It is quite common to hear the phrase that you must renew bike insurance on time.. You should do a quick assessment and if the same still holds good, you must proceed with the same. Let us asses what are the benefits of renewing the bike insurance on time and see if it makes sense to do the same.
- Legal cover
The Motor Vehicles Act of 1988 mandates all vehicles on road to have a valid insurance on them at all times. Lack of insurance would deem your vehicle illegal to be driven. To ensure that you are not caught hold by the traffic department, it is imperative that you renew your insurance on time.
- Avoid Man Made Nuances
There are several man made nuances that your bike is exposed to on a regular basis. Some of the examples include, theft, vandalism, burglary, war, strikes etc. If you wish to keep your bike secured against such instances, renewing your policy is crucial. When you renew bike insurance on time, you get cover against such nuances.
- Avoid Natural Calamities
When you renew bike insurance, you get immunity against natural calamities such as flood, cyclone, earthquake, fire etc. Having your bike exposed to such threats can have a devastating impact on your bank accounts. When you have a policy, it looks after all the damages arising out of natural calamities.
Insurers offer different types of offers and discounts on renewal, one of the most prominent ones being the no claims bonus. If you fail to renew bike insurance within the grace period as well, you stand to lose such benefits and perks.
Importance of Renewing Bike Insurance
On renewal, you can secure peace of mind. A bike insurance covers a lot of ground and can ensure that you need not worry about any of potentially unwanted circumstances. You also need not worry about hefty fines from the traffic police department as well.
Steps Involved in Renewing Bike Insurance
When you set out to renew bike insurance, it is not all that complicated after all. There are two simple approaches and it is up to you to decide one. The more traditional way is to visit the local branch of an insurer and renew the policy. Also, you can call your insurance agent and ask him to help you renew your policy. Either of them is possible and reduces your burden to a large extent. However, this method might be a bit time consuming. If you are really close to the policy lapse date, this way will cost you time.
The easier alternative then is to renew the policy online. When you go online, you have the ability to renew from anywhere and at any time as long as you have the documents along with you. Online renewal can be either done directly from an insurer’s website or through a comparison website like Coverfox.com. Here are the steps involved for both of them.
- Visit the website of the insurer whose policy you wish to buy/renew.
- Enter basic details such as bike registration number and your contact details.
- If you are renewing the policy from existing insurer, you need to key in the previous policy number.
- The insurer will send a quote to the email id mentioned in the above step.
- You can follow the link and review the policy.
- Fill up the mandatory details as asked by the insurer.
- Pick up any riders if you wish to and acknowledge the final policy.
- Once you are satisfied with the policy, proceed to the payment gateway.
- As soon as you complete the payment, the insurer will send an acknowledgement to your email id along with a soft copy of the policy.
- Visit any comparison website.
- Depending on the website, you either have to provide the bike registration number or details of the bike such as manufacturer, year of manufacture, engine capacity etc.
- You need to mention the provider of your existing policy.
- The website will then present all the quotes from various insurers.
- You can review and compare the policies based on the premium amounts as well as the features on offer.
- Once you are happy with a policy, proceed with buying the same.
- You will then need to enter some mandatory details, which might vary as per the insurer.
- After one final review, you can make the payment and the policy will be sent to your registered email id within a few minutes.
When you renew bike insurance online, you save a ton of time and a handsome amount of money as well.