Renewal of insurance policies is essential in India due to the mandatory requirement of two-wheeler insurance. Today, it has become effortless to renew it due to the online services available for the same. You must take into consideration the date of expiry so that you don’t have to pay a fine for the same, in case you are caught by the traffic police.
The best benefit of this renewal is that your No-Claim Bonus (NCB) can be transferred to your new policy within the buffer period of 90 days given for renewal. It will become easier for you if you inform your insurance provider beforehand about your expiring policy so that you know if the vehicle has to be inspected because that will require you to go through a longer procedure.
Get your Policy Renewed on Time
As mentioned, there are 90 days to renew the bike insurance policy. It is essential to do so in the given time because if you have accumulated NCBs from your old plan will not be applicable for your new plan, and you will not get any discount on your future premiums even though the option for renewal will be open for you. The NCB can give you up to 50 per cent discount on your future premiums, which means that not following the time limit will result in payment of a higher premium.
Reinstating an Expired Policy
In case you do not get a renewal on time as your old policy expires within the 90 days of renewal, you will have to buy a new plan altogether. This is a lot of work. You will have to take your vehicle for inspection, get your documents ready and have to make sure you complete all the required formalities. Make sure this happens as riding a bike without insurance is a punishable offence by law.
Contact the Insurer
Another way of getting sure you get renewal is by contacting the insurer when the expiry date is near. Mostly you will get a call a few days before expiry but in case that doesn’t happen to make sure you do and if by this time your policy has expired, ask your insurer for possibilities if it is not too late. You might get a chance to file for a renewal without any penalty charges. In this case, the inspection of your vehicle can also be skipped if you have been trying to pay before the expiration of the policy.
Renewal online
It is super easy to do bike insurance renewal and has its benefits. In this case, even after expiry, you do not have to go for inspection of your vehicle and do the formalities until insisted by the insurer. It is also easier to compare various options available online and compare and select according to your convenience.
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