Renewal Benefits for Two-Wheeler Insurance

Bike insurance online is an essential investment for anyone who owns a bike or a scooter. It not only provides financial protection against unforeseen circumstances such as accidents and thefts but also helps you comply with legal requirements.

However, just buying two-wheeler insurance is not enough. You need to renew your policy on time to ensure continuous coverage. Moreover, renewing your policy on time can also help you enjoy various renewal benefits.

In this article, we will discuss the renewal benefits for buy bike insurance and how you can make the most of them.

Renewal Benefits for Two-Wheeler Insurance

Renewing your two-wheeler insurance policy on time can provide you with various benefits. Some of the most common renewal benefits for two-wheeler insurance are:

1. No-claim bonus (NCB): No-claim bonus is a reward that you get for not making any claims during the policy period. The NCB can be accumulated over time and can result in a significant discount on your premium. For instance, if you have a 20% NCB, you will get a 20% discount on your premium during renewal.
2. Reduced premium rates: Renewing your policy on time can also help you get reduced premium rates. Insurance companies offer lower premium rates to customers who renew their policies on time as it reduces the risk of lapses in coverage.
3. Easy policy renewal: If you renew your policy on time, the renewal process is usually straightforward and hassle-free. You don't have to go through the entire process of buying a new policy again.
4. Continuous coverage: Renewing your policy on time ensures continuous coverage for your two-wheeler. You don't have to worry about any gaps in coverage, which can be risky.

How to Make the Most of Your Renewal Benefits

Now that you know about the renewal benefits of two-wheeler insurance, let's see how you can make the most of them.

1. Check your NCB: Before renewing your policy, make sure to check your NCB. Insurance companies usually mention the NCB in the policy document. If you have accumulated a considerable NCB, you can get a significant discount on your premium.
2. Compare premium rates: Don't just renew your policy with the same insurance company without comparing premium rates with other companies. You might find a better deal with another insurance company. Use online comparison portals to compare premium rates and features.
3. Renew on time: Renew your policy on time to avoid lapses in coverage. Most insurance companies offer a grace period of 15-30 days after the policy expiry date, but it's best to renew your policy before the expiry date to ensure continuous coverage.
4. Opt for long-term policies: Consider opting for long-term policies instead of annual policies. Long-term policies offer coverage for two to three years and can provide you with higher NCB and premium discounts.
5. Upgrade your policy: When renewing your policy, consider upgrading it to get better coverage. For instance, you can opt for a comprehensive policy that covers third-party liability, personal accident cover, and damage to your vehicle.
6. Check for add-ons: Check for add-ons such as roadside assistance, engine protection, and zero depreciation cover. These add-ons can provide you with additional protection and can be added to your policy during renewal.

FAQs

1. What happens if I don't renew my bike insurance policy on time?

If you don't renew your two-wheeler insurance policy on time, your coverage will lapse, and you won't be able to claim any benefits in case of any unfortunate events. Moreover, you will lose out on the renewal benefits such as NCB and reduced premium rates.

2. Can I transfer my NCB to another insurance company?

Yes, you can transfer your NCB to another insurance company when you switch your two-wheeler insurance policy. However, make sure to inform your current insurance company about the transfer and get a no-claim certificate.

3. What is the grace period for renewing my two-wheeler insurance policy?

Most insurance companies offer a grace period of 15-30 days after the policy expiry date to renew the policy without any penalty. However, it's best to renew your policy before the expiry date to ensure continuous coverage.

4. Can I renew my two-wheeler insurance policy online?

Yes, most insurance companies offer online policy renewal options. You can renew your policy online by visiting the insurance company's website or using their mobile app.

Conclusion

Renewing your two-wheeler insurance policy on time is crucial to ensure continuous coverage and enjoy renewal benefits such as NCB and reduced premium rates. Make sure to check your NCB, compare premium rates, renew on time, opt for long-term policies, upgrade your policy, and check for add-ons to make the most of your renewal benefits. Don't forget to inform your insurance company if you want to transfer your NCB to another company when switching your policy. Keep these tips in mind, and you'll be able to make the most of your renewal benefits for two-wheeler insurance.