Understanding Renewals Of Motorcycle Insurance Policies

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Apart from purchasing a new motorcycle insurance policy, the most important aspect that the owner needs to consider is with regards to its renewal. It is this factor that is known to hinge every type of benefit that is accrued to the person due to the insurance policy. What the person is to understand is that without in-time renewal related to the insurance policy, he does not avail any kind of insurance benefit, whatever is due to him, during the time of need. It is for this reason, one has to ensure having the policy renewed on time.

Enjoying the benefits

By having the two wheeler insurance renewed on time, the owner is likely to be entitled for the following facilities, in case, he comes across unwanted emergency accidental situations:

  • Satisfactory, efficient and easy claims
  • Renewal facility of insurance policy for entire life
  • Claim assistance 24/7
  • Renewal no claim bonus of about 50% to 60%

One of the most vital advantages derived is for 3rd party liability. If there is a death of third party involved during the accident with the vehicle, then the compensation might run into millions of rupees. Fortunately, 3rd party liability has been solely and wholly the responsibility of the insurance provider. In this case, the claim settlement would be made through court only, which could take several years for settling the matter. This way, the person is saved from all types of hassles, both physically and financially. However, one thing that the person is to ensure is having the policy renewed on time. Otherwise, he is responsible towards bearing the expenses and the entire procedure would be ruined.

Insurance claims

About uninsured losses: When assumed that it is the other driver who was responsible for the accident caused and the person chasing him towards claiming the uninsured losses that might be inter-alia be:

  • Loss of two wheeler value
  • Loss of income
  • Expenses for alternative transport as two wheeler gets off road
  • Physical injury compensation
  • Excess amount paid by the person for repairing the two wheeler

It is the duty of the person to take up immediately the matter with the other driver, providing him with data of his uninsured losses, and asking him to quickly forward his claims to the insurance provider. In case, the other driver abides by, then the person has to visit court.

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