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Why Individuals Should Buy Health Insurance in Their 30s?

When somebody is young and healthy, it is not surprise that they think that they won’t need health insurance until much later in life. However, anyone that believes this should know that there is no fixed time or age that an illness or an injury can occur. Hence, the practical approach towards these incidents is to make sure you are prepared for them. The best way to do that is by purchasing a health insurance policy.

Despite this, people often ignore or delay health insurance plans due to a multitude of reasons. Often the biggest one of them is that they feel they are healthy enough in their 30s to not spend on health insurance. However, since the past few years, the occurrences of health disorders in younger individuals has seen a major spike. Hence, the chances of you contracting a dangerous illness in your 3s is much higher.

How health insurance can help

To know how health insurance can help you, you need to understand your need for it. The basic idea is that you would need financial coverage in the case that you fall ill and have to be hospitalized. Unfortunately, the shift in our way of living has lifestyle has made even the heathiest and youngest people extremely susceptible to illnesses. Factors like long-distance travels, hectic work schedules, sedentary lifestyle, poor eating habits, and rising levels of pollution contribute to the risk of developing major disorders.

Adding to that, the cost of treating illnesses is rising by the day. Even the most basic of procedure can require you to burn through your budget or borrow money. This financially leaves you in a bind. It ends up being a choice of either compromising on your health or your financial stability. In this situation, health insurance can be the solution to your problems. It offers much more than just medical coverage.

Advantages of buying health insurance in your 30s

  • Lower premium

Simply put, if you purchase a medical coverage plan at an early age, you will have to pay a lower premium. Premiums are based on your medical condition at the time of buying the policy. At a young age, you are likely to be in good health. While there is always the danger of contracting diseases early, the majority of individuals in their 30s tend to have a fit body and mind. However, as you age, the risk of developing illnesses increases. To balance the higher risk, insurance companies charge a higher premium. However, any individual that buys health insurance at a young age, will pay a lower price.

  • Financial security

When you purchase health insurance, it gives you access to medical facilities at the time and place you need it. Most importantly, it does so without charging you any more money than the premium of the policy.

When you buy health insurance, you save a huge amount that would’ve been spent on medical treatment. These savings can be utilized in tons of different ways. You can invest them into various avenues that can make you financially stronger. Moreover, health plans also offer you tax benefits on the basis of the premium you pay. This helps you save even more money. Savings at a young age can set a good direction for you finances.

  • Quick treatment for early disorders

Due to changing lifestyles, people are now starting to fall under a great risk of developing major illnesses at early age. If you do and you do not have health insurance, you might have wait, collect enough money, and then get your treatment started. However, doing so could aggravate your disease and lead to other complications in the future. However, with health insurance, you can immediately get the necessary treatment and prevent the illness from growing any further. For this reason, health insurance policies allow you to get annual check-ups. This way, you can detect diseases that do not have prominent symptoms as well.

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Insurance

How to Choose the Right Term Insurance Plan?

No one can ever predict what the future holds for us and what our condition will be at a certain point in time. Thus, it becomes necessary to prepare for the financial safety of your family. Once you do this, you can live in the moment without worrying incessantly about securing your family’s future.

There are various insurance products available today to prepare for unpredictable circumstances. These products offer several deliverables customised to fit your various requirements.

Among these exhaustive varieties of insurance products, term insurance plans are among the top contenders. In such plans, the policyholder does not receive maturity benefits if the insured amount is not used within the pre-defined term. However, in the event of an unfortunate circumstance, term insurance provides the policyholder’s family with life cover and financial stability, as regards the policyholder’s nomination and realisation in the fixed tenure.

Read further to know more about what term insurance is and how to choose the right fit for you:

  1. Go for Insurers with High Claim-to-Settlement Ratio

It is critical to know the monetary reimbursement plan first-hand before opting for term insurance. Check whether the plan has a good claim settlement process in place, using its claim settlement ratio. If the claim settlement ratio is high, it means that the policyholder’s family has a greater scope of getting the entirety of the total sum assured.

  1. Check the Ratio of Solvency

The ratio of solvency helps you know the organisation’s capability to pay their long-term loans along with interests. The ideal solvency ratio prescribed by the IRDAI is 150%. Your insurer must have a solvency ratio that is close to 150% and not too high either.

  1. Choose Riders for Comprehensive Coverage

A term insurance plan provides benefits after the death of the policyholder. When choosing the plan, you can also opt for some other features that fit your unique requirements.

Some policies have the option to get riders to grow your coverage and minimise your risks. The following are the benefits of a rider that you should look for:

  • Critical illness: This rider covers certain major diseases, viz. paralysis, cancer, artery bypass, heart attack, renal failure, stroke, transplant of any major organ and coma.
  • Premium waiver: This rider helps during situations that result in defaults by writing down premium payments for the future.
  • Disability cover: This rider cover helps you to have a safety net for your future. This insures you from any accidents that could result in disability, due to an unforeseen accident.
  1. Premium Cost

After determining which term insurance plan suits you the best and if you require any rider benefits, knowing the premium costs is now the final factor.

Do not settle for a below-average policy simply to shell out less from your pockets. The best way to know your premium costs is to use a term insurance plan calculator. This lets you know approximately what you might be paying monthly, depending on the premium tenure of your plan.

  1. Number of Members in your Family and your Income Bracket

You must consider your total income, along with the total number of family members depended on you when opting for a term insurance plan. If you are single and living with your parents, your financial condition would differ from the financial conditions in a marital situation. Keep this in mind to choose coverage wisely. More so, this can help you plan your financial goals for the future.

  1. Consider Liabilities

You might have a few liabilities like your vehicle, personal, home or business loans. Thus, you might want to undo the possible pressure of loan payoff that can fall on your family members when starting your future financial planning. It is of utmost importance to mention the total loan amount repayable by you.

Conclusion

While it is a great idea to hear what experts and peers have to say, selecting a term insurance plan must always be based on your own independent needs. Do not think that it is one-size-fits-all when it comes to choosing a term insurance plan for you and your family. Do consider the above-mentioned points before opting for a plan. Get an estimate of your periodic premiums using a term insurance plan calculator. Always remember to read the fine print of your term insurance plan before finalising your tenure.

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Insurance

Topic: How to Claim Insurance in Case of Car Is Damage Due to Floods

Natural calamities such as cyclones, earthquakes, floods and hailstorms do not come with prior notice. Such situations are unpredictable and there is nothing you can do to control or avoid them. In the past few years, different parts of India witnessed major floods that caused serious damage to life and property. Talking specifically about car damage due to floods, having a comprehensive insurance policy for your car can help you manage the situation without any stress and save you a lot of time and money in getting the vehicle repaired. Comprehensive car insurance also covers theft and other natural calamities.

Claiming insurance for your flooded vehicle:

If your car was partially or fully submerged in water, it will mean major damages and a high cost for repairs. To claim insurance, you must:

Avoid starting the car right away

While knowing about the importance of car insurance is a must, you also need to be aware of the first thing to do if your vehicle gets damaged by a flood. You may be tempted to start your submerged car but do not make the mistake of doing so. It will cause more damage to the engine which may not be covered in the policy. So, it is best to let the car be and click photos of it. If you notice any other damage, take photos of that too.

Inform the insurer at the earliest

Floods can cause huge damages which mean the insurance company could be juggling many claims from all quarters. Hence, inform the company as soon as you can and send your car to the service centre immediately. You can contact the insurer by email or call them on the customer care numbers. You need to fill the claim form for car insurance online and you can attach photos if you want. You can also use their mobile app and do the needful. Do not delay the process because the longer you take, the likelihood of water damaging the car will increase and it could lead to long-term damage. Plus, anticipate the extra time the insurer might take to process the claim.

Steps to register an insurance claim:

  1. Call on the landline or toll-free number of the car insurance company.
  2. Share details to the insurer about your policy and where the car was parked at the time of floods.
  3. Now the company will provide a Claim Registration Number and you can use it as a reference number.
  4. You will be provided with a scheduled time to pick up the car.
  5. The insurance company will assign a surveyor who will assess the damages to the car. Once it is done, the service team at the garage will be consulted and you will be informed about the claim amount payable for the repair of the car. Additionally, you will also be informed about the money you will have to pay for the repairs if any.
  6. Once all the issues are cleared, sign on the claim approval form and keep a copy for the future.
  7. You will get to know when the car will be repaired and delivered to you.
  8. In a cashless claim, the insurance company will directly pay the garage service team. In case of reimbursement, you will have to make the payment and the insurance company will compensate you for the same.

Insurance companies have made it easier to file and settle claims. If you avail Reliance car insurance especially, you can expect a completely hassle-free process. Being aware of these steps can come in handy and will allow you to file the claim at the earliest. And, remember, never start the car if it is submerged in the water and renew your four-wheeler insurance on time to continue enjoying the extensive coverage.

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CarInsurance

9 Reasons Why Renewing Your Car Insurance on Time Is Important

As a car owner, you are proud of your possession. Your car is an integral part of your life as it helps you manage your travel needs. To secure your car, you must get the right car insurance policy. Then you can be at peace about funds needed should your car meet with an unfortunate event.

Car insurance policies are valid for one year and should be renewed timely. Only then policyholders can continue to receive coverage. Many insurance companies offer online renewal of car insurance. For instance, TATA AIG four wheeler insurance renewal can be completed easily by visiting their official website and filling out a few details.

However, many policyholders do not understand the importance of timely car policy renewal and face stressful consequences later. Read on to know why renewing your car insurance on time is essential.

Why should you renew the insurance for your car on time?

  1. It is important for the continuity of insurance policy benefits.

Purchasing insurance for a car is a legal imperative. However, renewing the plan on time is also equally important. First-time insurance buyers must know that the car insurance policy is not a one-time purchase. Renewing the policy on time ensures continuity of the benefits and coverage offered by the policy.

  1. You stay within the law.

Driving on Indian roads with an expired four-wheeler insurance plan is considered similar to driving around with no policy at all. If a traffic police officer stops you and asks for the car’s insurance, an expired policy will be considered a violation and attract a heavy fine and a black mark on your driving history. Always drive with a current insurance policy onboard the car.

  1. Renewal as early as possible, even within the expiry date.

It would be optimal if you renewed your insurance policy a few weeks before the expiry date. If you realize your policy has expired after you are asked by a police officer, the consequences may be unpleasant.

  1.  Missing the renewal can cause financial strain later.

Suppose your car is involved in an accident that causes damage to any third party or your own vehicle. Your insurance company will not pay if your policy is not up-to-date. In such a scenario, you’re left to pay all expenses out of your pocket.

  1. You will not be covered during the grace period.

Car insurance companies generally offer a grace period after expiry to help customers renew their plans. If you do not renew within the grace period, then coverage is not available in case your vehicle suffers any damage during the period.

  1. Missing on the renewal can lead to a car inspection.

If you renew the policy a while after expiry, the insurance company may want to inspect your vehicle before the car insurance renewal. The inspection is used to estimate the car’s condition and note any pre-existing issues with the car. Along with no coverage during the inspection period, your car insurance price will also rise after the inspection.

  1. You may lose your accumulated NCB.

The No-Claim Bonus is one of the best ways to lower the insurance premium amount. Many policyholders drive safely and follow road rules to maintain their NCB. If you don’t file a claim on the policy for five consecutive years, you may be looking at even a 50% discount on your premiums. However, if you fail to renew your plan on time, your accumulated NCB will be entirely reset.

  1. You may be asked to pay higher premiums.

The premium on late renewal of a policy that has expired is higher compared to one that is renewed on time.

  1. The repairs become stressful.

An expired insurance plan is of no help. You will have to handle third-party liabilities, repair bills, getting the car to a garage etc by yourself. This is in addition to the financial strain as you would not receive any funds under the policy.

Thus, if you’re a car insurance policyholder, staying on time with your insurance renewal will benefit you in the long run. To save yourself from unwanted stress, you can always opt for renewing the plan before its expiry date. You can also use your plan’s expiry date to purchase a more suitable and efficient plan.

Some Frequently Asked Queries

  1. What happens if car insurance is not renewed on time?

If you fail to renew your plan on time, you will lose your No-Claim Bonus discount. Generally, insurance companies provide a grace period to renew the plan. However, it may lead to an inspection of your vehicle, leading to a rise in the premium amount.

  1.      When should I renew my car insurance?

You must renew your car insurance anytime before the expiry date. It would be better if you get the renewal done a few weeks before the expiry date. It would save you from the stress of missing the expiry date due to last-minute developments.

  1. Do you need to renew car insurance every year?

The renewal frequency of your car insurance will depend on the tenure of your car insurance policy. If you’ve purchased a policy for one year, you will have to renew it annually. However, plans are available for longer durations.

  1.  Is it compulsory to renew vehicle insurance?

Yes, it is compulsory to renew vehicle insurance. With car insurance renewal, your vehicle will continue being protected. Along with this, you will get the No-Claim Bonus if you don’t file claims.

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Insurance

Compare Third-Party vs Comprehensive vs Usage Based Plans

When it comes to buying a car insurance policy, an Indian buyer has more than one alternative. There is a mandatory policy prescribed by the regulatory body, but apart from that, there are a couple of more alternatives too. Also, selecting a car insurance policy must be based on your requirements. This makes it even more necessary to know what the features of each type of policy are and how they benefit you.

Whether you are buying a car insurance policy for the first time or due for your renewal, the selection of the right policy is essential and should be considered. This article helps you to compare how each available option differs from each other based on some common criteria –

Third-Party Car Insurance

Starting with third-party policies, it is the most basic car insurance coverage that you can buy. The regulator, Insurance Regulatory and Development Authority of India (IRDAI), has made it mandatory for all types of cars, whether used for private or commercial purposes to have a third party car insurance policy. A third-party plan protects your car against liabilities that can result due to an accident or injury to a third person. Since it is mandatory for all cars to have a third-party insurance plan, it is most affordable of all available options. The premiums for a third-party policy are decided based on the cubic capacity of your engine.

Comprehensive Car Insurance

If you find the coverage from a third-party policy limited in its scope, you can choose to opt for a comprehensive car insurance policy. This change or upgrade is even possible at the time of car insurance renewal. A comprehensive plan covers the damages to your car along with third-party liabilities. Further, this plan can be customised using add-on covers. Different add-ons have different purposes thereby being available for every kind of coverage sought. When it comes to pricing, a comprehensive policy is the most expensive of the lot due to the extensive coverage it offers and increases based on selected add-ons.

Usage Based Car Insurance

Usage based plans are a new type car insurance where the insurance coverage is for a specified duration. Alternatively, this type of insurance is also known as telematics insurance. Here, a specific device is installed in your car to monitor the driving based on kilometres and accordingly coverage is provided. A usage-based insurance is ideal for those who drive their cars not often yet want a complete peace of mind with an appropriate insurance cover. The cost of installing the telematics device is also included in the insurance cover. Unlike other types of insurance plans, the duration of a usage-based policy isn’t defined at the beginning. It depends on how much your drive your vehicle and is valid for a specified number of kilometres.

Now that you know what the differences between the various insurance plans are, make sure to compare the benefits available under each alternative and accordingly select the one that fits you the best. Afterall, having a car insurance policy is that help you have a financial backup as well as mental security.  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.

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Insurance

What Are the Different Types of Sub-Limits Under Your Health Insurance Policy?

Health insurance policies are of prime importance in today’s day and age. With the soaring cost of medical treatment, it is necessary to have a financial safeguard. But not all health insurance plans are the same. Different health insurance plans have varying terms and conditions. That is why it is essential to thoroughly understand the implication of such terms and then purchase a health insurance policy.

What are sub-limits to a health insurance policy?

Among the many terms and conditions, sub-limit is one of which that needs special attention. As the name suggests, it limits the amount of expenses that you can claim. Thus, a policyholder may not be allowed to raise a claim the entire amount of that medical expenditure. It results in a higher amount that needs to be borne by you, the policyholder, when making a claim thereby increasing your out-of-pocket expenses. You must note that sub-limits do not exclude a particular category of expenditure entirely, but instead impose a capping on the compensation paid for such category of expenditure. Further, these sub-limits are not applicable on the entire bill amount but instead only a specific category of expenditure like room rent or on the treatment of certain diseases.

What are the different types of sub-limits?

There are three types of sub-limits that may be imposed in your health insurance policy.

Sub-limit on specific medical condition: With increasing instances of lifestyle diseases, there are many ailments that are commonly suffered by majority of the population in a specific age-group. To quantify it, almost three out of five individuals face them. High blood pressure, kidney stone, cataract, piles, gallstone, hernia, tonsils, knee ligament reconstruction, sinus are some to name a few. The insurance companies place a sub-limit on these procedures wherein only a specified amount of expenditure is covered by the insurance policy. For instance, the insurance company may specify a pre-defined amount of expenses or specified percentage of the sum insured for these treatments. The sub-limit on specific ailments is not only applicable to a claim settled via reimbursement mode, but also a cashless health insurance too. Any amount above such specified limits is required to be paid by you.

Sub-limit on room rent and other charges: Apart from specified expenditure, the terms of the policy may also specify a capping on the amount of expenditure admissible under the insurance policy. The most common case is capping on the room rent charges in case of hospitalisation. Here the insurance company limits the expenditure that can be claimed to a specified amount. Apart from room rent, there are other examples of similar sub-limit for expenditure which are doctor’s consultation charges, ICU charges, ambulance charges and even diagnostic tests.

Sub-limit on post-hospitalisation expenses: Not all treatments can be provided in the hospital itself. Some treatments require medication and other ancillary treatment to be followed up post main procedure. Thus, some insurance policies place a sub-limit on the amount of post-hospitalisation expenses. Any amount exceeding these post-hospitalisation costs shall be required to be borne by you.

Make sure to read the terms of your insurance policy specifying the sub-limits for various expenses. You should select a policy with higher amount sub-limit so that more expenses are covered by your insurance provider. Whether you are buying a individual plan or a critical illness policy, remember to account for these sub-limits to have maximum coverage.  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.

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Insurance

Why should you set the correct IDV for comprehensive car insurance policies?

Four-wheeler insurance is mandatory for all vehicles in India. If you are caught driving an uninsured car, you need to pay a fine for violating the country’s laws. Precisely the reason why most of us buy insurance. However, car insurance goes beyond abiding by the vehicle laws of the country.

It offers you financial security if you incur monetary expenses or liability arising out of the vehicle. It covers your financial penalties if your car gets damaged, stolen, or destroyed owing to natural or human-made calamities. It handles your third-party liabilities if the vehicle causes injuries or damage to the third-party person or asset. You also receive compensation if the accident results in your disability or death.

Broadly, you can either buy a third-party or comprehensive insurance plan. The third party covers you against third-party legalities arising from your car. On the other hand, you receive broader coverage under a comprehensive plan by including add-ons.

Which is the ideal plan for your car?

The ideal car policy is the one that provides adequate coverage to pay off the financial liabilities arising out of your car without paying costly premiums. You need to strike the right balance between insurance coverage and premiums.

Thus, before buying the car insurance policy, you should thoroughly analyse the coverage you will receive for your premiums. Use the insurance calculator to know the premium of the plan accurately. You can find the instrument easily online and check different premiums offered by other insurers.

The auto insurance calculator considers parameters like insurance type, car details, geographic location, add-ons, and the IDV for determining the policy premium. The IDV is the biggest factor that influences the premiums of the comprehensive policy.

What is IDV?

The Insured Declared Value is the maximum sum insured amount fixed by the insurance company. It is the maximum claim amount that your company agrees to pay under the insurance policy if your vehicle gets damaged due to an unforeseen accident. In case of theft or a total loss, the insurer pays you the entire IDV as decided when buying the insurance. The IDV gets determined based on the current market value of your vehicle.

This is because the value of your car starts depreciating as soon as it moves out from the showroom. Even if the vehicle is as good as new after a year, it suffers depreciation owing to its age. Depreciation is considered an estimated reduction in the vehicle value following its age. The higher the age of the vehicle, the higher depreciation on it.

The calculation of IDV is as follows:

IDV = Selling price of the car as listed by the manufacturer – Depreciation depending on the age of the vehicle

Now, the IDV differs between insurers. Hence, it is essential to check them before you buy offline or online car insurance. Meanwhile, the depreciation for older cars is fixed for up to five years.

Why decide the correct IDV?

Premium

The IDV of the vehicle is directly proportional to the premiums of the comprehensive policy. The higher the IDV of the insurance plan, the higher will be the premiums. Therefore, opt for an IDV amount that does not result in an expensive insurance premium.

Maximum claim amount

The IDV is the maximum claim amount that the insurance company pays if your car witnesses’ complete loss or gets stolen. If you opt for a lower IDV, the claim amount might be insufficient to cover the actual cost. So, choose a comprehensive policy with an IDV, which is sufficient to cover the losses of the car.

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Insurance

How to Prepare Yourself for a Medical Emergency in 2021?

COVID-19 has infected almost 11 million people in India, as of February 12, 2021. In the face of the pandemic, it has become evident that a medical emergency can strike at any time. Apart from the physical and emotional trauma, it can be huge pressure on your finances. So, here are some steps to take to prepare yourself for a medical emergency in 2021.

Start an Emergency Fund

  • Open a savings account only for the purpose of saving for a medical emergency. Opening a savings account online is very easy. Moreover, savings account generates interest, which can help grow your funds.
  • Choose a bank that offers the best interest rates on savings accounts.
  • Regularly deposit money in this account. You can plan your expenses and set aside a small amount monthly, as soon as you receive your salary or any other form of income you may have.
  • Refrain from withdrawing money or conducting transactions from this account for non-medical purposes.
  • Keep track of how your funds fluctuate. This will help you to prioritise replenishing funds if you need to make a withdrawal for any reason.
  • Savings accounts have much higher liquidity than other investments like fixed deposits or mutual funds. This means you can access the funds at any time and don’t need to borrow money or make an overdraft on your investment.

Weigh the Costs

  • Study your family’s medical history and consult a doctor. For example, if you have a family history of heart disease, consult your doctor regarding the steps to prevent it.
  • Make a list of the most common medical emergencies and reach out to a hospital to understand the estimated cost for each. This should give you a rough idea of how much you need to save in your emergency fund. Start eliminating unnecessary expenses so that you can achieve this target quickly before an emergency occurs.
  • Improve your health by eating a balanced diet, exercising regularly and getting enough sleep. Encourage your loved ones to make the necessary lifestyle changes.

Get Health Insurance

  • Health insurance is an excellent option to help you cover most of the costs in case of an emergency. This can be supplemented by your savings.
  • For a low premium each month, health insurance will pay most of your medical expenses.
  • Different health insurance plans cater to different types of emergencies, like accidents, heart disease, general health, etc. Therefore, it is important to consider your family history and your lifestyle before choosing an insurance plan.
  • You can also include your immediate family in your health insurance policy.

Consider Personal Loan as a Backup Option

  • Sometimes, even the best preparation is unable to meet the demands of the situation. In such a scenario, consider taking a personal loan.
  • Check the interest rate and loan tenure and read the loan document carefully before going ahead.

During a medical emergency, you would like to focus on getting better, rather than having to worry about arranging funds. So, take the necessary steps like opening a savings account that offers high interest, and be prepared for any contingencies.

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Insurance

How to renew bike insurance using bike insurance app?

Riding a bike is a truly underrated experience. The feeling of the wind on your face is a freeing experience. Moreover, it is also a practical vehicle. Using a bike to travel, means that you can weave through traffic while others have to be stuck until it clears.

However, for all its great qualities, riding a bike is very dangerous. Even after wearing protective gear, there is a chance that a bike accident can lead to grave injuries. Moreover, unlike a car, a bike is an open vehicle. This means that a single error in judgement while riding a bike can lead to major consequences for you and your two-wheeler. Hence, it is ideally recommended to drive safely. However, there is no harm in being as secure as you can at every step. Hence, to avoid the financial and emotional burden of having your bike damaged, you can get a bike insurance policy.

However, any good thing in life requires effort and care. This applies to bike insurance as well. Once you have bought a policy, you will have to make sure that it performs to the best of your needs.  This includes renewing it on time. However, being the lengthy process that it is, there is a chance that you may miss the due date of your bike insurance renewal.

Missing the renewal due date

A bike insurance is like a subscription. It needs to be renewed each year before a specific date. This renewal is done by paying the right amount of premium before the due date. However, if for some reason you fail to renew your policy before this date, the coverage mentioned in your policy is considered expired.

Once, this coverage is declared expired, you will be given a grace period by the insurance provider. While every insurance provider has a different operational policy, most insurers offer a break-in period of 90 days. During this period of time you can restore your coverage as it was by paying the premium and renewing your policy. Until you do so, you will not have any benefits of the policy to redeem. As a worst-case scenario, if you miss this opportunity as well, your coverage becomes null and void.

At this point, you lose coverage for own damages as well as third party liabilities. This firstly means that in the case of an accident you will be completely unprotected against the financial burden of repairs.  Secondly, you will have to cover for the legal and the financial liabilities for any harm you cause to a third-party or his/her property. The worst part about losing your bike insurance policy is that you cannot legally ride your bike on the roads. If you are caught riding without a valid motor insurance policy, you will have to pay a fine.

Renewal of policy

The purpose of insurance is to make things better and simpler. In that spirit, many insurance providers have launched apps that can offer you a whole host of benefits. However, the best these apps do is give your better control over your policy and everything related to it. This includes policy renewal.

Firstly, you can keep track of the due date of your policy in the app. Knowing what the due date is you can plan your renewal well in advance. This includes taking a look into how much coverage you need, how much you have, and what changes are necessary to bridge the gap. This time can also be used to look into ways that you can lower your premium.

Once the preparation is over, the first thing you have to do is log into the app. After logging in, you have to select the policy renewal option. At this point, the app will require your policy details. Adding the policy details will take you to the step where you can change the coverage of your policy to your liking. With the change of coverage, you will also see a change in the premium. The last step is to make the premium payment. Select a payment mode and complete the payment. Once done, your policy will be instantly renewed and you will receive the new policy documents through email or other digital means.

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