Last Updated on May 20, 2021 by MoneyVisual
What is Bike Insurance?
Under the Motor Vehicles Act in India, all two wheelers i.e. bikes, scooters, scooty, etc owners need to have atleast a valid third party liability insurance policy to be able to drive around their vehicle on the road.
A bike insurance policy helps cover costs for you and your vehicle in situations like accidents, theft, physical damage, etc. It is also important to keep a track of your bike insurance policies and renew bike insurance before the expiry to avoid any hassle with the traffic police in case of emergency.
Most insurance policies have a margin of 90 days during which if you renew bike insurance, you still get to enjoy the various benefits. However, once this 90 days period is over, you will have to buy a new insurance policy with no other benefits in the beginning.
Why is It Important to Renew Bike Insurance?
Punishable by law in India under the Motor Vehicles Act 1988, an uninsured vehicle can attract a fine of minimum of Rs. 2000/- or jail time of a minimum of 3 months if caught. Especially in the time of need, not having bike insurance can result in a stressful situation, both for you and your pocket.
If you do not renew bike insurance before its expiry, you end up losing on all the NCB (No Claims Bonus) points that you might have accumulated over the years since the purchase of your bike. Moreover, a delay in renewing bike insurance can result in a higher premium insurance cost for the renewal of the same later.
Thus, to avoid all such frets, it is important to renew bike insurance on time which can be done with the help of Calendar reminders, SMS alerts, etc.
It is very important to ride an insured bike in India so do it today!
How Can You Do It?
1. Contact the Insurer:
One common method to renew bike insurance is to contact the insurer i.e. the company you have taken insurance from. The majority of the time, your insurer has a well-developed team to help assist in such situations. This can be done both online or offline.
The online method includes going on the insurer’s website and contacting the insurer or the person in charge to help you renew your bike insurance. Off-line methods include visiting the insurer/company and meeting with the person in charge to discuss and seek assistance to renew the insurance without much penalty or hassle.
Now, even though this option seems like an easy way out, it can increase the overall time and effort because the process, both off-line and online, depends crucially on the availability of the insurer/person in charge. If they are unavailable, your task at hand is further delayed, which might result in unpleasant repercussions.
In today’s fast-paced world, everyone is looking for quick and convenient options for their day-to-day living. Especially now, with the pandemic going on, it has become more important to select methods that do not require high human interaction.
Just like how Swiggy offers grocery services now and Uber offers to pick and drop off goods alone, Turtlemint provides one platform that offers a complete how-to guide to renew bike insurance and also educates the customers about the variety of benefits that come along with insurance renewal.
As an e-commerce platform, it greatly reduces some major pain points for its customers by introducing simple steps to renew bike insurance. Moreover, it also helps compare different policies available in order to help you decide whether you want to renew bike insurance with the same old policy or want to upgrade/downgrade, based on your current requirements.
3. 3-Step Process on Online Websites
The steps include logging into the website, filling in the required details like bike number plate or registration number, and then finally making the payment for renewal. Now, as easy and quick as it appears to be, there are certain potential risks involved with this process that include but are not limited to online thefts, lack of thorough comparison, fewer options to choose from, etc.
It is definitely convenient and an appropriate choice for people who are looking for fast solutions or have limited time for renewal. However, if you have the time, you should research before to understand all your choices. To conclude, even though there are many options available to renew bike insurance, it is very important to analyze whether you are looking for quick options or for well-researched options.
One way or another you need to renew your insurance as it is mandatory in India so why not go ahead with the best option that not only offers additional benefits along with bike insurance renewal but also helps you understand the variety of options to choose from.
Today, before making a decision, you tend to test out different possible options before finalizing one, then why not do the same to renew bike insurance.