How to ensure you do not forget your bike insurance renewal

By posted on August 15, 2020 8:23AM

Riding a bike on Indian roads is akin to an adventure, especially if it’s rush hour. Your bike is susceptible to scrapes and dents, or other worse damages. Sometimes, a third party or their vehicle may suffer harm because of your bike, and you have to bear the burden financially. Then, there is the fear of natural calamities like a flood, hurricane, landslide or an earthquake is always looming on the horizon. Another tough situation is that of your bike getting stolen from a parking lot. Insuring your bike is not a luxury but a necessity in these times. In fact, driving an uninsured vehicle is a punishable offence. Under the Motor Vehicles Act, it is mandatory to have a third party insurance for your bike.

Urban living means that most of us are hard-pressed for time. So, the best thing for you to do is get your bike insurance online. It saves time and hassle. What’s more, your bike is now safe and protected. You can choose between a third-party liability and comprehensive cover. Third-party insurance safeguards you from financial liabilities that come up because of an injury or harm to the third party because of your bike. Comprehensive insurance covers both you and the third party against damages. With Bajaj Allianz bike insurance available on Finserv MARKETS, you can ensure easy and speedy processing online.

(Source: news182)

If you already have a two wheeler policy, it is important to ensure that you keep an eye on the time-frame. Typically an insurance policy may protect your bike for a year or three. So, you would need to ensure you get your bike insurance renewal on time. There’s a grace period allowed in some cases after your policy expires, but ideally you would want to get it done on time.

Read on to know how to ensure you don’t forget your bike insurance renewal

Staying proactive: Get a proper understanding of your two wheeler policy. If you have bought a long-term policy, you don’t have to worry for three years, but otherwise you would need to keep an eye annually. Make a note or set a reminder on your calendar. If you are comfortable with smartphones, setting reminders and getting notified is a breeze.

  1. Reminders from company: Typically, most companies will send you notifications and reminders via email, text or even snail mail. Some insurer firms allow you to set a reminder on their website so you will be sent a notification via SMS.  This is the best way to remember that your two wheeler policy is up for renewal. Many insurers provide renewal of your two wheeler policy through mobile apps. Thanks to Bajaj Allianz two wheeler insurance policy, available on Finserv MARKETS, ensure that you get 24×7 customer assistance. You can always get in touch with the insurer once you get a reminder, anytime and from anywhere.
  2. Fear as a deterrent: It is often the fear of getting punished or penalised that ensures you don’t forget your bike insurance renewal. The fine can be pretty hefty, thanks to a recent increase in penalties under the Motor Vehicles Act. It is also the fear of your bike getting trapped in a road accident or heavy floods that will ensure you get your policy renewed on time. If you or someone you know have ever been in a situation where your bike got stolen and realise that your policy lapsed about six months back, and you have zero cover, plus you are liable to be punished, you will never again forget to get your bike insurance online.
  3. Reward as a motivator: Another way to ensure you don’t forget that to get your bike insurance online is to consider the rewards you are likely to earn. You stand to get a no claim bonus (NCB), which is basically a discount on your next premium payment if you don’t make claims during the policy tenure. If your policy expires and you haven’t renewed it in the grace period, you won’t be able to claim the NCB.

(Source: mintwise3)

  1. Non-tangible value: How well you take care of your bike is dependent on how much you value it. You not only have spent a lot of hard-earned money but also have an emotional attachment to the bike. You may have accrued so many memories along the way. If the bike matters to you so much and it is well-earned, you will never forget insuring it nor renewing your policy.

Getting your bike insurance renewal done is also extremely easy; you can complete the formalities online and insurers will send you a digital version of the policy too.

Data from the Ministry of Road Transport and Highways shows that 1,47,913 people were killed in road accidents in India1. Also, the number of road accidents, although lower than previous years, was over 4 lakh in 2017. This data goes to show that it is never safe on the roads for a motor vehicle user. Renewing your two wheeler policy is one of the ways in which you can ensure that the financial burden that arises from harm to a third-party or yourself involving your bike is lowered. With Bajaj Allianz bike insurance policies, available on Finserv MARKETS, ensure instant quotes and claim settlement within 20 minutes. The policies also offer 24×7 roadside assistance across the country. Adds-on such as personal accident cover for pillion riders are also available.





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