Bike Insurance Renewal is Important for Protection on the Move.
Riding on your bike and gushing through the roads and the traffic on full speed definitely gives you a sense of adventure. But that much speed also increases the possibilities of collision or accidents.
Hence, as a bike owner, it's your responsibility to protect yourself and your vehicle from any kind of contingency that you come across while on the drive. The best way to get this is by purchasing a bike insurance if it's a new bike or through bike insurance renewal in case your existing policy got expired.
A very unfortunate picture that we see among the majority of bike owners in India is that they do not care to renew their bike insurance making them vulnerable to financial emergencies in case of any accidents. According to a survey, almost two-thirds of the bikes on Indian roads are not insured. They do not even possess the mandatory third-party bike insurance. This is inspite of the fact that a valid bike insurance policy is mandatory as per Indian law and it is as important as wearing helmet during a bike ride.
A bike insurance policy is a contract between the two-wheeler owner and the insurance company where the insurer agrees to give financial assistanceto the bike owner during an emergency that occurred on the drive, in return of an amount called the premium paid at regular intervals by the owner. Bike insurance renewal refers to the renewal of this contract annually which is a mandate. If the bike insurance renewal deadline is missed, there will be a break in the policy. That means you will no longer be able to renew your policy and have to buy a new one which might lead to an increase in the premium. It might sometimes lead to even denial of insurance offer.
Keeping in mind this lethargic attitude of bike owners towards bike insurance renewal, insurance companies as well as online insurance aggregators have come up with the facility of online bike insurance renewal. This aids the bike owners to purchase renewal policies online without any documentation. Bike insurance online can also help customers avoid the hassle of inspection unlike the conventional offline bike insurance renewal process. The only point to be remembered here is that for online renewal, the risk inception date starts only after 3 days from the date of purchase of the policy. Any damage to the bike or its rider before this period will not be covered under this bike insurance policy. For further information on bike insurance renewal online, you can contact insurance experts at 1800 123 4006 / 1800 123 4003 or chat with them on www.policybachat.com.