Everything to Know About Break-in Period in Two-Wheeler Insurance

Life is precious, and so you make sure to insure your life without failure. Similarly, it is essential to insure your vehicle that can cost you a life if any unfortunate incidents happen to visit you. Due to this reason, the Indian laws made it mandatory for vehicles traveling on the Indian roads to be insured at least with a third-party vehicle insurance. 

A two wheeler insurance covers your two wheelers against damages that could occur in the event of theft, accident, fire, or natural disasters. The comprehensive bike insurance covers the rider, the vehicle, as well as the third-party.

Key Features of Two Wheeler Insurance

One of the prominent Non-Banking Financial Companies (NBFCs), Bajaj Finserv, offers a range of financial products including 2 wheeler insurance with unique features for the customers' satisfaction. Below mentioned are a few key features of the two wheeler insurance offered by the company:

Flexibility in Choosing Coverage

The applicant can choose the coverage of bike insurance as per their convenience from a third-party liability coverage and comprehensive coverage. 

Quick Online Processing

If you wish to apply for bike insurance online, Bajaj Finserv would be the right choice. The company offers quick application, approval, and processing of insurance and other financial products. 

NCB Transfer

The No Claim Bonus (NCB) transfer allows you to transfer 50% of your NCB from one financial provider to the other if you haven’t made any claim during the last one year.

Discount Offers

If you have installed security devices like an anti-theft device, or you have maintained a good rider history, your financial provider will offer you discounts on the premiums you need to pay for your 2 wheeler insurance.

Online Renewal Procedure

You can renew your policy without any verification or document submission with Bajaj Finserv. You can select the renew option from the online portal provided to you, and within a few clicks, your policy will be renewed.

What is Break-in Period?

In two wheeler insurance, if your policy gets expired due to failure in premium payment or policy renewal, the period from policy expiration to the next policy renewal is termed as the break-in period. The quick online policy renewal allows the policyholder to renew the policy without any documentation and verification required. You can renew your expired policy within a few clicks and save your time and money.

How can Break-in Period Affect You?

The break-in period can adversely affect you legally as well as financially. As per the Motor Vehicle Act of India, it is mandatory to have a third party bike insurance. Therefore, it would be a punishable act to drive on Indian roads during the break-in period. Driving without legal insurance can attract penalties as well as legal actions against you. 

Another significant drawback of break-in period is that if the vehicle gets into a major accident causing death, permanent disability, partial disability to the driver, owner, co-passenger, or a third-party will be both an expensive as well as a legal burden. Also, if your vehicle gets stolen during this period, no legal or financial protection will be provided to you in the event. 

Therefore, it is always advisable to apply for bike insurance and renew the policy on time with quick online procedures like the one from Bajaj Finserv. By doing so, not only would you avoid financial losses, but also protect yourself from the legal actions that could be charged on you.

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