Important Guide to Renew Your Bike Insurance in June 2024

BusinessBrand StoriesImportant Guide to Renew Your Bike Insurance in June 2024

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As June 2024 approaches, all two-wheeler owners must ensure that their bike insurance policies are up to date. Bike insurance is a vital financial shield that protects against accidents, theft, fire and third-party liabilities. In this article, we will provide a comprehensive guide on the importance of renewing your bike insurance, the best time to renew, and the steps involved in the process.

Why Renewing Your Bike Insurance is Important

Renewing your bike insurance policy is crucial for several reasons. Firstly, it ensures that you have uninterrupted coverage against unforeseen events. The Insurance policy offers a range against third-party liabilities and own-damage caused due to accidents, theft, fire or natural disasters. Without a valid insurance policy, you may be left with significant financial losses that can be difficult to recover from.

Secondly, renewing your bike insurance policy on time helps you maintain your No Claim Bonus (NCB). The NCB is a discount that you accumulate over the years if you do not make any claims on your policy. If you do not renew your policy within the stipulated time, you may lose this valuable benefit, which can significantly increase your insurance premiums in the future.

Lastly, failing to renew your bike insurance policy can result in legal consequences.  As riding without a mandatory third party bike insurance can lead to payment of penalty, and the penalty may increases for repeated offences.

At Bajaj Finance Insurance Mall, you can compare bike insurance policies and premiums offered by leading insurance providers. This convenient platform allows you to choose your preferred policy and renew your bike insurance in just a few clicks. So, check Bajaj Finance Insurance Mall before renewing your bike insurance policy.  

Best Time to Renew Your Bike Insurance

The best time to renew your bike insurance policy is before it expires. If you have a short-term or annual plan, it is ideal to renew within 15 to 30 days of the expiry date.

If you miss the due date, you may still be able to renew your policy, but you will need to check with your insurance company if there is a grace period. However, note that your policy will be considered null and void during the grace period, and your insurer will not accept any claims against your policy.

To ensure you get the most out of your third-party bike insurance renewal, consider the following tips:

  1. Customise Coverage: Tailor your insurance policy to suit your specific needs. Consider add-on covers like zero depreciation, roadside assistance, or personal accident cover for enhanced protection.
  2. Maintain No Claim Bonus (NCB): If you haven’t made any claims during the previous policy period, you’re eligible for a no claim bonus, which can significantly reduce your premium during renewal.
  3. Regular Maintenance: Proper maintenance of your bike can help prevent accidents and damages, ultimately leading to lower insurance premiums over time.
  4. Stay Informed: Stay updated with any changes in insurance regulations or offerings from your provider to make informed decisions during renewal.

Steps to Renew Your Bike Insurance

Renewing your third-party bike insurance policy is a straightforward process that can be completed entirely online. Here are the steps to follow:

  1. Choose Your Insurance Provider: Select a reputable insurance provider that offers comprehensive coverage and competitive premiums. You can visit the Bajaj Finance Insurance Mall to get two-wheeler insurance quotes from various insurers.
  2. Select Your Policy: Choose the policy that you want to renew and confirm the details.
  3. Pay the Premium: Pay the insurance premium using a secure payment gateway.
  4. Download the Policy Document: Once the payment is successful, you will receive the policy document via email, SMS, and WhatsApp. You can also access it 24/7 on the insurance provider’s app.

Types of Bike Insurance Policies

There are three primary types of bike insurance policies: third-party bike insurance, comprehensive bike insurance, and standalone own-damage insurance.

 Third-Party Bike Insurance

Third-party bike insurance is the most basic type of coverage. It covers losses or damages incurred by a third-party person or property due to an accident involving your vehicle. This type of coverage is mandatory as per the Motor Vehicle Act and is essential for any two-wheeler owner.

 Comprehensive Bike Insurance

Comprehensive bike insurance covers both the insured vehicle and third-party losses due to an accident. It provides all-around coverage, including accidental damage, theft, fire and natural disasters. Comprehensive policies can be customized with add-ons to enhance their coverage.

 Standalone Own-Damage Insurance

Standalone own-damage insurance covers only the damages incurred to the insured vehicle due to any mishap. This type of coverage is ideal for those who already have a third-party liability cover and want additional protection for their vehicle.

 Conclusion

Renewing your bike insurance policy is a critical step in ensuring your financial security and compliance with the law. By following the steps outlined in this article, you can easily renew your policy and maintain uninterrupted coverage. Remember to choose the right type of policy for your needs, and do not miss the due date to avoid losing your NCB and facing any legal consequences.

Disclaimer: *T&C Apply – Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of Bajaj Allianz Life Insurance Company Limited, HDFC Life Insurance Company Limited, Future Generali Life Insurance Company Limited, Bajaj Allianz General Insurance Company Limited, SBI General Insurance Company Limited, ACKO General Insurance Limited, ICICI Lombard General Insurance Company Limited, HDFC ERGO General Insurance Company Limited, Tata AIG General Insurance Company Limited, The New India Assurance Company Limited, Cholamandalam MS General Insurance Company Limited, Niva Bupa Health Insurance Company Limited , Aditya Birla Health Insurance Company Limited, Manipal Cigna Health Insurance Company Limited and Care Health Insurance Company Limited under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer’s website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale. Tax benefits applicable if any, will be as per the prevailing tax laws. Tax laws are subject to change. Tax laws are subject to change. BFL does NOT provide Tax/Investment advisory services. Please consult your advisors before proceeding to purchase an insurance product. URN No.  BFL/Advt./23-24/359

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