6 Factors to Consider While Renewing Bike Insurance Policy

One of the simple ways to secure your two-wheeler against any losses or liabilities arising due to an accident/mishap is by buying a comprehensive bike insurance policy. This will not only safeguard you from any unexpected costs but also enable complying with the Motor Vehicles Act of 1988. Besides, third-party vehicle insurance is a legal mandate. A two wheeler insurance policy protects the covered bike against any adversity that could otherwise result in financial damage for you and others. To ensure complete protection throughout, it becomes imperative to renew bike insurance timely. If you are a bike owner, ensure that the insurance policy does not get lapsed.

Remember the Policy Term of the Bike Insurance Policy

Every insurance policy that you buy comes with a specified policy term. Policy term refers to a period from the date the insurance policy comes into effect and the coverage gets started. Whether you buy a short-term plan or go with a long-term plan, every policy has an expiry date. Generally, any standard bike insurance policy comes with a minimum tenure of one year. As a policyholder, it is your responsibility to renew the insurance policy before the policy term comes to an end. Renew bike insurance online to save time and it's convenient as well.

What If the Bike Insurance Policy Expires?

In case the two wheeler insurance policy gets expired, the vehicle remains financially uncovered. We have jotted below the drawbacks of not renewing bike insurance timely:

1. No claims on the bike insurance will be entertained. The insurance plan stands null and void
2. Lose the accumulated No Claim Bonus status
3. Riding a two-wheeler with a lapsed insurance policy is going against the law. Entitled to legal implications and pay hefty fines

*Standard T&C apply

What Things to Be Kept in Mind While Renewing Bike Insurance Policy?

Renewal is an ideal time to make changes to the existing bike insurance policy. During renewal have a thorough look at the policy coverage and customize it as per the needs. Here’s a quick rundown of the factors that need to be considered when renewing the bike insurance policy in 2023:

1. No Claim Bonus: No Claim Bonus for the bike is the discount that is offered by the insurance company during renewal for a claim-free year. You can avail of the NCB discount by renewing the plan within 90 days of the last policy tenure. However, a common mistake that people make is renewing the vehicle insurance policy after it has expired for a period extended. There are chances that you may lose the accumulated NCB discount that has been accumulated over the year.
2. Choosing Insured Declared Value: Customize the IDV of the two-wheeler as per the requirements when renewing the insurance policy. Insured Declared Value gives an approximate market value of the bike. The bike insurance premium increases when opting for a higher IDV and offers maximum insurance coverage.
3. Assess Add-on Cover Options: A bike insurance policy usually offers add-on options that help to enhance the policy. These add-on options may vary from insurer to insurer. During renewal analyze the existing add-on options, and see if you want to include any more add-ons or vice versa.
4. Personal Accident Cover: Ensure to include a personal accident cover and comply with the law. The PA cover offers coverage of Rs. 15 lakh in case the rider suffers any temporary/permanent disability or an accidental demise.
5. Provide Modification Details: Inform the insurance company about the modifications done to the bike, if any. The details about the modified parts are essential to ensure a hassle-free claim experience in the time of emergency. In case you fail to inform about the same, the bike insurance claim may get rejected.
6. Fill Out the Correct Information: During the bike renewal process, avoid filling incorrect information. Be extremely careful when giving out personal information, vehicle details, and so forth. If the details given are found to be false, the policy will stand invalid.

*Standard T&C apply

Wrapping it Up

Renewing the bike insurance timely plays an extremely crucial role to receive coverage and avail various other benefits. Ensure not to miss the two wheeler insurance renewal date. We hope the above-mentioned pointer helps you to understand the importance of renewing motor insurance timely. Make an informed decision and consider the factors mentioned in this article while renewing your bike insurance.   *Standard T&C apply Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.