Two-wheeler insurance renewal is a critical responsibility that every bike owner must undertake. It not only ensures compliance with the law but also ensures financial security in case of unexpected events. Renewing your two-wheeler insurance on time ensures continuous coverage, protects you from potential liabilities or costs and allows you to understand your current needs.
Let’s look at some essential steps for bike insurance renewal.
Essential Steps for Two-Wheeler Insurance Renewal
Before you proceed with your bike insurance renewal online, here are ten essential steps you must consider:
Assess Your Existing Policy
Before renewing your bike insurance policy online, assess your current policy. Understand the coverage you have and determine if it is still enough for you and your bike. Consider opting for add-ons like consumables cover or nil depreciation for better protection. This ensures that when you opt for bike policy renewal, you enhance your coverage and meet your requirements.
Compare Policies
Compare policies offered by different insurers based on their coverage, benefits and costs to ensure you get the best deal in the market. You can utilise a bike insurance calculator to evaluate policy rates, making comparison easier.
Policy Expiry
Mark the expiry date of your current bike policy. While you can still renew expired bike insurance, you might lose your NCB. Therefore, while bike insurance renewal after expiry is possible, you should avoid and renew it before it lapses.
Insured Declared Value
Verify the IDV of your two-wheeler, which amounts to the maximum sum insured in case of total loss or theft. Ensure that the IDV is appropriate for your two-wheeler’s current market value.
Add-On Covers
Understand the available add-ons. Choose add-ons that fit your requirements and offer comprehensive coverage. Remember, add-ons come at a cost; hence, evaluate the cost before purchase.
Online Renewal Benefits
Opt for bike insurance renewal online as it offers speed, convenience and usually additional discounts. Most insurance companies have user-friendly websites that make bike policy renewal a breeze.
No Claim Bonus
NCB is rewarded for not making any claims during a policy tenure. If you have a claim-free year, insurance providers generally offer a discount on the bike insurance premium for the following year in the form of No Claim Bonus.
Therefore, if you have an existing NCB from the previous year, ensure it is added during bike policy renewal.
Choose Deductibles
Choosing voluntary deductibles wisely during two-wheeler insurance renewal can reduce your premium. Deductibles are the portion of expenses you are responsible for covering before your insurer pays the remainder of an insurance claim. Choosing higher deductibles lowers your bike insurance premiums.
Deductibles are a smart way to save money if you rarely file claims and practise responsible driving.
Avoid Policy Lapses
A lapse in bike insurance can be risky, as it might require you to pay a higher premium and a hefty fine. For continuous coverage, ensure timely renewal of the two-wheeler insurance policy. Opt for an online auto-renewal payment option or set reminders for bike policy renewal.
Conclusion
By making the right choices and staying informed during the bike policy renewal process, you can ensure excellent and continuous insurance coverage for your two-wheeler. Moreover, during two-wheeler insurance renewal, disclose previous insurance claims, if any, honestly. Ensure you provide accurate information to ensure a smooth claim process in the future.
