According to the Indian law, it is compulsory for you to get your vehicle insured using a third-party insurance. This type of insurance covers the bodily damages/property damage caused by your vehicle to a third party. Comprehensive insurance is a good idea to cover your two-wheeler insurance against small and big damages as it includes own damage expenses to the vehicle along with covering third party legal liability, for these we have to do every year two wheeler insurance renewal. The riders receive claim for the damage caused due to man-made perils or natural disasters.
Benefits of Two-wheeler Insurance Renewal
Timely renewal of your two-wheeler insurance comes with numerous benefits, including:
Protection from Natural Calamities
Getting your bike insurance renewed on time makes sure it remains protected from natural calamities like earthquake, cyclones, fire, landslide and other perils. The policy will cover the damage and will also pay the compensation in case of death of rider-owner.
Protection from Man made Activities
The renewal of insurance will also ensure that the insured individual receives a claim in case of damage due to man made activities like burglary, theft, riots, or accident. The insurer receives replacement charges or service cost, on the basis of the incident.
Safety from Legal Issues
As discussed above, having a third party insurance is a mandatory requirement for every two-wheeler owner. Therefore, you don’t have to face legal issues in case of any damage to the third party if you have already renewed your policy. Also, you don’t have to pay money from your pocket during an unfortunate event.
Access to No Claim Bonus
Renewing the policy on time is a good chance to receive discounts like No Claim Bonus (NCB). If you fail to renew as per the deadline, you can’t enjoy these benefits.
Sense of Security
Driving a properly insured two-wheeler offers a sense of security, which is priceless. You also stay protected from fines that are imposed by traffic police if a valid insurance is missing.
How to Make a Claim on Two Wheeler Insurance Policy?
Generally, the insurers offer claim on the policy through two major processes:
In the cashless claim process, the individual needs to notify about the claim via customer support number or email provided by the company. A claim registration number is provided by the insurer for reference purposes.
The individual needs to send his/her vehicle to one of the garages from the insurer’s cashless network. A thorough survey is conducted at the garage by a surveyor on behalf of insurer. The insured individual needs to submit the necessary documents and original claim form for this purpose.
The process in this method is also similar to cashless claim method, but the insured individual pays the bill through his/her own pocket in the first phase. She/he gets the reimbursement from the insurer after submitting the necessary documents, along with original repairing bill & money receipt.
All these benefits show insurance renewal is one of the inevitable tasks for a two-wheeler owner. To avoid late fees or hassles, it is a wise idea to get your motor insurance policy renewed online before the deadline. It is also a good idea to compare other policies before renewing the existing one. For this purpose, you can take the support of policy comparison sites https://www.comparepolicy.com.