Insurance of cars and bikes helps cover financial loss and personal injuries that might arise due to a road accident or theft. The insurance helps cover the loss and protects against both natural and manmade calamities. Renewal of two and four wheeler insurance policies on time to avoid policy lapses is one of the biggest responsibilities of vehicle owners.
Importance of Renewal of Insurance Policy on Time
There are many benefits attached to the one-time renewal of your two and four-wheeler insurance policy. Incapability to renew the insurance can derive legal troubles, no financial security and other losses. Read the points below to know the importance of insurance policy renewal on time.
1. Provides Financial Security
To take a third party insurance policy under The Motor Vehicles Act, 1988 is mandatory in India. The owner of the vehicle can independently choose a comprehensive two or four wheeler insurance policy that meets all their needs. When an insurance policy is taken it becomes the responsibility of the vehicle owner to timely renew the insurance. The insurance policy provides coverage on natural disasters, man-made calamities and theft.
2. Satisfy Legal Liabilities
As taking third party insurance is mandatory in India, the incapacity to renew the insurance leads to coverage expiration. There is no protection of the vehicle if insurance is not renewed. In case of an accident or theft, the owner then pays for the loss from his pocket and high penalties are charged to the owner of the vehicle for disobeying the law.
3. Ticket to No Claim Bonus (NCB)
Insurance companies provide no claim bonus or NCB in the form of a discount on the premium if you do not put up a claim during the tenure. Up to 50% of the premium can be discounted by an NCB. However, if the policy is not renewed on time in the given grace period then the NCB you amassed comes back to zero.
How to Renew Two and Four Wheeler Insurance Policy
You can renew insurance of cars or bikes online by following some simple steps given below-
- Visit the website or the mobile application of the insurance provider
- Fill in your policy number and date of birth to access your policy
- Make the payment to renew your policy from the comfort of your home
You can also go for offline policy renewal and get the renewal by post once the documents are verified and the infection of the vehicle is done.
If you wish to buy motor insurance then contact the customer service or an insurance expert to know all the benefits in detail. The incapability of renewal on time will take all the advantages and the policy will lapse. The insurer does not provide coverage if the renewal lapse. Then the owner in the case of loss pays for the damage from his pocket. Renew your insurance on time to avail of benefits and keep your two and four-wheelers safe.