Bike Insurance Renewal: What all you should keep in mind?
Bike insurance renewal should not be done in a hurry. Take time to understand your requirements and then proceed to renew your policy. To help you save time, here is a to-do list for bike insurance renewal for your reference:
- Type of policy
The most important factor is to reconsider the type of two wheeler insurance policy you had purchased in case you had a third-party policy. Buying this type of policy mandatory by law, however, it is not the preferred choice if you are looking for extended coverage. A comprehensive policy includes coverage for third-party liabilities, personal accident cover, add-ons, and protection against own damage.
- Insurance company
It is not necessary to continue with the same insurance company through the lifetime of your bike. You can switch to a new insurance company if you are not happy with the services and products provided with the current one. Consider taking a look at the social media handles of the company and get an idea about what the existing customers have to say about their services.
- Discounts
Buying a policy for the first time may not fetch you a discount but you may be entitled to other discounts at the time of bike insurance renewal. The insurance company may offer a loyalty discount if you use their other products as well. Also, keep an eye out for a seasonal discount that the company may offer. Apart from these, insurance companies also offer a discount on in two wheeler insurance if you have installed an anti-theft device or if you are a member of any of the Automobile Associations of India.
- NCB
NCB is that the discount on two wheeler insurance premium which you get for not raising a claim against the policy. It could be significantly high if you have not raised a claim for the past couple of years. Bike insurance renewal is the best time to check for any accumulated NCB on bike insurance premium. You can get up to 50% discount on bike insurance premium if you don’t raise a claim for 5 consecutive years and renew your policy on time.
- IDV
IDV stand for Insured Declared Value. It is the approximate current market value of your bike. Since a vehicle depreciates in value every year, it is necessary to set the IDV while renewing the policy in a corresponding manner. It is important to note that setting a higher amount of IDV will result in an expensive policy whereas setting a lower amount will decrease the claim amount. Your insurer will compensate you with an amount equal to IDV in case your bike is damaged beyond repair or if it gets stolen.
- Coverage
As a bike insurance policy is usually active for one or more than one year, it is likely that you might need a change in coverage as compared to your last renewal. Thus, it is important to revisit the coverage options while renewing your two wheeler insurance policy. After you have renewed the policy a couple of time, you might have a good idea about the what works for you and what doesn’t. Choose the most relevant add-ons if you have bought a comprehensive bike insurance policy. Some of the most popular bike insurance add-ons are Zero Depreciation, Pillion Rider, Accessories Cover, Roadside Assistance, etc.
How to do two wheeler insurance renewal online?
If you wish to do the two-wheeler insurance renewal online, you need to visit the insurer’s online website. Navigate to bike insurance and fill your details. If you have a comprehensive policy – set the IDV of your bike, check NCB if applicable, select the relevant add-ons and make the payment. Don’t forget to read the policy document for the terms and conditions.
