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5 Things to Keep In Mind at Time of Bike Insurance Renewal

Two-wheeler insurance policy can be purchased for one year or for more than one year. Generally, the auto insurance company will issue the policy for one year. After the end of the policy year, you can renew the policy. You will get alerts from the insurance company to renew the policy before the deadline. If you renew the policy before the due date, you will enjoy special benefits. A policy can be renewed online or offline as per your convenience.

Renewal of Two-Wheeler Insurance Plan

As you approach the two wheeler insurance renewal date, the policy should be renewed after reviewing your insurance requirements. The insurance requirements may vary due to change of place or change in health of the rider. There are various factors which influence the premium of the insurance policy. You should be aware of the risk factors and should take steps to optimize the insurance policy. You should be able to pay low premium and get huge benefits without any issues.

You should renew the insurance policy to get the following benefits:

  • Continued coverage of the risk
  • To get No-Claim bonus (if no claim was made during the last policy year)
  • Fulfillment of legal obligation
  • Security

Important factors while renewing the two-wheeler insurance policy

The following 5 important factors should be remembered while renewing your insurance policy:

1. Protection of Vehicle

The vehicle should be protected from various kinds of natural and manmade disasters. You should go through the risk factors covered by the current insurance policy. As you renew the policy on time, you will not incur out of pocket expenses to repair or restore your damaged vehicle.

The vehicle should get protection from natural risk factors such as cyclone, fire, earthquake, tsunami and floods. If there is sudden landslide, the vehicle may be damaged when you are passing through the stretch. The vehicle insurance will incur all the repair costs. Hence, you should go through the risk factors and should include additional parameters to make the most of your investment.

It is very much important that your bike should be covered against the manmade disasters such as burglary, theft, strike or war. The insurance policy should cover the service cost, repair/replacement cost so that you can avoid out of pocket expenses.

2. Legal Obligation

It is mandatory to buy a two-wheeler insurance policy as per the law. If you are riding the vehicle on public roads, you should obtain driving license and vehicle insurance policy from a recognized insurance company. There are many insurance policies which are eager to offer an insurance policy as per the make and model of the vehicle.

The third-party liability will be covered by the liability insurance plan. The liability insurance plan is inexpensive. If you have bought ‘liability only’ policy, you can go for comprehensive coverage while renewing the policy. The policy premium for comprehensive insurance policy is higher than the ‘liability’ coverage. However, it will offer complete protection to the vehicle owner, rider, pillion, vehicle and third party (person or property). You can go through the complete details of the insurance policy and the policy can be customized as per your needs.

3. Discounts

Insurance policies will offer various kinds of discounts based on the improvement in the risk perception. If the threat to the vehicle has decreased, the insurance company will renew the policy at a lower premium. For example, if the vehicle was not met with an accident in the previous financial year, you will get discount in the name of ‘no-claim bonus. The no-claim bonus will be 10% after the completion of the first policy year. It will increase every year and the company may offer no claim bonus up to 50%.

If you install accessories to improve the safety of the vehicle, the insurance company may decrease the annual premium. The membership in a professional automobile club will also help in obtaining the discount on the premium.

4. Better Options

While going for two wheeler insurance renewal, you should explore better options. You can buy an insurance policy from another insurance company if you get better privileges. The insurance premium should be low and the policy should offer better coverage.

You can also go for long-term insurance policy so that the premium will be same for 2 or 3 years. When you buy a long-term insurance policy, you will not want to renew the policy on annual basis.

5. Online Policy

By renewing the insurance policy online, you will get special discount. The premium can be paid through various channels i.e., online banking account, debit/credit card, IMPS and NEFT as per your convenience.

You can go through the information presented on the official website of the insurance company. As you compare various kinds of policies, you can choose the best policy that can fulfill your requirements.

You should also go through the price comparison websites. The insurance aggregate websites will compile useful information. The comparison of features across various insurance policies and price will help you settle for the best.

If you approach an advisor of two-wheeler insurance company, you will get information about the products offered by his/her insurance company. You may not get unbiased information. Hence, the online comparison sites will help you make an informed decision.

Selection of Best Insurance Policy

As you take cautious steps for buying a new insurance policy, you should take precautionary steps while renewing an insurance policy.

You should request a quote from two or more reputed insurance companies. If you share complete information about your vehicle and personal details, you will get precise quotes from insurance companies. You should compare the features, price and claim settlement ratio of the insurance company. After finalizing the best insurance policy in all respects, you can renew the policy online. Insurance companies will reduce the premium to the extent of 5% for paying the premium online.

Why Should You Renew Your Bike Insurance Policy?

The bike insurance policy will be issued for one year. Some insurance companies will issue the policy for more than one year based on the request of the customer and the company policy.

The insurance agreement is valid between the policyholder and the insurance company as long as the policy is in force. To keep the policy in force, you should abide by the terms and conditions of the insurance policy. If there is any change in the vehicle condition, owner of the vehicle or other factors, they should be brought to the notice of the insurance company.

The insurance policy should be renewed before the expiry date. Two-wheeler insurance companies will not offer grace period for bike insurance. If the policy is not renewed before the expiry date, the policy benefits will lapse.

If you renew the policy after the expiry date, the insurance premium will increase. The insurance company will treat your application as a fresh application. The company may need to send a surveyor to check the condition of the vehicle.

If you buy insurance after the expiry date, no-claim bonus will not be applied by the insurance company. If you had not claimed the policy in the previous year, NCB will be applied while renewing the policy.

Online Renewal Facility

Your two-wheeler insurance policy can be renewed online. It will take few minutes and the policy will be generated instantly. You can save the PDF copy of the policy for future reference. You will want to enter the policy number, name, mobile number and email address for verification of the policy. After verifying the policy, the insurance premium can be paid online.

Offline Policy Renewal

If you would like to accomplish two wheeler insurance renewal offline, the following documents should be submitted:

The insurance renewal form (available at the insurance company office or agent)

  • Policyholder’s driving license
  • Vehicle registration certificate
  • Old copy of vehicle insurance policy

Changing an Insurance Policy Company

It is possible to switch over to other insurance company during or after the tenure of the insurance period. You can submit required documents to accomplish the change of insurance company.

  • Copy of Identity proof
  • Copy of Address proof
  • Recent passport size photograph
  • Contact details of policyholder (name, age, occupation, date of birth, gender)
  • Policyholder’s driving license
  • Old insurance copy
  • Vehicle registration certificate
  • Payment details

Know the True Value of Your Vehicle

You should go for a vehicle insurance policy which covers various risks in a very efficient manner. It is important to understand the true value (or worth) of your vehicle. The worth of the vehicle is mentioned by IDV (Insured Declared Value). You should ensure that the IDV is high enough to repair or restore the vehicle to its working condition after the accident or damage of the vehicle.

If the IDV is high, the insurance premium will be high. If your vehicle is lost or stolen, you will get compensation as per the IDV mentioned in the insurance policy. Hence, you should buy an insurance policy that gives you the most appropriate IDV of your vehicle. While renewing the policy, you should be aware of the IDV of the vehicle.

Best Bike Insurance Plan

When you buy the bike insurance policy for the first time, you will get bumper-to-bumper coverage. If the vehicle is damaged, it will be restored to the invoice value of the vehicle. Due to depreciation and wear and tear of various parts and engine, the bumper-to-bumper coverage will not be extended by the insurance company indefinitely. Some insurance companies offer extensive coverage for new vehicles up to 3 years.

You should go through the cost structure and the coverage and should opt for the most appropriate insurance plan as per your needs. The insurance policy should be renewed before the deadline to get incentives from the insurance company. You can renew the policy online by entering the policy number and few details. The online verification can be accomplished by mobile phone or email address.

Criteria to Buy Two-Wheeler Insurance Plan

The following criteria should be applied to buy or renew your two-wheeler insurance policy:

Third-party liability insurance plan - The plan covers third party damages only. It covers the losses caused by the insured bike to third party or property. If the vehicle is lost or damaged, the insurance company is not liable for damages. If your current policy coverage is limited to third-party liability, you can upgrade the policy by opting for comprehensive coverage.

Comprehensive coverage - There will be complete financial protection with the comprehensive insurance policy. There will be protection from third party damages as well as own damages. The accidental death or damage to the vehicle will be covered by the policy. There will be absolute peace of mind when your bike is covered by a comprehensive insurance policy. Through the personal accident cover, the owner-rider, and optional pillion rider will also be covered by the policy.

Exclusions

  • While buying an insurance policy, you should be aware of the exclusions mentioned in the policy.
  • If the policy is not in force, the damages occurred to the vehicle or owner is not covered by the policy.
  • The insurance policy will not cover mechanical breakdown of the vehicle
  • If the rider is under the influence of drugs or alcohol, the policy coverage is not applicable
  • Usage of private two-wheeler for commercial purposes will not be entertained by the insurance company.

Conclusion

As you approach the bike insurance company for two wheeler insurance renewal, you should reassess your vehicle’s insurance needs and you should settle for the best insurance plan. By choosing a comprehensive insurance plan, all risk factors will be covered. Third party liability, third party property damage, personal accident cover, own damage and vehicle theft will be covered by the insurance policy in the best possible way. You can also buy add-on covers such as nil depreciation and engine protector for enhanced protection. As you renew the policy, you should go through the documentation to understand the inclusions and exclusions.