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7 things to keep in mind when renewing a bike insurance policy

Buying a bike insurance policy is not a choice but a necessity mandated by the law. Do you think that not buying or renewing a policy will save you money? If yes, then you are wrong. The best way to save money is to use it judiciously. Right? To buy a bike insurance policy, you need to pay a premium amount. The premium will help you protect your bike in case there arises any damage.

Without paying the premium, you save only a few thousand rupees. But you may end up losing more money if you land in an accident. This is why not just buying the policy, renewing the policy is all the more important.

Do not miss the renewal date: The basic thing you should not forget while renewing the bike insurance policy is the pending date of renewal. It is important to renew the policy before expiry, that is, the last date till the policy is in effect.

If you miss the date of renewal, the benefits earned under the bike insurance policy will be lost. For every claim-free year, the insurance company gives you a bonus. It is called the No-Claim Bonus.

Compare the policies online: Many insurance companies are operating in the market. Some are old while a few others are new. Each insurance company has their online portal to sell the policies. Before the renewal of your policy, you must compare the bike insurance online.

You must compare the policies based on the terms and conditions, premium rates, discount offered, and another scope of the cover.

Go for the right plan.

Choose the right plan for you. It implies that you must bear in mind the type of policy you want to select. You can buy either a Package Policy, Third-Party Liability Policy, and Own Damage.

Comprehensive Package Policy provides you the maximum benefit because the scope of cover is wide. It is an expensive cover when you compare it with the other types. The package policy also extends to offer personal accident cover for the owner and the rider. The last one is the third-party liability stand-alone policy is the mandatory policy to be owned by you when you use your bike on the road.

Check out our 9 tricks to get a cheaper motorcycle insurance

Whether you want additional covers or not?

Before the renewal of the policy, decide whether you want an add-on cover or not. It is not allowed to buy these add-ons in the middle of the policy tenure. You can extend the limit of the cover by buying add-on covers like Zero Depreciation Cover, Roadside Assistance, Consumable Covers, Return-to-Invoice Protection Cover, and Engine Protection Cover. For the add-on covers, you will have to pay an extra premium.

Find out the cashless repair network garage

You must know that all insurance companies have a tie-up with the network garages. These are the places where you can get your bike repaired. Find out, before the renewal, in detail about the list of network garages. You would want to fo for the repairs to a place which is near to place. Go with the insurance company that includes the garage of your preference. You can also identify other benefits you can draw from the insurer.

Decide the Insured’s Declared Value (IDV):

The current market value of your vehicle based on the year of purchase and model defines the Insured’s Declared Value (IDV). The premium is based on the IDV of the bike. Make sure you pick the ideal IDV because that will be the amount you will receive in case of loss. If you do not renew the policy on time, for the same IDV you have chosen otherwise, you will have to pay a higher premium.

Get PA cover with 1lac liability:

The own damage policy covers only the damage to the car. But if you get renewal on time, you can also seek the personal accident policy. It will help you fetch you financial protection for both the man and his cars.

The PA cover will help you financially at the time of need at a very nominal cost. In simple words, you (owner/driver) get accident protection at a very nominal rate.

You may also like: Digit Insurance named General Insurance Company of the Year at 24th Asia Insurance Industry Awards 2020.

Why should you renew the bike insurance online?

You must choose to renew the bike insurance online as:

  • It saves a lot of time.
  • It offers convenience to compare the quotations.
  • It helps you save premium also because the agent’s commission amount is not included in it.
  • Reading the policy terms and conditions online is convenient and hassle-free.
  • You can pick the covers you want and explore them yourself.

About Twinkle Goel

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