If you have bike and a insurance covering it, the most important thing to keep in mind is its renewal in time. A lapse in renewal within the given time frame might mean lose of the benefits attached to your insurance policy Also once the bike is old and there are claims, it might be difficult to get it covered again within a reasonable premium amount. No amount of persuasion or penalty can save you from bearing the total loss of your benefits accruing to you because of non-renewal of the policy in time. So bike or any type of motor vehicle you may be owing, always make it a first and foremost point to continue getting it renewed in time all the time.
Benefits of Bike Insurance Renewal
In case you consistently continue renewing your bike insurance, the following are the major advantages you will be able to get in case of emergency:
- The best benefit is that it you will enjoy you peace of mind
- You enjoy cashless facilities in innumerable reputed garages
- Easy, efficient and satisfactory claims
- 24×7 hr personal assistance is made available
- 50-60% No Claim Bonus (NCB) on renewal
Losses one may incure due to non-renewal
Apart from being deprived of all the above benefits, the drastic loss due to non-renewal of the insurance policy will be in the form of being compensated for third-party liability. As one may know, the third-party liability is the most killing in any motor accident. In case of severe physical injuries to self or third-party, the expenditure on hospitalization and medication would be exorbitant, beyond ordinary person's reach. And in case of death of third-party, the expenditure will be just unbearable. It can run into lakhs and even tens of lakhs of rupees. Now if you have to bear all such expenses, you will literally go pauper. On that the death cases are settled in courts and prolong to many years. The troubles of going to courts and finances involved will be an extra burden. Fortunately enough, third-party liability, which is unlimited, is that of the company alone. You have no liability towards third-party, except that you are obliged to keep your insurance policy renewed in time.
Choosing a Bike Insurance Company
There is no dearth of insurance companies in the most competitive insurance sector. There are government sector companies and there are private sector companies. Gone are the days when one had to worry about having deals with private sector insurance companies. Nowadays there is equal financial and claim reimbursement facility in both the sectors. So you can choose private or government insurance company, whichever offers you the best choice. The reason is that the whole insurance sector is nowadays managed by government rules and regulations.
Online Bike Insurance Companies
To draw full mileage of the facilities available today, always try to go for online insurance cover. For this jut be in touch with a few reputed insurance companies. Call for online quotes. Study them sitting in your house. Then never shy of asking questions after questions from the chosen company before arriving at a decision to choose the suitable most for you. Ultimately the one chosen by you will be the best one for you.
Kirti Saxena is a web enthusiast and a writer for different areas including insurance and banking and numerous other sectors. For more information visit: Bike Insurance Renewal and Bike Insurance Companies .