When you have to navigate the heavy traffic on your way to the office and back, you realize that bikes are truly a godsend. They make it easier to get out of traffic jams and reach your destination on time. And there is something about having the wind in your hair that is truly refreshing.
But like everything else, the advantages also get balanced by the disadvantages. Bikes are more prone to accidents. When you are navigating heavy traffic, the chances of scratching another vehicle or getting scratched by another bike are high. Similarly, the damages that can occur to your bike in an accident is often severe. In cases like this, it is the bike insurance that comes to your help, which is why you should always renew the bike insurance policy online.
Plans of Insurance Renewal
If you are looking to renew your bike insurance policy online, here are some good options to consider:
- Royal Sundaram Two Wheeler Insurance
At 91.26%, Royal Sundaram has one of the highest incurred claim ratios. This ratio indicates the percentage of claims that the company has paid. Not just that, they also have over 3,300 network garages all around the country. With an annual cover of INR 1 lakh for third-party property damage, you are well-protected. And if you haven’t made any claims in the previous year, you get a no-claim bonus. There are also no extra charges for renewing the policy.
- Bharti AXA Two Wheeler Insurance
This is another popular insurance policy for two-wheelers. When you are renewing the policy with Bharti AXA online, not only is the renewal instant, it also doesn’t require any paperwork and the process is extremely simple. They also offer a no-claim bonus on renewals and their incurred claims ratio is 75.61%, which is also pretty good.
- HDFC Ergo Two Wheeler Insurance
HDFC Ergo bike insurance policy online renewal is a very simple process and can be completed in a few clicks. But apart from this, they also have a high incurred claims ratio of 78.6% and offer a no claim bonus. They have over 1,600 network garages throughout the country, making sure there is always one near you when you need it.
- IFFCO Tokio Two Wheeler Insurance
IFFCO Tokio is a well-established insurance company in India and its two-wheeler insurance policy lives up to its reputation. They offer no claim bonus and a cover of up to INR 1 lakh per year. They have over 2,700 network garages in the country, making them easily accessible. They also have an incurred claims ratio of 78.46%, which means that they pay most of the claims made. When you are looking to renew your policy, this is an important factor to consider.
Why Is Insurance Renewal Important?
When you buy a new bike, you will definitely buy a bike insurance policy online. But after a year, when it is time to renew the insurance, you find yourself wondering if you really need insurance and if you should renew the existing insurance plan. Here is why insurance renewal is important:
- Legal Issues
As per the Motor Vehicles Act, 1988, it is illegal to ride a vehicle without insurance. So, if you let your policy lapse and drive without renewing it, you are putting yourself in danger. Have you noticed how every time a police officer pulls you over to check your license, they also check your insurance? It is precisely for this reason. Since the premium for a bike insurance policy online is not that high, it makes no sense to put yourself in legal trouble by not renewing the insurance.
There is a reason why insurance was made mandatory. It protects you financially in case of an accident. Since the policy also covers third-party damages, there will be very little expenditure on your part. A bike insurance policy not only covers accidents but also often covers damages due to natural calamities and even man-made tragedies like fire. And all of these unexpected events can happen at any time – it is better to be safe than sorry.
Every time you renew your insurance, if you haven’t made any claim in the previous policy period, you get a no claim bonus. This is mostly offered as a discount on the premium. So by continuing to renew your policy on time, you are actually saving money in the long run.
If you have any questions on how to renew your bike insurance policy online, visit online aggregator sites like Coverfox.com to get the answers. They can also help you compare different policies and get the best insurance plan suited for your needs.