Indian Motor Vehicles Act, 1988 mandates all the vehicles to have a valid insurance policy. Having an insurance cover provides a certain degree of financial security to the riders against unfortunate road accidents, theft, fire, natural calamities, etc. For this reason, it is essential to renew your bike insurance before the end of the policy tenure as it ensures well-preparedness of the buyer in adverse situations.
By renewing the bike insurance policy on time, the policyholder ensures-
- To get paid for the damage to the bike from fire, theft, or any other man-made/natural disasters.
- To become eligible for the compensation for third-party liability expenses.
- To get compensated for the loss in an unfortunate incident that results in any kind of permanent disability or loss of life of the rider.
In most of the vehicle insurance policies, the coverage is applicable for a period of one year, after which it has to be renewed to continue the policy benefits. It is important to note here that policy renewal for the two-wheeler must be done before the impending due date to continue with policy coverage.
Insurance service providers, these days, offer the convenience of online renewal of the bike insurance policy. However, it is recommended to check and understand the complete procedure of making online payment for your two-wheeler insurance renewal. Policyholders, at the time of renewal, can also enjoy the benefit of no claim bonus to lower their premium amount in case no claim has been made on the policy in the previous year.
Quick and Easy Methods to Renew Bike Insurance
· Compare the available options
To renew your bike insurance policy, the first and foremost step is to make a quick comparison of available plans from leading service providers. Once shortlisted, approach the insurance executive of the company to understand the process of renewing your bike insurance policy.
· Get a quote before selecting the plan and payment option
When looking for various renewal options, it is always better to get a quote from the shortlisted service providers before choosing the final plan and payment option. With Coverfox.com, policy buyers can get various quotes at a single place making it easier to choose the suitable one as per their specific requirements.
· Use the online premium calculation tools
There are multiple tools available online to compare different two-wheeler insurance policies and calculate the approximate premium amount just by entering a few basic details. Unlike the offline renewal mode, choosing online renewal mode is much more efficient and time saving.
Renewing Your Bike Insurance Has Become A Smooth Ride!
The process of bike insurance policy renewal has never been smoother before. Whether your policy renewal date is approaching or you’re worried about the hassles of the unlimited paperwork, it has become much easier to renew your bike insurance in a few simple steps.
You can now renew your policy in just a few clicks by following the below mentioned steps:
- Taking a quick online quote from the company to know about the renewal premium for your expired bike insurance.
- Completing the formality of filling in all the details required with no/minimal paperwork.
- Making an online payment to get the benefit of instant online policy issuance.
Coverfox .com is a qualified insurance company that makes the process of buying bike insurance plans smooth and hassle-free for riders. With an easy online renewal process, you can even renew your insurance plan as per your budget and specific requirements.
As per the data released by National Crime Records Bureau in 2015, of all fatal road accidents in India, two-wheeler accidents accounted for 29% claiming more than 40,000 lives. The alarming statistics makes it crucial to have a comprehensive insurance policy that provides financial protection against damages caused by unfortunate road accidents, fire, theft, and other man-made/natural disasters. Furthermore, the Indian law has mandated it to buy the insurance policy irrespective of the age of the bike.
Any delay in renewing your bike insurance policy can make you pay much higher premiums at a later stage. Also, it would not allow you the benefit of comparing various policies to pick the best quote. You may lose on the accumulated no claim bonus and also dig a hole to your pockets in case of theft or damage to your beloved bike! It is, therefore, crucial to keep a track of your policy due date and renew it on time.