Two-wheelers are one of the majorly used vehicles especially in the metropolitan cities where traffic is a major concern. People use two-wheeler not only for personal use but also for various commercial purposes. Maybe it a weekend travel with buddies or daily commuting to work, two-wheelers are the most preferred options. Two-wheelers are one of the best companions for Indians when it comes to saving time and money. However, people often neglect or forget to renew their two-wheelers against natural or man-made calamities which might end up with lots of unpleasant expenses during any unforeseen mishaps. Renewing your insurance on time is the best way to keep your two-wheeler secured.
As per the Motor Vehicles Act, 1998 it is illegal to ride a two-wheeler without having a valid insurance policy. Out of the total two-wheelers running down the lane of the country only 25% are insured while the other 75% are never renewed which is a matter of major concern. Vehicle owners need to understand the importance of timely renewal of the policy as it not only ensures continuity in cover but also offers you a sense of security.
Below mentioned are Top 7 benefits of renewing your two-wheeler insurance on time:
Security against Natural Perils
Life is unpredictable and you never know what unforeseen situation might come your way. Renewing your two-wheeler insurance on time would aid you in saving your heavy expenses that may incur due to any natural perils. Your two-wheeler insurance policy would bear the huge cost of repairing the damages caused due to natural calamities like Earthquake, Cyclone, landslide, self-ignition, fire etc.
Protection against Man-made Calamities
Renewing your two-wheeler insurance from time-to-time could be a silver lining of economic recovery during any man-made disaster such as strike, war, burglary, theft or any accidents. It covers the replacement charges or service cost whichever is compulsory as per the situation.
Access to various perks
In case if the insured person has not made the claim even once during the policy term, he/she is eligible to avail the benefits of NCB (No Claim Bonus) on the premium amount. One of the major pros of renewing the insurance policy on time is that you can get the perks of NCB and at the same time the policy is renewed at a lower premium. If you fail to renew your policy on time or if there is any kind of break in the policy period than you might be deprived of these perks.
While renewing your insurance policy you are given a chance to select any desired cover from the various options available which you might have missed adding while purchasing the policy. Some of the add-on covers include zero depreciation cover, personal accident cover for unnamed hirers or pillion riders and covers for loss of accessories.
You can change your policy term
While you are renewing your policy it is possible to change the term of the policy i.e. you can renew the policy for 1, 2 or 3 years as per your requirement. The term of the plan is directly proportional to the discounts or benefits you get i.e. the greater the term of the insurance plan the higher would be the benefits.
Gives you peace of mind
Timely renewal of insurance makes you financial equipped during any mishap which can attain you peace of mind. It assures that you are safe when interrogated by the traffic police and also covers injuries caused during the accident. Moreover, having the Insurance makes you remain on the right side of the law.
Protection of Legal Interest
Renewal of your insurance policy assures that you are covered for any legal proceedings in case your two-wheeler is involved in any road accident causing any damage or injury to a third-party property or person.Renewing your insurance on time ensures that your obligations as an owner of the two-wheeler are fulfilled. In case of unforeseen situations, the cover provides monetary assistance to the insured person.