The Motor Vehicle Act of 1988 makes it mandatory for all vehicles registered in the country to have a motor insurance coverage. So be it a private or commercial vehicle, all owners are required to continually renew their bike insurance policies purchased at the inception. With this mandatory compliance requirement, you not only adhere to the law, but also have a financial protection for damages to your vehicle.
Insurance companies have started offering bike insurance online to facilitate convenience for the policyholders. Taking advantage of this, here are some tips to remember during two-wheeler insurance renewal –
#1 Start in advance
The first step before your policy renewal is shortlisting your alternatives. Looking for a bike insurance plan at the last moment may not help to look for a suitable alternative. Instead, as your renewal date approaches, you must begin to check for the available options within your budget. Starting out early has its benefits since it saves the hassle of picking the wrong policy with inadequate coverage at the last moment.
#2 Accumulated benefits
It is always at each policy tenure you make a claim for insurance. For times when no claim is made, the insurance company passes on benefits in your renewal premium. These benefits are concessions in the premium for next period known as no-claim bonus. The amount of no-claim benefits starts at 20% and goes all the way up to 50% for every consecutive claim-free policy tenure. Moreover, this benefit is applicable even if you change your insurance company.
#3 Reassessment of coverage
At every renewal date, you have two options– continuing with the same policy coverage or reassessment of your cover. While most individuals opt for the former alternative, evaluation of your coverage helps to buy any additional coverage that you might require or eliminate excess coverage to lower the premiums. For instance, if you use your bike for daily commute, a third party bike insurance might not be the safest option since there are various risks when riding. At such time upgrading to a comprehensive cover at renewal can be beneficial.
#4 Correction of errors
Bike insurance renewal is a good time to check for any errors in your previous policy documents. Any endorsements that are made during the previous period need to be incorporated in the renewed policy which include errors about the vehicle or the insured individual.
#5 Renewing your policy after its expiry
This situation is best if avoided but in case you find yourself late, it still can be renewed. 90 days after the expiry of your policy coverage can be used to renew your policy without losing on renewal benefits such as the no-claim bonus. So do not worry much about renewing your policy even after it has lapsed as these benefits are available for a specified duration after the expiry.
These are a few nifty tips that help in staying aware and prepared for two-wheeler insurance renewal. Not only they facility timely renewal, but also ensure you have the right policy for each period with changing time and situations. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.