You might have heard friends and fellow riders tell you to always renew bike insurance on time. And, they are right! Allowing your coverage to lapse can prove to be detrimental in more ways than one. In this article, we take a look at a few reasons why it makes sense to always renew your bike insurance plan on time.
- You stay covered against financial losses
This is definitely the biggest benefit from renewing your two wheeler insurance plan on time. When your plan stays active, you can ride knowing you are protected against the unforeseen. While a third party insurance plan covers you against third party liabilities, a comprehensive plan goes further to cover you against own damages, third party liabilities, natural disasters, and manmade calamities. You can also enhance the protection your vehicle receives by opting for add-ons like engine protection cover and zero depreciation cover. If you do not have an active bike insurance plan, you expose yourself to the risk of facing huge financial losses in case of an accident.
- You stay in compliance with the law
This is the next big benefit that you gain when you renew your coverage on time. If you ride with expired insurance, you can incur hefty fines as having at least third party insurance is mandatory for motorists. So, save yourself from incurring hefty fines and penalties simply by renewing your bike insurance coverage. This way, you can ride your vehicle with peace of mind!
- You retain the benefits of the no-claim bonus (NCB)
If you ride safely and do not make a claim, your insurance provider rewards you with a benefit known as the no-claim bonus (NCB). This is usually given as a discount on the premium of your bike insurance plan for the following year. This discount can add up to quite a huge saving on the premium that you need to pay. Now, if you allow your bike insurance plan to lapse, you not only expose yourself to risks and fines but also lose your accumulated NCB. When you buy coverage again, you will have to start earning this bonus from scratch. So, retain the NCB simply by renewing coverage on time. After all, money saved is money earned!
The grace period for renewal
In case you have missed out on renewing bike insurance by the policy’s expiry date, you can also avail of the grace period given by the insurer. If you renew coverage during this grace period, you will not lose the benefits of the NCB.
Do try to set a reminder so that you do not miss out on renewing your bike insurance plan. After all, the road can be quite unpredictable; it is best to keep yourself secured with insurance. These days, you can easily buy or renew bike insurance online on insurance websites with ease.
Finally, remember to always follow the road rules and ride your vehicle safely.