When you need to renew your bike insurance, it is an important component of your two-wheeler insurance cycle. When you buy a new motorbike or scooter, the dealer will normally provide you a one-year third-party bike insurance coverage. The insurance must be renewed every year, which may be difficult for someone who is doing it for the first time.
When your two-wheeler insurance is up for renewal, you have the opportunity to switch to better coverage. People who are new to bike insurance and are acquiring it for the first time may make mistakes that they might have avoided if they known more. When renewing your bike insurance online, avoid the following mistakes:
Failure to renew the policy on time
When your bike insurance expires, you will no longer be insured, and riding a bike without insurance is a felony. If errors are made during that period, they will almost definitely be costly. To preserve your NCB benefits, you must purchase your motorcycle insurance online at least 90 days before it expires. Make sure you purchase new coverage before your current one expires.
I’m not getting the NCB discount.
The No-Claim Bonus (NCB) is a discount given by insurance firms to policyholders who do not file any claims during the policy year. This refund may reduce the cost of your premiums for the following year. Despite the fact that the grace period allows consumers 90 days to renew their bike insurance before it expires, many people forget to do so and forfeit the NCB discount they’ve accrued over time.
Inputting incorrect information
One of the most common issues is that consumers provide incorrect information, which causes their two-wheeler insurance to expire sooner. Enter information such as the vehicle’s registration number, prior insurance policy, and the year it was purchased with care. If it is discovered that these information are incorrect, the policy may be invalid.
Choosing an insurance that lasts more than a year
When you renew your two-wheeler insurance online, you can select a new coverage. A insurance that lasts longer than a year is preferable since it does not need to be renewed annually and has cheaper rates than a typical policy. When you get a multi-year policy for third-party or full-coverage bike insurance, you may save money and avoid having to renew your policy on an annual basis.
Not Providing Information About the Change
Any modifications to the bike affect the IDV, which in turn affects the coverage. Every policyholder is required to notify the insurance provider of any alterations they make to their bike.
When renewing your bike insurance, you must provide information on the parts that have been replaced. This is to ensure that your claim runs as smoothly as possible. If you do not notify the insurance company of any changes, your claim may be refused or the amount of your claim may be reduced.
Not Choosing a Higher IDV
When you renew your comprehensive bike insurance policy, you should be allowed to change the Insured Declared Value (IDV) of your bike. The IDV is about equal to the bike’s current selling price.
The cost of your coverage will rise in direct proportion to the IDV you choose for the insurance. To compensate for the fact that you do not have enough coverage, increasing your IDV when it comes time to renew your policy is a great way to make a difference.
I’m not sure if add-ons are necessary.
A third-party liability policy only offers the most basic coverage and does not include any further benefits. Check out the numerous add-ons, like as Personal Accident Coverage, Depreciation Coverage, and other similar choices, that may be extremely advantageous when renewing your two-wheeler insurance policy online or in person.
Many individuals fail to pay attention, and as a consequence, they end up with insurance plans that are insufficient to cover them for the rest of the year.
Not Getting PA Coverage
To comply with the law, every biker in India must have Personal Accident Coverage. One of the most important reasons to obtain a PA Cover is to protect oneself in the event of an unexpected death or disaster. If you have more than one automobile in your home, you must have PA Coverage. Renewing your bike insurance policy online is a straightforward procedure that will save you a significant amount of time and effort.
People, on the other hand, are prone to making the mistakes stated above because they are uninformed of any alternatives. As a result, it may be advantageous if you do not repeat the same mistakes, as this will enhance the possibility that your insurance policy will be renewed without hassles or financial losses.
