Vehicle insurance is a mandate in India according to the Motor Vehicles Act, 1988. At the time of purchasing your bike, an insurance policy is also bought along with it. This policy will cover any damage caused to your bike due to damage, theft, or even natural disasters. However, since most insurance policies come with a validity of just one year, you should remember to maintain it too. This means that if your insurance plan is close to expiry, a renewal is required to keep your policy effective.
But in order to buy a policy, you must first evaluate the various options available so that you can find the best bike insurance renewal plans. To achieve this, there are a few factors to take into consideration such as premium, tenure, and coverage. By comparing various policies and their features, you can select the plan that suits you and your bike the most.
Why to Get Your Insurance Renewed?
Are you wondering whether it really is necessary to spend money on getting your bike insurance policy renewed? Just because your vehicle hasn’t been damaged even once so far, you can’t guarantee that this won’t happen in the future. Here is how renewing your bike insurance policy on time can actually help you:
Regardless of how careful you are, there are always chances that your bike might get damaged or stolen. But when you have a functional insurance policy, you don’t need to constantly worry about such instances. Finding a good bike insurance renewal plan will provide you with the mental peace and security that you have something to fall back on. Remember that the longer you delay getting your policy renewed, the higher you are at risk of exposing it to damage without any protection.
Renewing your policy can save you from a potential financial crunch. The cost of repairing your bike in case of damage will be much higher than the premium that you pay to secure it with an insurance policy. Also, if you consider taking a long-term bike insurance policy, your premium amount will be less and you won’t need to worry about renewing your policy for three years.
By not renewing your bike insurance policy on time, you could get into trouble with the law. If you get caught during routine police checks, you will unnecessarily have to shell out a lot of money in the form of fines and penalties for not being in compliance with Government regulations. Getting your policy renewed is far easier and cheaper than going through these hassles.
Right Steps of Insurance Renewal
Now that you know why you should be getting your bike insurance policy renewed, read on to find out how you can do this in three easy steps.
Step 1: Select Your Policy
This step is the most important part of the entire insurance renewal process. Before selecting a policy, you should evaluate the available options so that you can choose the bike insurance renewal plan that is best suited to you.
However, you don’t have to do this alone. Taking the assistance of an online insurance aggregator like Coverfox.com to compare various policies will help you make a well-informed decision that you won’t regret.
Step 2: Provide Bike Details
Once you have chosen the policy you want to buy, the next step is to enter your bike details in the online renewal form. Keep your vehicle’s registration number, model, and previous insurance coverage information ready. After filling out the form, you will get a cost quote for your policy renewal.
Step 3: Make Payment
The final stage of renewing your policy is making the payment. You have multiple secure payment options such as debit card, credit card, or net-banking that you can choose from. Once you are done, all you need to do is wait for a couple of minutes as the soft copy of your renewed policy is sent to your email ID.
On a Parting Note…
The best practice to follow during insurance renewal is to do it before your original policy expires. Having an insurance policy will save you from having to face the financial crunch of repairing your bike on your own, if the need ever arises.
If you are unsure about where to start, then you can check out Coverfox.com for guidance about the best bike insurance renewal plans. Now you have all the information you require to get your bike insurance policy renewed. So, check the details and renew it – today!