A bike insurance policy offers financial coverage to the policyholder against any damage or loss due to an accident. It is essential to renew your bike insurance policy in time to continue enjoying its extensive coverage and benefits.
Factors to be considered while renewing a bike insurance policy
Check for the expiry date
If your existing bike insurance policy is about to expire, you should get the renewal done without any delay. Once your insurance policy lapses, you will lose the right to all the accumulated perks.You can buy third-party and comprehensive bike insurance policies, protect yourself, and comply with Indian laws.
Avail the NCB
No Claim Bonus is the reward given by the insurance provider to the policyholder for not raising a claim during the policy period. It starts from 20% and can go up to 50%. If you don’t renew your two-wheeler policy in time, the NCB will expire. The amount keeps increasing for every consecutive claim-free year.
Reassess your policy coverage
After using the bike insurance policy for a year, an insured will know whether the current coverage is sufficient for him or not. You should reassess your insurance needs and requirements before the policy renewal date and opt for the required coverage accordingly.
Select the right IDV
Insured Declared Value is the amount paid by the insurer if the policyholder’s bike suffers a total loss. A higher IDV of a bike means a higher premium, while a lower IDV attracts a lower premium. You should know about the IDV while renewing your insurance policy. It is essential to compare the new IDV to the market value of your bike.
Update your information
If you want to edit details in the policy, like date of birth or home address, you can easily submit the required proofs while renewing your bike insurance. Make sure to double-check your details to avoid further corrections and inconvenience.
Keep documents ready
At the time of renewal, an insured may need to present certain documents, including a driving license, vehicle registration number, existing bike policy number, address proof, Pollution Under Control certificate, and registration certificate. You should keep all these documents ready before your current policy expires.
Opt for add-ons
The add-on offers extra coverage to the policyholder on the payment of an additional premium. The most popular bike insurance add-ons are zero depreciation cover, roadside assistance cover, consumables cover, engine protection cover, passenger cover, and medical cover. When renewing your bike insurance policy online or offline, you can buy one or more add-ons with your standard plan to enjoy enhanced coverage.
Examine the voluntary deductibles
The voluntary deductible is the amount voluntarily paid by the policyholder during the claim settlement. The higher the deductible amount, the lower the insurance premium and more out-of-pocket expenses. You should carefully choose the deductible amount during bike insurance renewal.
Look for the grace period
A grace period is a period during which a policyholder can pay the premium amount even after the due date of the bike insurance policy. You should properly read the bike insurance policy’s terms and conditions of the renewal grace period.
Check for cashless support services
The insurance providers offer cashless facilities in network garages. You should select an insurer with a wide network of garages while renewing your bike insurance policy.
In conclusion
You should keep the above points in mind to have a stress-free bike insurance policy renewal. Make sure to check the due date of your insurance plan and renew it in advance.
