When Should You Go For Two Wheeler Insurance Renewal?
Owning a two-wheeler comes with its own set of responsibilities, and one of them is getting your two wheeler insurance renewal. Two-wheeler insurance is mandatory in India as per the Motor Vehicles Act of 1988, according to which you need to renew on time. It protects you from financial liabilities in case of accidents and provides peace of mind while riding.
However, many people tend to forget about their insurance renewal and end up riding their vehicle with an expired policy. This article will discuss when to go for a two-wheeler insurance renewal to avoid issues.
Top 8 Reasons To Go For Two Wheeler Insurance Renewal
- 1 Top 8 Reasons To Go For Two Wheeler Insurance Renewal
- 2 Final Words
1] Expiry Date Of Bike Insurance
The most obvious reason to renew your two wheeler insurance is when the policy is about to expire. Renew your policy at least a few days before the expiration date to avoid any lapses in coverage or other issues. Keep an eye on the reminder sent by your insurance policyholder to renew your two-wheeler insurance policy.
2] Change In Ownership
The second reason for the bike insurance renewal is the change in vehicle ownership. If you recently purchased a second-hand two-wheeler, you must transfer the insurance policy to your name. In such cases, you should go for insurance renewal to ensure that you are covered in case of any mishap.
3] Change In Coverage
The change in the coverage also needs over-time renewal to avoid any issues when you want to claim it. For example, if you initially opted for a third-party liability policy, but now want to add your own damage coverage, you will need a bike insurance renewal and make the necessary changes.
Also Read This: Is It Mandatory To Buy A Bike Insurance? Or It’s Optional?
4] No Claim Bonus (NCB) Of Insurance Of Bike
No claim bonus or NCB is a discount that you can avail of if you haven’t made any claims during the policy period. NCB can significantly reduce the premium amount that you can lose too if you do not renew your policy within 90 days of the expiry date. So, make sure to renew your policy before the NCB expires and have a benefit in your premiums.
5] In Traffic Violations
If you have been involved in a traffic violation or any related issues, your insurance company may cancel your policy. In such cases, you will need to get your bike insurance renewed to reinstate your policy.
Also Read: How Does Insurance Bike Bajaj Claim Process Work?
6] Age Of The Vehicle
The age of your two-wheeler can affect the insurance premium because older vehicles are more likely to require repairs and replacements, so the premium may be higher. In such cases, you should compare different insurance policies and opt for one that offers the best coverage at an affordable premium.
7] Changes In Personal Details
If you have changed your address, phone number, or any other personal details, you should update them with your insurance company as soon as possible. Failing to do so may result in policy lapses and difficulties in making claims for your two wheeler insurance policy.
8] Renewal Of Long-Term Policies
Long-term policies offer better discounts and eliminate the need for annual renewal of the insurance of bikes. But they may have their terms and conditions that you should be aware of till the insurance coverage. If you have opted for a long-term two-wheeler insurance policy, ensure that you renew it on time to avoid any lapses in coverage.
Read More: How To Buy Bike Insurance? A Complete Guide To Choose Best Bike Insurance Company!
Renewing your two-wheeler insurance policy on time is crucial to ensure that you are protected while riding and avoid any legal hassles. Failing in two wheeler insurance renewal may result in claim rejections, policy cancellations, and other difficulties. So, make sure to stay informed about your insurance policy and renew it on time to stay protected while riding your bike.