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5 Benefits of Timely Two-Wheeler Insurance Renewal

By Finserv MARKETS - Apr 26,2019
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2-wheeler insurance

While two-wheelers are the most convenient and widely used mode of transportation in India, one cannot deny the fact that two-wheelers are more susceptible to accidents and damage compared to cars and other four-wheelers. Which is why getting a comprehensive insurance and renewing it on time is crucial. Here are the 5 benefits of timely two-wheeler insurance renewal: –

  1. Seamless Insurance Protection

Failing to renew your two-wheeler insurance on time will leave you vulnerable to financial losses in case of unfortunate events involving your bike. Renewing your two-wheeler insurance policy on time will help you to stay protected against such unexpected losses.

  1. No Break-in Policy Disadvantage

If you don’t renew your two-wheeler insurance before its expiry, it will be considered as a ‘break-in policy’ situation. In such a case, your insurance company might want to inspect your bike, which could also lead to an increase in your insurance premium. Two-Wheeler insurance available on Finserv MARKETS offers renewals without inspection of your vehicle.

  1. Keeping The NCB Active

A No Claim Bonus (NCB) is an incremental discount offered by insurance companies at the time of insurance renewal. You can avail the NCB benefit if you haven’t raised any claim during your previous policy period. And if you fail to renew your two-wheeler insurance before the grace period of 90 days after policy expiry, your NCB will be cancelled.

  1. Right Time to Review your Coverage

Policy renewal is the best time to review your two-wheeler insurance policy coverage. If you want to upgrade your policy by extending its coverage, renewal is the right time to do it. On the other hand, if you feel that your policy coverage is excessive, you can even cut back on your policy coverage at the time of policy renewal. Additionally, if you are not satisfied with your existing insurance provider, you can switch to a better insurance plan from another insurance provider at the time of policy renewal.

  1. Be On the Right Side of the Law

As you may already know, having an Insurance policy for your two-wheeler is mandatory by law in India. Hence, if you want to be on the right side of the law and avoid penalties, make sure to renew your two-wheeler insurance on time.

As you can see, timely Bike Insurance renewal online offers you several rewarding benefits, while skipping the renewal dates only offers trouble and losses. For a small premium, a two-wheeler insurance or Bike Insurance policy offers financial protection against various risks such as death or permanent disability of the rider/owner, accidental damage to the bike and theft. So make sure to keep track of your policy renewal dates and renew it on time. With two-wheeler insurance, online renewal is a quick and hassle-free process. Buy two-wheeler insurance at Finserv Markers today to enjoy quick renewal and wider coverage!

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522