Outstanding Perks of Online Renewing Your Bike Insurance

Timely renewing your bike insurance policy is essential as it ensures that you are legally compliant and protects you from financial liabilities in case of any untimely misfortunate event. In the olden days, when the world followed the traditional ways of renewing their insurance policy, the policy renewal was seen as a tedious and time-consuming process. But now, renewing your insurance online has become the most accessible and convenient option.

Through this article, we will look into the fantastic perks of bike insurance renewal online and how it helps you save time, effort, and money.

Also See : Third-party bike insurance 

8 Reasons Why You Should Renew Your Bike Insurance Online

1. Easy Documentation

When you buy two-wheeler renewal insurance online, you get to skip most steps, such as documentation or inspection of the vehicle. Unfortunately, most people find this tedious & often becomes a reason for not getting their bike insurance policy renewed. Therefore getting it online makes online two-wheeler policy renewal a quick & feasible option.

2. No additional Charges

When you go for the traditional method of renewing your bike insurance policy, you end up spending more. However, when you get 2-wheeler insurance online or do your renewal online, there are no additional charges charged, and sometimes insurance companies also provide discounts for loyalty.

3. Quick Issuance of Policy

There are various steps involved when renewing bike insurance through an agent, whether it is paperwork or form filling & follow-ups. But on the other hand, when you buy bike insurance online or go for renewal online, the procedure is self-manageable, with a minor dependency that creates quick processing & issuance of the policy.

4. Minimal Formalities

If your policy has already expired, even in that situation, minimal formalities are involved in the bike insurance policy renewal. The portal shall hold your information for 90 days, and you can easily renew your policy without many formalities.

5. Secures Towards Monetary Losses

When you don’t renew your two-wheeler insurance policy, you put yourself at risk of financial losses in unfortunate incidents involving your bike, creating the worst condition of the accident even worse. But promptly renewing your motorcycle insurance will ensure you remain insured and have accident coverage.

6. No Claim Bonus Benefit

No Claim Bonus (NCB) is an excellent incentive for policyholders who do not file any claims during the policy year. It provides a discount or bonus on next year’s premium and increases with each claim-free year, up to a maximum of 50%. This bonus is a reward for safe driving and avoiding accidents.

However, NCB will be lost if a claim is made or the motorcycle insurance policy is not renewed within 90 days of its expiration date. The 90-day grace period is provided to maintain the NCB benefit.

7. Time Renewal is a Hassle-free Renewal

If you fail to renew your insurance policy for your bike by the expiration date, the new policy you obtain will be considered a “lapsed policy.” A lapsed policy is not advisable as it can result in increased costs and may require an inspection by your insurance company. They want to verify the condition of the vehicle before offering coverage.

If you have a lapsed policy, your insurance company may document any minor dents or damages present. So to save yourself from this hassle, getting your policy renewed on time saves you from any hassle.

8. Helps with Legal Complications

Having an active and up-to-date bike insurance policy is a legal requirement. If you fail to renew your policy on time, you could be at risk of legal complications in case of an accident or mishap involving your bike. In such situations, if you are found to be driving without a valid insurance policy, you could face penalties, fines, and even legal action, as mentioned above.

In extreme cases, you may also be held liable for any damages or injuries caused in an accident, which can result in significant financial losses. By renewing your policy on time, you can avoid these legal complications and ensure that you are protected in case of any unfortunate incidents.

9. Helps in Budgeting Better

Renewing your bike insurance policy in advance can help you budget better. This is because you know exactly when your policy is due for renewal and how much you need to pay. This allows you to plan your finances accordingly and avoid last-minute rushes or unforeseen expenses.

Additionally, by renewing your policy in advance, you can compare insurance quotes from different companies and select the best option for your budget. This way, you can ensure adequate coverage without over-stretching your finances. In conclusion, renewing your policy on time can help you better manage your finances and budget effectively.

Conclusion

Renewing your insurance policy online comes with these outstanding perks such as minimal documentation formalities, no extra charges over and above, and many other benefits. Moreover, timely online renewal also helps you save time, effort, and money; hence it’s best to renew your insurance policy for bike and enjoy these fantastic perks.