Thanks to the new Motor Vehicle Act, which imposes stiffer fines for those who operate uninsured vehicles, people across the nation have been in a frustrating rush to renew lapsed two-wheeler insurance coverage.
However, there are further reasons for you to do your two-wheeler insurance online renewal after expiry, aside from the penalties, that is, a policy that was not renewed before its expiration date. If you strike a third-party car, the vehicle is damaged, the driver is hurt or killed, and a lawsuit is filed against you, you must personally pay the settlement.
Remember that if a traffic accident results in a third party’s damage or passing away, the liability is infinite; the amount of compensation is set by the court or mutually agreed upon. Additionally, you will forfeit the policy’s entire “no-claim bonus” if you do not timely renew your bike insurance, which has expired for over 90 days. If you purchased a policy through an agent, do so again. He can assist and obtain a cost-effective renewal of the lapsed insurance from the same insurer. * ##
Shop Online After Comparing Prices
Today, purchasing two-wheeler insurance online is relatively easy. You can either visit the website of your current insurer, log in using your policy number, renew your coverage, or search for a new insurer and purchase a new policy. Your bike’s manufacturer, model, and variant, along with the year of registration and the RTO where it was registered, will be used to calculate the premium costs from various insurance providers.
You can purchase insurance from these firms in three or four steps. Conventional players provide the security of a proven track record in settling.
Tips For Cutting Premium
The third-party insurance required by law can be purchased alone if you wish to save some money rather than opting for a full policy that also covers OD protection. Only the legal liability resulting from injury to or passing away of a third person or damage to their property is covered by third-party insurance.. ##
Choosing a lower IDV is the alternative for individuals trying to save money on premiums. The insured declared value of a car is its market value less depreciation (based on the age of the vehicle). The amount for which your automobile or bike will be insured is this. Remember that this is the most the insurance company will reimburse you for vehicle damage. ##
Lowering the IDV can reduce premiums, but underinsured cars may incur repairs and services costs in case of damage.
A bike insurance calculator is a convenient tool you may utilise online to check the amount of coverage required based on your needs.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.