Importance of Bike Insurance Renewal on time

Dangerous precedent: motorbike insurance ban

(Contributed post)

Bike insurance policy will protect the bike owner from various kinds of risks. It will fulfil the owner’s obligation as per the law. You should buy at least a third-party (or liability policy) to ply on public roads. It is very much important to renew the policy to enjoy the benefits without fail. A bike insurance policy should be renewed before or on the expiry date. No grace period is applicable to a motor insurance policy. Hence, you are advised to renew the insurance plan before the deadline.

Renewal of insurance policy

  • Coverage of risk – The risk factors will be covered by renewing the policy.
  • Add-ons – While renewing a policy, you can subscribe to various kinds of add-ons. Even though the premium will increase with every add-on, you will enjoy additional benefits.
  • Protection against personal accident – By subscribing to a bike insurance policy, you will get protection from personal accidents. The death or disability of the owner or driver will be compensated by the insurance company.
  • Low maintenance cost – The insurance policy can be renewed on time to reduce the bike’s insurance cost. If you renew the policy after the expiry date, you will want to pay a higher insurance premium.
  • No-claim bonus – The no-claim bonus will be offered by the insurance company with every claim-free year. A maximum of 50% no-claim bonus will be offered by an insurance company. If there is a break in renewing the insurance policy, the insurance company will not apply the no-claim bonus. The policy should be renewed at least 90 days after the expiry date to retain the no-claim bonus.

Protection from manmade disasters

There are various man-made disasters which can be overcome by buying an insurance policy.

  • Accidents – The accidents on road may take place due to various reasons.
  • Driving under the influence – If you are a victim of a drunken driving, you will be able to claim the policy. It is possible to claim the policy when it is in force.
  • Traffic violation – There are third-parties who may violate the traffic signal and you might be hit. The damage to your vehicle and bodily injuries can be claimed from the insurance company.
  • Damage of road – An accident may take place due to poor road conditions. These are unavoidable and you should be covered by an insurance policy.
  • Damage of property – If there is damage of third-party property such as vehicle or house or an object you are liable to pay the damages. If you do not own a policy, you should incur out of pocket expenses.
  • Third-party injuries/death – If there is death or bodily injuries to the third-party and your bike is involved in the accident, you are liable to pay damages to the third party. The insurance company will pay compensation on your behalf if your policy is in force with the insurance company.
  • Riots and strikes – If you are passing through an area where riots take place your vehicle may be damaged partially or completely. The insurance company will assess the damage and it will pay compensation up to the IDV (Insured Declared Value) declared in the insurance contract. Bajaj Allianz Two Wheeler Insurance Renewal can be done online so that you will save time, effort and money.
  • Theft – If your vehicle was stolen by miscreants, you can inform the police station. The insurance company will pay the restoration cost as per the limits expressed in the insurance policy. You will want to submit necessary documents to make the most of your insurance policy. The theft is applicable when your policy is in force. If the vehicle is stolen during the out of cover period, the insurance company is not liable for the loss.
  • Terrorist activities – If you are a victim of terrorist activity, the loss of vehicle and personal injuries/death will be covered by the insurance policy. If your current bike insurance policy does not cover terrorist activity, you will want to subscribe to the add-on cover while renewing the policy.

Protection from natural disasters

There are various natural disasters which are beyond your control and they can damage your vehicle. Hence, those unwanted and unfortunate risk factors can be overcome by buying a policy and renewing it before the expiry date.

  • Fire – The destruction of the vehicle due to fire accidents will be covered by the insurance policy.
  • Flood – The inundation of the vehicle in flood waters will lead to a great loss. You can buy a policy to protect the engine. The engine protection cover is available as an add-on. If your current policy does not cover flood risk, you can subscribe to it while renewing the policy.
  • Self-ignition – The damage of the vehicle due to self-ignition will be borne by the insurance company.
  • Lightning – Your bike may be destroyed completely due to lightning. The loss can be recovered by choosing the most appropriate insurance policy as per your needs.
  • Hurricane/cyclone/storm – If there is a loss to your vehicle during cyclone or storm, the insurance company will pay the compensation.
  • Landslide – If you are living in an area where landslides are common, you will want to purchase a policy to cover the landslides as well. The coverage may not be included with a standard policy. Hence, you can buy additional cover by paying an extra premium. You can also include the risk with the online renewal of bike insurance policy. 
  • Damage during transit – The damage or loss of vehicle during transit (road/rail/water/air) is covered by the bike insurance policy.

Online renewal of the insurance policy

The bike insurance policy can be renewed online as per your convenience. You can complete the Bajaj Allianz Bike Insurance Renewal in a few steps and you can make the most of your investment.

  • Update personal details – While renewing the policy, you can update the details of your vehicle. You can update personal details such as a change in profession and change in location.
  • By updating the personal details, you can get a discount on the insurance premium. If you had undergone a special driving course to improve your skills, you will get discount from the insurance company. You can get a discount when you are renewing the policy.
  • Absolute peace of mind – As vehicle insurance is mandatory in India you should not take chance by riding on a vehicle without possessing a valid insurance policy.
  • Convenience – With the online renewal of the policy, there will be great savings in terms of time and money. The online payment can be done via debit /credit card and through the net banking facility.
  • Soft copy – After renewing the policy on the website by accessing on the desktop/laptop or smartphone, you will get a soft copy immediately. The insurance company will send a copy to your email address and it can be downloaded and preserved for future reference.

Can you renew a lapsed policy?

It is possible to renew a lapsed policy. The insurance company will provide insurance after a waiting for at least 3 days. If you renew the policy today, the policy will be in force after 3 days.

  • Inspection of the vehicle – When the vehicle is renewed after the expiry date, the insurance company will stipulate the inspection of the vehicle. There are some insurance companies which offer the renewal of the policy without inspection. However, the insurance premium will increase by renewing it after the expiry date.
  • New add-ons – You can reassess your insurance requirements at the time of renewals of the bike insurance policy. If you subscribe to roadside assistance, you will get assistance from the insurance company if there is a breakdown of the bike. The insurance company may provide you an alternate bike until your bike is fit enough to ride.
  • Personal accident cover – The personal accident cover is not available with the liability-only policy. Hence, you can go for personal accident cover for the driver and pillion as well during the renewal of the insurance policy.
  • Migration to the new insurance company – If you are not satisfied with the current insurance company, you can migrate to a new insurance company without forgoing the benefits. For example, the no-claim bonus will be retained even though you switch over to the new insurance company.
  • Transfer of ownership – It is possible to retain the no-claim bonus even though there is a transfer of ownership of the vehicle. In fact, the insurance policy will be transferred from the previous owner to the new owner and the new owner will enjoy all the benefits without any issues.

Conclusion

As you service the bike by changing engine oil and broken/worn-out parts, you should maintain the insurance policy by renewing it one or before the expiry date. If you renew the policy after the expiry date, you will lose many benefits. The insurance company will send reminders to customers by email and SMS. You should take action at least one month before the policy expiry date so that you will retain the insurance benefits. The online renewal facility will help you in saving time and money. You can check the status of your bike insurance policy online and it can be renewed instantly!

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