Do Not Let Your Motorcycle Insurance Policy Expires!
Posted At January 15th, 2019
Motor vehicle insurance policy is an insurance policy with a period of one year only. Now, recheck your motorcycle insurance policy. Is the term still valid or has it expired?
You are in trouble if it turns out that your motorcycle insurance policy has lapsed.
Motorcycle insurance, whether it is the comprehensive or total loss only (TLO) type, serves to protect the motorcycle and rider from the risks of collision, impact, flipping, slipping, theft, crime, fire, third party legal liability and personal accident.
When your motorcycle insurance policy period has lapsed and you forget to do a renewal, then your motorcycle no longer has a protective shield against all those risks.
Therefore, do not let your motorcycle insurance policy lapses, not even by one day.
Your insurance company do not want to go through the trouble of reminding you that your motorcycle insurance policy coverage is about to end. Therefore, whether you are being negligent or you intentionally delay your insurance policy renewal, the consequences are as listed below.
- The insurance policy period ends and this also means the end of all protection coverages and benefits for your motorcycle.
- A claim submission after the policy period ends will surely get rejected by the insurance company.
- Any form and amount of loss incurred, both to the motorcycle and the rider, will be your own responsibility.
- You might lose the benefits of no claim bonus (NCB) because some insurance companies require that your insurance policy is renewed before it lapses in order for the NCB to apply.
- If you still want to renew your insurance policy, you will need to purchase a new insurance policy, and it will take time to go through all the insurance application procedures, including the reassessment of your motorcycle.
Letting your motorcycle insurance policy lapses is as risky as riding without an insurance. This means you are driving without the proper protection.
The expiration date of an insurance policy might be a small detail that you do not really pay attention to. Hence it is easily forgotten and missed.
Therefore, for your own safety and comfort while driving, after reading this article, recheck your insurance policy right away!
Bandingin.com !!! helps you make the smart and accurate decision to protect yourself, your family, and your future.
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