When you buy an insurance cover for your new bike, you may do your research about different plans and choose the one that you think is the best. By having a comprehensive insurance cover, you safeguard yourself from financial losses arising from accidental damages to your bike and third-party liabilities.
While it is critical to buy bike insurance, you must renew the policy on time to continue enjoying its benefits. Let us look at the benefits of renewing a bike insurance policy.
Be compliant with the traffic rules
Renewing your bike insurance policy on time is important to comply with the law. As per Indian Motor Vehicles Act, all bike owners should have a valid insurance cover while riding on public roads. Besides, on-time bike insurance renewal will help you avoid paying penalties. If you are caught driving without valid bike insurance, you may even face the risk of imprisonment.
Remember, your two-wheeler insurance becomes inactive the moment it expires. So, timely renewal of the policy is vital to staying on the right side of the law and avoiding legal issues.
Safety from financial losses
If you fail to renew your bike insurance on time, and an unfortunate incident occurs, you may be vulnerable to facing huge financial losses. A comprehensive two-wheeler insurance policy covers your bike from accidental damages, theft, and natural calamities. So, renewing your bike insurance on time will help you stay insured and get compensation from the insurance company for the losses.
Avoid paying a higher premium
As mentioned earlier, you must renew your two-wheeler insurance on time, i.e., on or before the expiry date. If you renew a few days/months after it has expired, your policy will be considered a break-in policy. In such cases, the insurer may inspect your bike, and this could increase the premium.
Get the best coverage
When you renew your bike insurance online, you get the chance to compare your existing plan with different policies from different insurers, in terms of price, features and terms and conditions. If you find another plan with higher coverage, better benefits or lower premium, you can switch your policy.
Also, if you currently have only the mandatory third-party insurance, when you renew the policy, you can switch to a comprehensive policy and get wider coverage. If you already have comprehensive two-wheeler bike insurance, you can add or drop add-ons. Thus, renewing your policy helps you get the coverage to suit your needs.
Simple and time-saving process
Today, as all reputed insurance companies offer online services, renewing bike insurance has become simpler than ever before. You need not rely on your age or visit the insurer’s office for renewal, instead you can do it yourself from the comfort of your home with a click of a few buttons. Also, the online renewal facility is open 24x7.
What is the right time to renew bike insurance?
You can renew your policy anytime you want before its expiry date. However, experts recommend renewing the policy 10-15 days before expiry. This will help get enough time to compare the current policy with other plans, and see if it meets your requirements. If need be, you can purchase a new add-on to cover specific risks that your original policy does not cover. Add-ons will increase the premium, but it will enhance the coverage.
So, renewing the policy a few days before the expiry allows you to avoid the last minute hassles and make an informed decision.
If you are an existing Kotak General Insurance customer or if you want to switch your two-wheeler insurance to Kotak General Insurance, you can renew your policy online within a few minutes. If you need any help, you can contact our customer support team through the toll-free number or visit our website to get more details about the plan.
Disclaimer: The content provided is for education and informational purpose only, none of the information contained in our blog amounts to any form of opinion or advice. Please go through policy related documents carefully or consult an expert before making any insurance-related decisions.