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About Timely Two-Wheeler Insurance Renewal

Two-wheelers are the most convenient mode of transport in India, be it zig-zagging through narrow roads or escaping the heavy traffic jams in the cities! Not only do bikes or scooters make it a fun ride but they are also easier on the pocket than other motor vehicles. However, one cannot deny the fact that two-wheelers are more susceptible to accidents and damage compared to cars and other four-wheelers.

Knowing this piece of information, you must understand the importance of renewing your bike insurance plan. Failing to renew bike insurance before the due date can be disastrous as you shall lose your insurance coverage along with the No Claim Bonus accumulated over the years. So, in this article, let’s explore the perks of timely two-wheeler insurance renewal.

Advantages of Opting for Bike Insurance Renewal

  • Seamless Insurance Protection

If you forget to renew your two-wheeler insurance before expiry, you won’t have any backup in the event of an unfortunate mishap on the road. Renewing your two-wheeler insurance policy well before the due date of the plan will help you to stay protected against unexpected losses. In case you incur any damages after the policy lapses, you cannot make claims as your two-wheeler insurance plan has expired.

 

  • Zero Break-in Policy Disadvantage

In case you fail to renew your bike insurance before expiry, it will be considered a ‘break-in policy’ situation. Due to this, your insurance company would be required to inspect your motorcycle, which could also lead to an increase in your insurance premium. By opting for bike insurance renewal within the grace period, you can avoid a break-in policy disadvantage.

 

  • Securing No Claim Bonus

No Claim Bonus or NCB is a reward that you can avail at the time of insurance renewal for making zero claims throughout the policy period. Such a bonus enables you to enjoy a discount ranging between 20% to 50% on the premium amount.

 

But as you may know, not renewing two-wheeler insurance within the grace period can lead to your NCB getting cancelled. So, if you had accumulated the NCB reward year after year, one failure in insurance renewal will take you back to square one.

 

  • Review of Coverage

Policy renewal is the perfect time to review your insurance requirements. If you want to upgrade your policy by increasing its coverage, bike insurance 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.

 

Moreover, it enables you to switch insurers if you are not satisfied with your existing insurance provider or add rider benefits to your policy for extensive protection.

 

  • Be on the Right Side of the Law

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.

How to Renew Bike Insurance Online?

Here’s how you can renew two-wheeler insurance online on Finserv MARKETS with ease:

 

  • Go to the ‘Bike Insurance’ section on Finserv MARKETS

  • Choose to renew the policy and provide the requested details:

  • Existing policy details

  • Personal details

  • Vehicle information

  • Confirm the desired type of coverage

  • Select the add-on covers (if you have chosen a comprehensive bike insurance plan)

  • Review the policy details before paying the premium amount

  • Pay the bike insurance premium online

  • Once the insurer assesses your documents, the renewed policy will be issued shortly

Bottom Line

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 an affordable premium, two-wheeler insurance provides financial protection against various risks that you may encounter on the road.

 

So make sure to keep track of your policy due dates and renew it well in advance. With Finserv MARKETS, online renewal is quick, hassle-free and secure, so head over to our platform now!

FAQs on Bike Insurance Renewal

  • ✔️Is it necessary to renew my bike insurance policy?

    Yes. By opting for bike insurance renewal online, you can enjoy continued protection against unforeseen perils on the road. So, head over to Finserv MARKETS and secure your vehicle now!

  • ✔️What if I renew my bike insurance after expiry?

    If you want to renew your bike insurance that has expired, it will be similar to buying a new two-wheeler insurance policy. Your vehicle will undergo an inspection and then the insurer will quote a premium amount. If that is the case with your insurance plan, you can buy extensive insurance coverage with us today!

  • ✔️How can I secure the No Claim Bonus in case I want to make a claim?

    It can be difficult to make zero claims during the policy period, but if you have accumulated the NCB reward, then even a single claim can lead to its termination. To secure your NCB and make a few insurance claims, you can opt for the NCB protection add-on cover that allows 2-3 claims throughout the tenor.

  • ✔️What are the key benefits of opting for two-wheeler insurance?

    The following are some key perks of opting for bike insurance:

    • Protection against man-made disasters and natural calamities

    • Safeguards against theft of a two-wheeler

    • Covers third-party liabilities

    • Includes personal accident cover

    • Covers own damage

  • ✔️Can I transfer my bike insurance plan to Finserv MARKETS?

    Yes. You can easily transfer your bike insurance policy to Finserv MARKETS. Click here to learn how you can switch insurance providers!