Incredible Benefits of Bike Insurance Renewal

A motorbike is considered to be a valuable asset by most people across the globe. For most of us, it is a dream to buy a motorbike. Unfortunately, once a bike is taken under possession, most people forget about their main duty towards it. They forget about ensuring protection of their investment against a number of unforeseen problems such as accidents, theft, burglary and a lot more.

The best way to ensure maximum protection for a motorbike from unforeseen situations is to buy two wheeler insurance online. The two wheeler insurance plan from ICICI Lombard offers adept protection from a number of perils. Some of the most commonly covered events include the following listed below:

Loss or damage to the two wheeler against natural calamities:

1. Explosion
2. Fire
3. Earthquake
4. Typhoon
5. Lightning
6. Hurricane
7. Self-ignition
8. Earthquake
9. Inundation
10. Cyclone
11. Landslide
12. Tempest
13. Rockslide
14. Flood
15. Hailstorm
16. Storm
17. Frost

Loss or damage to your vehicle against man-made calamities:

1. Theft
2. Burglary
3. Riot
4. Strike
5. Malicious act
6. Accident by external means
7. Terrorist activity Road, inland waterway, rail, lift, elevator or air transit
   

Another major benefit of buying bike insurance is the personal accident cover of up to 1 Lakh INR for the individual driver and/or owner of the bike. This is done under conditions where the damage is done to the vehicle while driving, travelling, mounting or dismounting. Protection cover is also available for co-passengers. This is an optional cover.

Buying bike insurance will make you eligible for protection cover against third party legal liability. In case, your bike rams into another vehicle and damages it or cause serious injuries/death to the vehicle owner, you are liable to pay for the expenses and undergo legal procedures too. The third party liability cover will save you from inconvenience.

It is important to understand all about 'sum insured' prior to buying an insurance plan. It is actually the amount you can claim for (as stated in policy wordings) in the event of a listed emergency.

All two wheeler vehicles are insured at a fixed value. This is referred to as the Insured's Declared Value (IDV). The IDV is calculated on basis of the price listed by manufacturer of the vehicle. This amount is added to the listed price of any accessories and then deducted from the depreciation for each year according to the schedule provided by the Indian Motor Tariff.

However, these benefits are obtainable only under circumstances where the vehicle owner focuses on bike insurance renewal timely manner. Unfortunately only few insurance buyers remember renewal date. Sometimes people tend to ignore the reminder calls they get from their insurance company

Today, things have become easier. Insurance companies have their websites online. The plans are available on the internet. This means customers can renew their plans right from the comfort of their home or wherever they like. All-in-all one requires doing is to enter some basic details online and request for renewing their two wheeler insurance online.

There are many reasons one should buy and renew insurance online. Some of the major benefits of bike insurance renewal online include the following listed below:

1. Expediency
2. Ease of renewal process
3. Time Saving
4. Security
   

These days, almost all reputed companies offer bike insurance renewal online. In case, you are planning to buy or renew a comprehensive bike insurance plan, you can get the following listed facilities:

Transfer of all the listed 'No Claim Bonus' (NCB) benefits

• Add-on covers
• Customers can insure old bikes (up to a decade old) on the World Wide Web
• A digitally signed two wheeler insurance policy is issued at once
• Protection covers for co-passengers. This is an 'optional' personal accident cover for co-passengers
• NCB can be claimed on renewals in the event where no claim is made during the previous policy period
• You can pay premium in instalments. Here, you don't require paying any extra charges.

The Need for Bike Insurance

Well, bike insurance is an obligation for all two wheeler owners. Since riding a bike is more risky than driving a car around, one needs to take more precautions. And it is not true that an insurance plan should be bought only when you purchase a new vehicle. Since the insurance plan is mandatory by law, it is crucial to buy insurance regardless of how old the bike is. In the event where you are caught without a valid insurance policy, you could be penalized severely by law authorities.

You may encounter with an accident on road and suffer from injuries or the bike gets damaged. Here, you require paying huge bills for hospital and car repair. With a valid two wheeler insurance online in place, you don't need to worry about the expenses.

With so many benefits of buying a two wheeler insurance online, there is no reason you shirk away from your responsibility or delay the decision. However, just buying an insurance policy for bike will not do the needful. You should take care of bike insurance renewal too. The benefits of insurance policy can be availed of only if you renew the policy each year on time. The process is easy. You can fill in an application on official website of two wheeler insurance online. The company will revert with details. You may upgrade the insurance while renewing as per your specific requirements and budget.

Buying a two wheeler insurance online can save you and your bike from a number of problems and unforeseen situations that are inevitable. Having a clear idea about your requirements and budget is important prior to buying an insurance plan. You should also read the terms and conditions of insurance policy well prior to signing the dotted line.