plan instantly.

How do I ensure timely bike insurance policy renewal?

Most insurance companies send reminders or alerts through SMS or emails, ensuring you sign up for these notifications. Alternatively, you can choose a long-term bike insurance plan to insure your bike for up to 3 years. By opting for a multi-year insurance plan, you get to enjoy discounted premiums, and you don’t have to worry about forgetting to renew the plan every year.

What documents are required to insure a two-wheeler at ACKO?

At ACKO, you do not have to submit any documents to buy or renew two-wheeler insurance policies. It is entirely paperless and hassle-free. Share the details of the bike and previous policy to insure your bike instantly.

How can I get a copy of the renewed bike insurance policy document?

Upon completing the insurance policy renewal on the ACKO website or mobile app, ACKO will send the policy document directly to your registered email address. Alternatively, you can access the policy certificate by accessing your profile through the app or the website.

Will I lose the NCB discount if I renew my insurance policy with another insurance company?

No, you will not lose the NCB discount you have received from the previous insurance company. While renewing the policy with another insurer, the NCB discount will be applied to the renewal premium.

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