Planning to renew your Bike insurance policy? 5 things to consider
A two-wheeler insurance provides you coverage from a sudden mishap on the road that may cause physical damage to you. Hence, it is always advisable to have a comprehensive bike insurance policy. It must be ensured that all that you require in your plan is present in the bike insurance policy.
When it comes to renewing your bike insurance policy, you must compare all of your options and can choose to part your policy with another insurance company. This may bring more discounts for you and several other benefits as a lower premium.
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Why Renew Two Wheeler Insurance?
In India, it is mandatory under the law to have bike insurance to ride on Indian roads. The law under the Motor Vehicles Act implies every vehicle on the Indian roads. Hence, it is crucial for one to renew bike insurance policy on time to make sure they are not riding in the absence of one. If your insurance is expired and you ride without one, you may be subjected to fines and penalties.
Decide Before the Expiry
It is suggested that you make your two-wheeler insurance renewal decision at least 45 days before your existing policy expires. Do not wait until your policy expires before contacting us. If your policy lapses, you risk losing all of the benefits you have accumulated thus far.
If you haven’t made a claim in the last year of your insurance, now is the chance to get the no claim bonus. If you renew your policy, you will be eligible for a no-claims bonus. Numerous insurance companies offer a 15% to 20% discount on the premium for a two-wheeler insurance coverage for the year you don’t make a claim. If you go several years without using your insurance claim, the amount of NCB can rise.
Relook at Your Cover
When the time comes to renew your existing two-wheeler insurance policy, you can seek adjustments to your coverage and benefits. After a year of riding your bike and utilising your current bike insurance policy, you’ll know what works and what doesn’t in terms of your policy. Bike insurance add-ons can make your policy more viable. You can improve your policy substantially with some two-wheeler insurance add on covers.
Correct Your Information
Renewal is the right opportunity to make changes to any discrepancies in the date of birth, name, address or any other details. It is essential that you make the appropriate changes so that you can enjoy your policy benefits over time. Many people overlook such mistakes and find it difficult later to fulfil the claim formalities.
In case you feel that you might be late for policy renewal, take advantage of the grace period provided by two-wheeler insurance carriers. Insurance companies typically grant a grace period of one month or 45 days, depending on the policy. If you get behind on your premium payments, you can still reinstate your coverage by utilising the grace period.
It is important to renew bike insurance on time. A valid policy guarantees a smooth and safe ride without any fines or penalties. You visit an online insurer or branch office to renew bike insurance online.