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An expired two-wheeler insurance policy attracts penalty, Here’s how to renew it!

As India went under a lockdown in the last few months, most of us have been following social distancing guidelines as well as wearing a mask when going outside to fulfil our duty as responsible citizens. However, if you own a vehicle it is also important to be a responsible driver by ensuring that you carry all your important documents when you drive on the road. The most essential of these is proof of bike insurance online or offline purchase that is currently active. 

Importance of two-wheeler insurance

If you have purchased insurance for your vehicle along with an enhanced cover using the two-wheeler insurance premium calculator, you are protected against any accidents, injury or damage to you or your bike due to an unfortunate event. The Motor Vehicle Act of India also mandates that all those driving on Indian roads should have third-party insurance as per law.

However, you should keep an eye on the expiry of your insurance plan, especially if you haven’t been riding it due to the lockdown. You might have to take it out during a medical emergency in the family or once you resume work. If your policy lapses, you might not be able to enjoy the benefits and might be stranded in case of any harm to your bike.

Reasons to renew bike insurance online

Here is why you should not delay the renewal of your vehicle insurance policy, once it expires:

  1. No claims during the grace period: You cannot file a claim for any damage to your bike during the grace period. This is provided by the insurance company after the due date of policy renewal before it becomes completely inactive, as per the guidelines of your policy.
  2. Loss of NCB benefit. If you did not file any claim in the previous year, you can get the no claim bonus benefit upon policy renewal. The new policy will cost you less as computed using a two-wheeler insurance premium calculator. However, you may lose out on this benefit if you do not renew the insurance plan before its expiry.
  3. Overspending: The absence of coverage can increase your out-of-pocket expenditure on repairs or replacements of bike parts due to an accident or any other harm to the vehicle. You can also be left stranded if the bike malfunctions or is stolen.

Renewal process

You can easily renew your bike insurance online on Finserv MARKETS in a few steps as outlined below:

  1. Visit the website and enter necessary policy details as asked
  2. Enter the information related to the bike such as the driving license, policy number, e.t.c 
  3. The two-wheeler insurance premium calculator will reflect the amount payable on the screen
  4. Make the payment using the options available online

Conclusion

Renewing your bike insurance online on Finserv MARKETS is convenient and saves time. You can do it without any hassle with a few clicks from the comfort of your home either on the website or by downloading the app. The latter option allows you to renew bike insurance on the go. Save money with discounts when you use the online two-wheeler insurance premium calculator and enjoy the financial protection that comes with insuring your vehicle.