ATK
New Delhi [India], April 1: Gone are the days when you had to visit the insurance company's office to buy new insurance policy. Now, you can buy an insurance plan in a few simple clicks that too from the comfort of your home. The online insurance buying process also has a host of advantages. So, in the section below, let's take you through the importance of renewing your bike insurance plan online.
What is Bike Insurance?
Bike insurance is basically a contract between the policyholder and the insurance company wherein the latter agrees to provide financial compensation in case the insured bike is lost or damaged due to an unforeseen accident. There are three types of bike insurance, Comprehensive, Standalone Own-damage, and Third-party bike insurance. According to the Motor Vehicles Act, a third-party bike insurance is mandatory for all bike owners. As this insurance policy offers a lot of benefits, there are a number of insurance companies including Acko that offer bike insurance plan.
How to Buy Bike Insurance with Acko?
To buy a bike or two wheeler insurance online with Acko, here's what you need to do:
* Go to the bike insurance option either on Acko website or mobile app
* Enter vehicle registration number and then click on 'check price'
* You will be able to see a list of bike insurance plans
* Click on 'buy now' and proceed with buying bike insurance. You can include add-ons and even customise IDV in this step
* Finally, proceed with premium payment. Once the payment has been approved, you will receive policy details on your registered email id
Bike Insurance Renewal
Every bike insurance plan comes with an expiry date. The expiry date is typically mentioned on the policy document and it is very important to renew it before its expiry. The benefits of bike insurance renewal online are as follows:
1. To Abide by the Law: As already mentioned above, having a bike insurance policy is a legal requirement. All bike owners must atleast have a third-party bike insurance policy to ride their bikes legally on Indian roads. In case you are found to be riding without a valid two-wheeler insurance policy, you can be fined. So, it is very important to renew your bike insurance policy before its expiry.
2. Continued Coverage: It is essential to renew your bike insurance policy before its expiry date otherwise it will lapse. A lapsed policy means that you will stop getting bike insurance coverage and thus your bike will remain unprotected against unforseen accidents. Moreover, if you renew a lapsed policy, the premium tends to increase. So, it's better to renew your policy on time and keep the coverage intact.
3. Get NCB Bonus: No Claim Bonus or NCB is given to the policyholder in case they do not raise any bike insurance claim in a given year. To get this benefit, you need to renew your policy on time. Also, note that the NCB will stop if you fail to renew the policy before 90 days of its expiry.
4. To Get Additional Discounts: There are many insurance companies that give discounts if you renew your policy with them before is expiry. You can check with your insurer whether they are offering renewal discounts or not and then make your decision.
5. Saves Time: When you renew your bike insurance plan online, it saves a lot of time. You can renew your bike insurance policy in a few simple clicks from anywhere and at any time through the online process.
6. Add or Remove Add-ons: When you are renewing the policy, you can also choose to include or remove add-ons. During renewal, you thus get time to assess your policy and customise it as per existing needs.
Take Away
Thus, to avoid paying fines and stick to legal norms, you must renew your bike insurance policy before its expiry.
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