Purchasing a two wheeler is an asset or necessity for most of the people. Owing and using a bike is a huge responsibility and with this responsibility comes a sense of protection and security. The best way to give protection and security to your bike is by getting an insurance for your two wheeler that covers the cost in case of an emergency.If you own a two wheeler then having a comprehensive insurance policy for your two wheeler vehicle becomes essential. Most importantly in case of expiry of the two wheeler insurance it is crucial to timely renew the policy to avail the benefits offered by the policy.
Although bike renewal is an easy process and benefits in many ways. The renewal of policy not only ensures continuity in cover but also gives a sense of security. Although submitting the yearly premium can sometimes be tedious job but there are ways to save money while renewing your bike insurance.
Go for a Long term Policy- Having a long term two wheeler insurance cover is much more beneficial and provides a continuous protection to your vehicle.The long term two wheeler insurance saves one from the hassle of renewing the policy every year. Thus cutting the extra charges that occur due to many different reasons like You can skip from the charges taken by the insurer to inspect the vehicle to determine its condition prior to the renewal of policy. Nowadays, many insurance companies are willing to offer discount on the own damage parts of the policy premium for long term insurance policies. The long term insurance also saves one from the annual hike in the third party premium rate. The insured gets a 30% discount on the three year cover and will be entitled to no claim bonus post the tenure.
Online Renewal- The online renewal of policy is much easy and cheaper as compared to follow the old process of renewal. You can renew the policy online with the help of just one click. The online bike insurance renewal saves you from extra expenses paid to the agent. Moreover, it is hassle free and much convenient as you can compare the different policies online. At the time of renewal you can also buy a new policy according to your affordability and convenience.
NCB Advantage- Ensuring renewal of the insurance policy on time ensures that you remain eligible for discounts such as the No Claim Bonus(NCB). Break in policy period can lead to seizure of perks and discounts.The insured get a 30% discount on the three year cover and will be entitled to no claim bonus post the tenure. The two wheeler insurance company offers a discount of 20%to 30%on 2 years and 3years policies respectively. So for every claim free year, you can avail the benefits of NCB at the time of renewal.
You get the Monetary Assistance- Renewing your bike insurance ensures your responsibility as a bike owner is fulfilled. As the third party insurance in mandatory, the cover provides monetary assistance in case of any mishap.Nowadays, as long distance travel on a motorcycle is a trend, having a bike insurance pays for damages outside the Indian Territory as well. So, if you have a renewed insurance it can help you to fulfill the required obligation on time.An active insurance not only gives a sense of security to the rider, it also saves you from the fine imposed by the traffic police for not carrying a valid insurance.
Before renewing your two wheeler insurance policy there are certain things that you should keep in mind
- The insured should keep a track of the policy validity dates and renew the policy in advance as per the timelines to save on additional costs such as Inspection Charges.
- One should compare the insurance policy online before applying. As the insured may get an insurer who will offer much benefits at cheaper rates.
- It is advisable to make use of discounts such as the No Claim Bonus(NCB) and consider enhancing your share in voluntary excess to get a lower premium amount.
To choose the best insurance policy according to your own convenience you can go for ICICI Lombard bike insurance, Bharti Axa two wheeler insurance, SBI two-wheeler insurance, Iffco Tokio two wheeler insurance, etc. Having an insurance policy is not a wastage of money, rather it's a smart thing to do as tragedy can happen to anyone, anytime.
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