Author: articlesandsuccess

Riding a bike lets you enjoy your commute with the wind in your face. Other than that, it also adds a lot convenience by helping you weave through heavy traffic. This means you save a lot of time while others must wait for it to open.

There is no end to the list of advantages that a bike can offer you. But for all its advantages, there are a lot of dangers to riding a bike as well. Making a single mistake on the road can lead to dire consequences for both the bike and you. The best way to avoid this situation is to drive safe. However, despite all the caution, accidents can happen at times. Hence, the best solution for you is to have bike insurance.

Bike insurance during lockdown

Since more than a year, the country has been under lockdown due to the COVID-19 pandemic. As part of this lockdown, the movement of people across their respective regions. This means that there is little to no reason to drive your vehicle. Due to this, a lot of people of have parked their bikes for the foreseeable future. Hence, it is natural to forget about everything associated with the bike. This includes bike insurance as well. There may be a situation where you forget about your bike and the insurance policy on it. Due to this, you may fail to renew it and it may expire.

What happens when your bike insurance policy expires?

A bike insurance policy expires when you don’t pay the premium in the stipulated time of the coverage. This means making the payment before the last day of coverage. In the case you don’t make it and the coverage expires, the insurance provider will offer you a break-in period of 90 days. This break-in period serves as a chance for you to reinstate your plan. This way, you can restore all the benefits of the policy as they were. But you will not have coverage during the break-in period. If somehow, you miss this time window as well, your policy is terminated.

Upon termination, all types of coverage and benefits of the policy are considered null and void. This implies that you not only have no coverage for own damages to your bike, but also for third-party liabilities. Hence, the next time you get into a situation like accident, theft, vandalism, etc., you will have to cover these expenses out of your own pocket. While there is a lesser chance of accidents during lockdown, but there is no sense of taking the risk of being in this situation with insurance coverage. Moreover, riding a bike without insurance is illegal. Getting caught riding a bike without insurance means you will have to pay a heavy fine.

What can you do if this happens?

Missing the renewal of your bike insurance policy may be a bad thing, but its not a crime. But if you want to ride your bike, you need a two-wheeler insurance policy. So, in the case of your policy expiring, the only thing that makes sense for you to do is to buy a new policy.

Ideally, it would be better if you make the premium payment before your policy is terminated. But missing this opportunity could be a blessing in disguise. This implies that now you can buy a policy with better benefits and coverage options. Hence, as soon as your policy is terminated, you need to start looking for another policy.

The most obvious doubt here is that with everything closed due to COVID-19 lockdown, how do you exactly buy a policy or even look for one. The simple answer is through online mediums. The first step is always comparing polices which can be done through third-party comparison websites. To buy a policy you can go to an insurance provider’s website and make the transaction.

A 2019 study concluded that on average, Americans have about $90,460 in debt. This debt includes everything from credit cards to mortgages to student loan debt.

Gen X has the highest debt ringing in at $135,841. Debt has increased the fastest for the millennial generation. Their debt has increased by 58% in 4 years, from $49,722 in 2015 to $78,396 in 2019.

Personal finances are an important part of life but they can be a difficult area to manage. Keep reading to learn some personal finance tips you’ll want to hear about.

Always Have a Budget

The first thing that should be on your list of personal finance strategies is creating a budget. It’s easy to overspend if you don’t set a limit for yourself.

There are many online resources you can use to help you create a budget for your monthly expenses, this way you won’t wonder where all your money went.

Having a budget will also make tracking your spending simple. When you make a physical list of where your money goes you’ll begin to make better decisions for your financial future.

Pay Your Credit Cards

Credit cards can be a double-edged sword for many people. While they’re great at helping establish the credit that you need, they can also lead to a lot of debt if not handled properly.

You should pay off your credit cards as soon as possible. This will minimize your debt and prevent you from paying high-interest rates.

Falling behind on credit card payments or establishing a lot of debt from credit cards can lead to bad credit. This can make getting important loans more difficult.

When applying for a loan, bad credit can make things more difficult but it’s not impossible to get the loan you need. Bad credit help is available and many available options can help you establish the financial security you’ve always wanted.

Set Aside Emergency Money

This next tip is crucial to achieving financial stability. Setting aside an emergency fund can help ensure that when an emergency arises you’ll have the means necessary to take care of yourself and your family.

This fund should get a percentage of every paycheck. Keeping this money in a money market account will ensure that the fund continues to grow.

Saving Is Crucial

While an emergency fund is a type of savings, having a separate savings account is crucial to your financial success. If you’re living paycheck to paycheck this task might seem difficult but saving even a few dollars per paycheck will begin to add up.

Whether you’re saving for your education or a car, putting some money away can help you make those purchases you didn’t think were possible.

Invest in Your Health

Health insurance is an important part of financial stability. Investing in a good plan will protect you if faced with a medical issue. Taking care of your physical health can help prevent expensive medical care in the future too.

Important Personal Finance Tips

Financial stability is an important part of life. If you follow the personal finance tips listed above you’ll be on your way to the financial freedom you’ve always wanted. Check out some of our other blogs to learn more.