According to the Motor Vehicles Act of 1988, it is mandatory to have at least third-party bike insurance at all times for vehicle owners. As it is illegal to drive an uninsured vehicle on the road, every bike owner carries a bike insurance plan.

But here, it is important to ensure that the policy you own is not expired. This is because an expired policy leaves you exposed to hefty fines and potential financial losses arising from road accidents.

For this reason, it is suggested that you renew bike insurance on time and enjoy continuous policy benefits.

Let’s discuss the other advantages you can get by renewing bike insurance on time.

Benefits of Two-Wheeler Insurance Renewal On Time

No Penalties and Fines

Not complying with traffic rules leads to hefty fines. Since it is compulsory to have vehicle insurance, in case you are caught driving on the road without insurance, you will be liable to pay penalties or can even go to jail.

By renewing your third-party or comprehensive bike insurance, you remain safe from such fines and punishments and drive your bike legally.

Uninterrupted Financial Coverage

Failing to renew your bike insurance policy within the grace period will end the policy benefits.

On-time renewal of two-wheeler insurance guarantees continuous financial protection against unforeseen events like accidents, bike theft and third-party liabilities.

This provides added peace of mind and ensures that you remain stress-free if something unfortunate happens.

Review of Policy Features

Renewal of two-wheeler insurance allows you to review the current policy coverage and adjust it according to your needs.

You can either opt for add-ons to get extended coverage or buy a standalone own damage or comprehensive bike insurance policy to get financial support in case your bike gets damaged or you get injured during an accident.

No Time Wastage

Buying a new two-wheeler insurance policy requires you to consider several factors, like selecting a reliable insurance provider, choosing a policy that provides sufficient financial coverage and has the required sum insured, and many other things.

Two-wheeler insurance renewal saves you time and helps you avoid the hassle of finding a new policy for your two-wheeler.

This way, you can insure your bike in a few clicks without worrying about the time-consuming procedure of buying and paying for bike insurance online.

No-Claim Bonus </h3

This is the best benefit of renewing your previous two-wheeler insurance policy. A no-claim bonus is a kind of additional financial benefit provided by trusted insurance providers like Tata AIG when you do not raise a claim in a particular or consecutive year(s).

In case you fail to renew your policy on time, your no-claim bonus resets to zero. For this reason, it is recommended that you do not forget your policy renewal and do it before the grace period runs out.

Prevent Bike Inspection

A bike inspection is performed by the insurer to check the condition of your bike at the time of purchasing an insurance policy.

This inspection usually hikes the premium, as the insurance company sets the premium according to the level of wear and tear on your two-wheeler.

Thanks to bike insurance renewal online, you can avoid bike inspection and reduce the chance of premium hikes.

Conclusion

With bike insurance by your side, it is easier to manage the financial liabilities from damage to your bike and expenses incurred for injuries caused to a third party and damages caused to his vehicle in a road accident. But for this, you need to have an active insurance plan.

So, to ensure that you are financially covered round-the-clock, renew your two-wheeler insurance on time and avoid paying unwanted monetary expenses in case of any mishap.

Frequently Asked Questions

• What Is the Grace Period for Two-Wheeler Insurance Renewal?

The grace period for bike insurance is the period during which you will get financial coverage even after your policy’s expiry. However, once this period elapses, you will not be able to renew your two-wheeler insurance.

• Can bike insurance be renewed after the expiry?

Yes. You can do bike insurance renewal after expiry.