Bike insurance renewal is simple and the process can be completed online in a few steps in quick time.
A bike owner’s life always remains in the fast lane! Just kick-start your bike, shift gears and hit the road at full throttle. In this COVID-19 era, however, that seems to have a bit changed as moving out of one’s home is not that easy. But, even during the lockdown period when travelling is largely curtailed, there’s one thing that should not be out of your sight – the insurance cover of your two-wheeler.
Yes, your bike has always been your best companion while travelling and you must have got that by saving your hard-earned money. However, whether you are able to ride it during the lockdown or not, there are some responsibilities towards your bike which you need to filfill — the first responsibility being not letting its insurance cover expire.
Why You Should Keep Your Bike Insured
You must be aware that insurance gives you complete protection against unforeseen events. There could be damages because of accident, explosion or fire or even a loss if the bike gets stolen. And, any of these can happen anytime even when you are not using it. During the lockdown with less traffic on the road, most drivers generally become less vigilant, thus increasing the chance of an accident. Further, with the onset of monsoon, it becomes all the more important to keep your bike insured. Proper insurance gives you the advantage of taking any unfortunate financial event head-on and most importantly, it protects your savings.
Time to speed-up!
If your bike’s insurance is going to expire soon, do not delay in getting it renewed. Even if the authorities extend the time for policyholders to pay the premium, it is in their own interest to make the insurance cover up-to-date. Therefore, if the premium payment due date is approaching, don’t let the policy expire, rather zoom-out and reach out to your insurer.
Slow-down a bit!
Before you bring out your insurance papers to get them renewed, you need to know about the Third Party (TP) cover and Own Damage (OD) cover. Yes, similar to the parts of a bike that you are well aware of, let’s get to know what constitutes a bike insurance policy.
- If you hit someone or damage the property of another person while riding, it’s the Third-Party Cover that will come to your rescue. As per law, getting at least a Third-Party Cover is compulsory.
- But then, in an accident, it is highly likely that one damages one’s own vehicle too. In that case, the Own-Damage cover makes the insurer pay for the expenses.
- Taken together, it is known as Comprehensive cover which ensures both third-party and own damage cover for complete peace of mind to the insured.
Hiccups in delaying
The times are challenging and every penny saved is a penny earned. And, procrastination can cost one dearly if there is a delay in renewing the two wheeler insurance policy. The possibility of damage to even a parked bike is high. For example, not running the engine of your bike over several days can give starting problems.
Further, there could be an unpleasant surprise in store – a hike in the premium when you go for renewal at a later date. There’s no point in delaying if you end up paying up a higher premium.
Also, insurers call for a physical inspection of the two-wheeler after the expiry of the policy. Now, under lockdown, this process may get prolonged and your bike will remain out of validity till then. And, if there are any damages during this period, insurers are not obliged to pay-up for the expenses and one will have to bear them by oneself.
Most importantly, you lose on the earned no-claim bonus (NCB) on your policy. For every claim-free year, the insurer gives a bonus that goes up to 50 per cent of the premium portion of the OD cover. If you let your policy expire, it goes to zero and starts afresh when you buy a new policy. Now, that’s a huge loss for not renewing the policy on time.
Renewing is simple, quick
Bike insurance renewal is simple and the process can be completed online in a few steps in quick time. Reliance General Insurance offers a seamless process to renew your policy online with absolutely no fuss. What’s more, you don’t even need to remember your policy number, as the renewal process can begin with your registered mobile number. And, make the payment through digital mode while the policy document is delivered to your email instantly.
Don’t you like to be in full control while riding your bike? Online buying or renewing of your two wheeler insurance policy is also about control – you do an informed buying decision and are in full control of the risks and benefits.
(This article is sponsored by Reliance General Insurance)