Bike insurance policies come with a fixed tenure. After the tenure is over, the policy is supposed to be renewed because the Motor Vehicles Act, 1988 mandates a valid insurance cover on all bikes. If you have bought a one-year cover for your bike, renewals would be required every year. However, if you have bought a long-term policy, renewal would be required once the coverage tenure comes to an end. While bike insurance renewals can be easily done online, there are certain things which you should keep in mind, especially when you are renewing your two wheeler insurance for the first time. These things include the following –
Compare other available policies before renewing
It is not necessary to renew bike insurance policies from the same insurance company. You can change the company if you find a better deal elsewhere. So, before renewing the policy, look for other available plans. If you find a plan which offers a higher IDV at a lower premium and an exhaustive set of coverage benefits, go with that plan. Select the best two wheeler insurance plan while renewing, so that you get the best coverage at the most affordable rates.
Use the no claim bonus for availing a premium discount
If you have not made a claim in your policy during the coverage tenure you are eligible for a no claim bonus. This bonus gives you a premium discount on the renewal premium. Thus, at the time of bike insurance renewal, use the no claim bonus, if applicable.
Choose or remove add-ons as per suitability
When you first bought your bike insurance policy, you might have paid additional premiums for add-ons which the dealer’s insurer might have added to the policy. At the time of renewals, you should be careful in selecting add-ons. Look for add-ons which are useful in increasing your coverage. Choose them to make your policy comprehensive. At the same time, get rid of any unnecessary add-ons which you do not require. Pay only for what you need so that you can save on the premium cost.
Look for other policy discounts too
Two wheeler insurance plans offer various discounts which help in lowering the premium charged by the policy. When renewing the policy, you should look for the available discounts provided for installing certified Anti-theft devices and joining Automobile Associations.
Don’t opt for a low IDV
IDV is the effective insured value of your vehicle. It stands for Insured Declared Value. A low IDV results in a low premium and that is why most of you are tempted to go for a lower IDV value. This is a mistake. You should actually choose an IDV which is proportionate to the value of your bike so that you receive an appropriate claim amount in case of total loss or theft of the bike.
Know the personal accident coverage limit
There have been a lot of changes in the features of bike insurance policies over recent times. The latest change has been the mandate of having a personal accident cover of INR lakhs in bike insurance plans. If you are renewing your policy you should know of this change. You would find a cover of INR 15 lakhs for a personal accident for which the premium payable would be INR 750 per annum.
Renewing your two-wheeler insurance policy can be done within minutes using the online medium. This way, you can buy the best policy and also enjoy low premiums.