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Tag: NCB

  • Why Renewing Your Two-Wheeler Insurance on Time is Crucial: A Comprehensive Guide

    Why Renewing Your Two-Wheeler Insurance on Time is Crucial: A Comprehensive Guide

    Riding a two-wheeler can be thrilling, but it also comes with its set of responsibilities, the most important of which is ensuring that your vehicle is insured. Explore why timely two-wheeler insurance renewal is crucial for every rider with Honda insurance or other brands.

    The Importance of Timely Insurance Renewal

    Two-wheeler insurance is a mandatory requirement under the Motor Vehicles Act of 1988. It protects riders from financial liabilities arising from accidents, thefts, and other unforeseen incidents. The insurance covers your liabilities towards third parties and also covers damage to your own vehicle, depending on the type of policy you choose.

    ●    Legal Compliance:  
    Renewing your bike insurance on time ensures you comply with the law. Driving without insurance can lead to hefty fines and even imprisonment in the case of accidents involving third parties. For instance, under the revised Motor Vehicle Act of 2019, the penalty for riding without insurance has increased significantly, emphasising the legal importance of renewal.

    ●    Continuous Coverage:  
    An expired policy means no insurance coverage. If your insurance lapses and your bike gets damaged or stolen, you will have to bear all the repair or replacement costs. Timely renewal ensures that you’re never without coverage and that your financial interests are protected.

    ●    No Claim Bonus (NCB):  
    One of the most compelling reasons to renew on time is to preserve your No Claim Bonus, which is a discount on the renewal premium for every claim-free year. This can be as much as 50% after five consecutive claim-free years. Delaying your renewal can lead to losing this significant discount.

    ●    Avoiding Inspection Hassles:  
    If your policy expires, the insurance company might require a fresh inspection of the vehicle before renewing the policy, which can be a hassle. Renewing before the policy expires saves you this trouble and ensures a smoother, quicker renewal process.

    Renewal Process: Steps to Follow

    Renewing your two-wheeler insurance is a simple process, especially with online options now widely available. Here’s how you can renew your Honda insurance or any other bike insurance online:

    1.    Log on to the Insurer’s Website:  
    Visit the official website of your insurance provider. Most providers have a dedicated section for renewals.

    2.    Enter Your Policy Details:  
    Input your existing policy number and other required details, such as your bike’s make, model, and registration number.

    3.    Review Your Policy:  
    Check the details of your current policy. This is a good time to evaluate if your insurance needs have changed and if you need to add any additional coverage or riders.

    4.    Make Payment:  
    Once you’ve confirmed the details and the renewal premium, proceed to make the payment online. Upon payment, you will receive a digital copy of your renewed policy.

    Impact of Not Renewing Your Two-Wheeler Insurance

    Failing to renew your two-wheeler insurance on time can have serious implications beyond just legal issues. Here are some of the impacts that can affect you financially and legally if your motorcycle or scooter insurance lapses:

    ●    Immediate Loss of Coverage:  
    The moment your insurance policy expires, your bike is no longer protected against risks. This means any damage due to accidents, fires, theft, or natural calamities occurring post-expiration will not be covered, leading to potential financial hardships as you cover these costs out-of-pocket.

    ●    Legal Risks and Penalties:  
    Riding without valid insurance is illegal and exposes you to fines and penalties. According to the updated Motor Vehicle Act, fines for riding without insurance have increased significantly, which can dent your finances more than the cost of renewal. In severe cases, such non-compliance can also lead to impounding of your vehicle or even imprisonment.

    ●    Increased Premium Costs:  
    When your policy lapses, insurance companies view you as a high-risk customer, which can lead to higher premium rates when you do decide to renew or buy a new policy. Additionally, you lose any accrued benefits, such as the No Claim Bonus, which could have significantly lowered your premium costs.

    ●    Hassle in Renewal Process:  
    An expired policy often means undergoing vehicle inspections and more paperwork when you choose to renew it, adding to the inconvenience. In some cases, insurers may even deny renewing the policy, forcing you to look for new insurance, which might come with its own set of challenges and higher costs.

    Renewing your two-wheeler insurance on time is not just a legal requirement but a necessary measure to ensure peace of mind while riding. It protects you financially against potential losses due to accidents, theft, or damage to your vehicle. With online renewal options, the process has become more convenient than ever before. So, make sure to set a reminder for your next two-wheeler insurance renewal to enjoy uninterrupted protection and ride without any worries.

    *Standard T&C apply

    *Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.  
     

  • Consider these Tips to Reduce Premiums while Renewing Your Car Insurance!

    Consider these Tips to Reduce Premiums while Renewing Your Car Insurance!

    Getting car insurance is more of a need than just an option. It is necessary for protecting the car, the car owner, or any third party. Furthermore, the increasing number of traffic accidents underlines the significance of having car insurance. You must be aware that having car insurance coverage is obligatory if you drive a car. Any vehicle detected on the road without legal car insurance will experience severe fines. You must be extremely careful to avoid incidents, but if they do occur, only car insurance can protect you from a realm of consequences and liabilities.

    Car insurance coverage isn’t something you buy once and forget about. You must renew car insurance annually. If you fail to renew your car insurance timely, your coverage will expire, putting your car in danger. This implies that you will not be compensated for any damages if something bad happens to your car or a third party because of your car’s expired insurance.

    H2- How to Reduce Premiums?

    The procedure to renew expired car insurance is straightforward, quick, and requires minimal documentation. The following are some things to keep in mind if you want to reduce premiums during car insurance renewal.

    •   NCB – No claim bonus

    Before you renew expired car insurance, check the applicable NCB. If you haven’t made a claim on your car insurance over the past year, you could qualify for a No Claim Bonus, which is a discount on your renewal cost. NCB grows every year until it reaches a certain maximum after five years of no claims. You can use the accumulated NCB to lower your costs when you renew your car insurance policy.

    •   Renew your insurance policy on time

    Always keep track of when your car insurance will expire. Some insurance providers provide a buffer period of a certain number of days after you have passed your expiration date. However, if you request to renew car insurance when it has already expired, you may miss the opportunity to earn an NCB or other benefits.

    •   Insurance Declared Value

    The IDV is the max sum reimbursed by the insurance carrier to you in the event of total damage or theft of the car. The IDV is determined by the insurer based on the car’s market price after depreciation. IDV differs from one insurance provider to the next.

    A greater IDV equals higher premiums, and vice-versa. Nevertheless, this does not imply that you should select a lesser IDV when renewing your car insurance.  Choosing the correct IDV will ensure that you do not pay excessive premiums and that you do not incur a financial loss in the event of theft or total loss of the vehicle.

    •   Deductibles

    Your deductible limit decreases the insurance company’s claim liability. As a result, the insurer agrees to a rate reduction. As a result, by selecting a higher voluntary deductible, you can lower the cost of your renewal premium. However, keep in mind that the amount receivable in the event of a claim will be reduced as a result of this.

    •   Install anti-theft equipment in your automobile.

    Another simple strategy to minimize your car insurance is to reduce the likelihood of the vehicle being stolen. The higher the level of security, the lesser your premium. Installing anti-theft equipment such as gear locks, anti-theft alarms, and steering locks from certified manufacturers can help you save money on your insurance.

    •   Choose car insurance with consideration

    It is essential to conduct research before purchasing vehicle insurance online. Perform thorough research on the various vehicle insurance policies, weighing the benefits and features against the price paid by the car insurance company. Once this box is checked, you can evaluate other factors such as premium payment methods, the vehicle insurance company’s claims settlement ratio, the procedure for filing motor insurance claims, and the image of the car insurance provider.

    •   Avoid making unnecessary vehicle changes

    Modifying, altering, or adding any new technology to your car will significantly raise your premiums. This is due to the fact that some alterations might enhance the likelihood of an accident or theft. The increased cost would be entirely dependent on the type of improvements implemented. Furthermore, it is critical to notify the insurer of any changes to the vehicle to avoid rejections during claims.

    •   Compare and evaluate the insurance plans online

    The Internet has simplified life so simply that our needs can be addressed at our doorway with the flick of a finger. Everything from clothes to consumables, jewelry to vehicles, and residences can be acquired online.

    You must be careful when it comes to renewing your car insurance policy now that you know how to save money on it. So, the first thing to note is the policy’s expiration date and then take advantage of the opportunity to look for better plans or other ways to minimize your car insurance premium.

    These are various methods for lowering your vehicle insurance policy’s renewal premium. You can use one or more of the procedures outlined above to obtain the lowest feasible premium rates. It is important to remember that the cheapest does not always imply the best. Furthermore, there is no substitute for safe driving techniques. A cautious driving behavior combined with the proper insurance will undoubtedly help you to reduce your insurance premium in the long term.

    Disclaimer: The above information is for illustrative purposes only. For more details, please refer to policy wordings and prospectus before concluding the sales.