Purchasing your first bike is an extraordinary accomplishment that brings up your mixed feelings. However, your bike purchase is only complete with a valid bike insurance plan. A bike insurance plan protects you from financial damages if your bike is damaged, lost, or stolen in unforeseen scenarios. Hence, you update your bike insurance plan to receive coverage during any mishap.
Many riders overlook the importance of regular bike insurance check, which can cause far-reaching consequences. In this blog, we will discuss the importance of regular bike insurance checks.
4 Key Reasons for Regular Bike Insurance Checks
A bike insurance check refers to the process of researching various insurance providers to analyse whether you are receiving the best plan coverage. Here are a few reasons why you must regularly check your bike insurance plan:
Bike’s Age and Usage
When you own a bike and use it frequently, you must regularly check the insurance coverage. If your bike is old and you have used it regularly for long rides, you must check the bike insurance plan regularly.
Similarly, new bikes tend to have insurance premiums, and the premium rates may reduce as the bike ages. Likewise, if you use your bike more often, you will be at a higher risk of accidents. Hence, it raises the requirements for adequate insurance coverage. Having insurance in the event of the same ensures that you are financially protected in your time of need.
Changes in Coverage Requirements
If you have an existing bike insurance plan, you may be required to change it over time. As bike insurance is mandatory as per the Motor Vehicles Act, 1988, you must purchase the policy of your bike during its purchase.
Moreover, after purchasing the bike insurance plan, you can change it according to your specific requirements. For instance, if you move to a new location, you may need to make changes in your insurance plan to receive the best coverage. You can also change the policy if you modify your bike and reevaluate the coverage by regularly checking the plan.
Avoid Paying Fines
A bike insurance check is crucial to ensure it is valid and you can ride legally in India. For instance, if you are caught riding your bike with an expired insurance plan, the authorities may impose fines and penalties on you.
Hence, you must regularly check the insurance plan to ensure it is valid. Moreover, you must renew the plan upon its expiry to avoid such penalties and fines. You can also set reminders for renewal dates to avoid lapses and ensure continuous coverage for your bike.
Changes in the Insurance Provider
When you have an existing bike insurance plan, you may want to change it due to several reasons. In such a scenario, you must consider several things before changing the insurance provider.
For instance, you must check your existing plan and compare it with other plans to get the best insurance coverage. Moreover, checking for competitive rates ensures you are not overpaying for insurance while still receiving the protection you need for your bike.
How to Check a Bike Insurance Plan Regularly?
Here are a few steps you can follow to check your bike insurance plan regularly:
Step 1: Visit the official website of the Insurance Information Bureau of India.
Step 2: Click the ‘V-Seva’ option from the ‘Quick Links’ option to redirect you to the Accident Vehicle Information Retrieval System webpage.
Step 3: Enter the details with relevant information, such as your name, address, phone number, bike registration number, email address, and accident details (if any).
Step 4: Provide the text from the image and click the ‘Submit’ button to check your bike insurance plan.
Apart from the official website, you can check the insurance plan through the insurance provider’s website or application. For instance, you can download the ACKO application or visit its website to regularly check the bike insurance plan.
Final Words
Henceforth, checking your bike insurance plan ensures you protect your finances, bike, and yourself. You can also check it to ensure that it is valid and you are riding it illegally in India. Moreover, by keeping your policy updated, you ensure that your coverage reflects your current situation, meets legal standards, and saves you money.