Things to Consider While Renewing Your Bike Insurance Policy
A bike is a preferred mode of transportation in India for a significant population. It is not only cost-effective in terms of fuel consumption but is also a better vehicle to tackle in the famous Indian road jams. According to rules laid down by the IRDA, all bikes must mandatorily have an insurance policy. Unfortunately, many choose not to buy it. Those who had purchased it, often forget to renew it timely. However, it is imperative to renew it on time so that you can get maximum safety and benefits out of it. If your bike insurance policy is reaching its time of renewal; here’s a list of things that you should consider while renewing your bike insurance policy.
- Deciding on before the expiry date
It is imperative that you renew your bike insurance policy on time. Ideally, you should do it at least before 45 days of the expiry of the policy. It is also the time when you can think about switching your policy to another insurance company in case you are unsatisfied with the previous company. All you need to do is compare various policies online and choose the one that best meets your needs.
- Take advantage of the no-claim bonus
It is perhaps the most important advantage that you lose if you are not renewing your bike insurance policy in time. In case you have not made any claim in a given year, you are eligible for a no-claim bonus. If your policy does not get renewed in time, your bonus gets forfeited and you lose out on the advantage. You must ask your policy provider for it at the time of policy renewal. It can be 15 to 20 percent discount in your premium amount and can even go higher if no claim has been made for multiple years. You can even consider lowering your premium amount by raising your share in Voluntary excess.
- Access your cover
Policy renewal is the time when you can make changes in your policy and update it to your latest requirements. You can take a close look at your bike insurance policy and add or delete add-ons that you may need or might not require. You get a fair idea about your needs after a year or two of the policy for your bike.
- Do not miss on the fine print
It is crucial that you do not make any assumptions about your bike insurance policy or fall into the lure of the cheapest policy. Always remember to read the fine print of the policy and check it online as well to ensure you understand all inclusions and exclusions clearly.
- Check and rectify all information
The policy renewal time is an ideal time for you to amend any information that you feel is incorrect or has become outdated. For instance, you might have moved to a different place, and your residing address might have changed. Likewise, your city or state might also have changed. Often, there are also some spelling errors in the other details provided.
- If your policy has lapsed
It is not uncommon that you have forgotten about your policy renewal and it has lapsed. In that scenario, all you need to do is take advantage of the grace period provided by most insurance providers which are usually for 45 days. In case, you have missed on that grace period; you need to inform your insurance provider about it. Their authorized surveyor would then inspect your vehicle. Once they have given your bike a green signal, you can now renew your bike insurance policy.
Steps to renewing your bike insurance policy
Renewing your bike insurance policy is a fairly easy job. Today most insurance providers offer you the option to renew it online. You simply need to visit the website and enter your e-portal by feeding in your user-id and password. You would have the tab to renew policy. You can click on it and fill in all required details about yourself and your bike. Then you can add or remove any add-ons from your policy and do final check. Now just pay the premium amount using debit card, credit card or via net banking. Now submit the policy to get a receipt of the transaction. Save the receipt and you are done. The good news is that you can renew your bike insurance policy for even three years at one go. This saves you the hassle of renewing your policy each year.
The Indian law has made it mandatory for all concerned to purchase a bike insurance policy as well as renew it on time. Thus, you actually do not have any choice here. Today, most insurers provide you with a hassle-free way of renewing your bike policy. Thus, it is best that you take advantage of it and make your life easier.