Owning a bike offers an incredible thrill to be on the open road, but it also comes with the responsibility of ensuring its safety and your financial well-being at all times. One of the most crucial aspects of this responsibility is timely insurance renewal. However, it is a well-known fact that sometimes we all are stuck or busy with something or the other, and it’s not uncommon for bike insurance online policies to lapse.
Today, in this article, we’ll dive deep into the importance of renewing bike insurance and what to do if your policy has, by chance, expired.
Also known as two-wheeler insurance, this type of insurance is a financial protection policy designed to cover the owner against potential losses or damages to their motorcycle. It typically provides coverage for various risks, including accidents, theft, natural disasters, and third-party liabilities.
As per the law, having this insurance for legal compliance is mandatory, as riding the vehicle without it can result in fines or penalties. There are two types of bike insurance:
- Third-party liability – It covers damages to others and their property in case of an accident.
- Comprehensive – It includes coverage for the insured vehicle as well.
In order to avail this facility in 2024, there is no point to go anywhere. This digital era allows you to avail such facilities with just a few taps on your smartphone if you have the right application installed. In this case, I personally recommend Bajaj Finserv, one of the top insurance download app, as it is a super easy and convenient application to use.
The first and foremost importance is that having valid bike insurance is a legal requirement in India, as riding without one exposes you to financial risks and legal consequences. Traffic authorities regularly check for insurance compliance, and failure to provide insurance proof can result in fines, penalties, or, in some cases, the suspension of license.
This insurance serves as a financial safety net in the event of accidents, theft, or damage to your bike. Without this, you bear the total financial burden of repairing your vehicle, which is quite costly. This ultimately is a major strain on your finances.
Renewing this insurance on time ensures one to have access to certain benefits like personal accident cover. In the unfortunate event of an accident resulting in injury or disability, insurance can offer financial assistance for medical expenses or loss of income. Therefore, keep in mind that timely renewal guarantees uninterrupted coverage for you and your passengers.
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If you have a doubt in your mind about whether can we renew bike insurance online after expiry or not, then the answer is yes, you can.
Firstly, once you know that the insurance has expired, assess the duration of the lapse. Some insurance providers may offer a grace period during which one can easily renew without losing continuity in coverage.
Reach out to your provider as soon as possible. Let them know the complete scenario and inquire about the available options for renewing your policy. Some may allow it, while others out there may require a fresh application.
If your circumstances have changed since the last policy (change in usage patterns or modifications to your vehicle), consider adjusting your coverage accordingly. Therefore, go for the one that aligns with your current requirements and provides adequate protection. Also, when it comes to whether can we download bike insurance copy online or not, then yes you can easily do it via the Bajaj Finserv application. Highly recommended!