Did you know that there’s more to two-wheeler insurance renewal than just extending your current policy? Find out the top things that you need to know about two-wheeler insurance renewal to land the best deals and maximum coverage.
You don’t need a PhD to conclude that Indian roads aren’t world-class. In fact, the number of road accident injuries and deaths are always on the rise. And the accident number of two-wheelers is relatively higher than other vehicles.
This is where a Two-Wheeler Insurance policy plays a crucial role.
Bike insurance is not only mandatory by the Indian Motor Vehicles Act but having the right one acts as a safety net, protecting you from the financial impact of damages and accidents. Two-wheeler insurance also protects you from damages caused to your bike by man-made calamities like riots, theft, etc. and natural disasters like earthquakes, floods and so on.
Just like all other insurance policies, you have to renew your two-wheeler insurance from time to time. Sadly, most bike owners don’t spare much thought for this. They just blindly extend their existing policy when it’s time for two wheeler insurance renewal. This isn’t the best choice. In fact, by doing so, you not only miss out on the added coverage but also end up paying higher premiums.
Here are a few points to keep in mind while renewing your two-wheeler insurance.
- What You Need to Know About NCB
If you haven’t made any claims during the period of the policy, you’re eligible for the NCB (No Claim Bonus). It starts with 20% discount after the first claim-free year and goes up to 50% after the end of five years if the claim is not made. More importantly, you can take advantage of the NCB even if you change your insurance company.
- Opt for Long-Term Two-Wheeler Insurance
Did you know that the IRDA (Insurance Regulatory and Development Authority of India) has introduced a long-term two-wheeler insurance policy for up to three years?
You can opt for this policy to avoid hassles of renewal year after year. Also, this policy protects you from premium insurance rates revisions that occur every year, helping you save big in the long-term.
- Get Reminded
Do you forget deadlines? Worry not! Just opt for a reminder facility that alerts you right when it’s time to renew your bike insurance. Most insurance providers offer this facility to their existing customers. All you have to do is simply fill in an online form, specify the month of expiry of your insurance policy, give your email and phone number.
The company sends you a gentle reminder via message, call or email reminding you to renew your policy before it expires.
- Time for a Review
When you near the completion of your insurance term, make sure that you do a review of your vehicle and requirements before you renew the policy. Evaluate the current policy and check whether the provided cover is sufficient enough, or you want to strengthen it by adding further add-ons like Zero Depreciation, No Claim Bonus Protect, Roadside Assistance, and so on. Additionally, you can increase the coverage to include accessories if you haven’t already done so.
- Relapsed Two-Wheeler Policy?
Don’t panic! Several insurers today allow you to reinstate a relapsed two-wheeler policy for up to 90 days after the expiry date. Also, when you renew your policy online, you can skip vehicle inspection and complete the process with minimal documentation.
However, you must be aware of the fact that such renewal gets activated only after three days after the purchase of the policy. So, any damages that occur to your vehicle during this period will not be borne by the insurer.
Renewing your Bike Insurance is not Optional, but Mandatory!
So, make sure that you renew your policy well ahead of time to avoid legal and financial repercussions. And, make use of the five tips listed above to land the best deal while doing so.