Due to the unpredictable circumstances that life presents us with, buying two-wheeler insurance in India is almost inevitable. Purchasing two-wheeler insurance not only prepares you for the unforeseeable accidents but also grants you a lot of peace of mind. It is mandatory to buy a third-party liability cover when you buy a new vehicle to drive on Indian roads.
It is also essential to do a timely renewal of the policy so that you can avoid any kind of penalties. You can get penalized or even attract imprisonment if you are found driving a two-wheeler without any kind of insurance. Therefore, it is essential to buy bike insurance along with purchasing a two-wheeler in India.
5 Things to Know Before Renewing 2-Wheeler Insurance
- Make Timely Renewals
Always make sure not to let your policy lapse. Renew your policy a few days before the deadline, in order to manage your policy better and to avoid a policy lapse. You will lose all the benefits you earned till date if your policy lapses. Almost all financial providers offer a grace period of 45 to 90 days to renew your policy after it lapses. You may also lose your No Claim Bonus if you do not renew your policy in a timely manner.
- Choose Only Required Add-Ons
While renewing your two wheeler insurance online, the insurer may bombard you with a list of add-on covers for your policy. This feature is applicable only if you have opted for a comprehensive bike insurance policy. You must choose the add-ons that will be truly beneficial for you. Impulsive purchase of add-on covers will only add up to your policy premiums.
- Opt for Voluntary Deductions
Every insurance company sets a compulsory deduction for your policy. This is the amount you need to pay for the losses incurred during an accident/theft/damage, the rest of which will be paid by the insurer. Just as the name suggests, a voluntary deductible is an amount you decide to pay voluntarily apart from the compulsory deductible. This reduces the insurance payouts of the company. The insurer rewards you by providing discounts on your premium payment.
- Ask for No Claim Bonus (NCB)
It is advised that you retain your NCB by not claiming for minor damages/injuries. If you haven’t made any claim for one year, you can get up to 50% discount in your premium payment while renewing your policy. Make sure to ask for this discount to your insurer while renewing your policy.
- Insured Declared Value
When you renew/buy two wheeler insurance policy, you should check the Insured Declared Value (IDV) of your vehicle. Your vehicle’s market value after depreciation determines its insured declared value. The older the vehicle, higher will be the depreciation. There is an option to enhance the IDV of your vehicle by purchasing the zero-depreciation add-on cover along with a comprehensive insurance plan. If you have a third party bike insurance policy, you can upgrade your policy during renewal to a comprehensive plan. Bajaj Finserv offers a range of insurance products with cashless online services. You can buy, renew, and enhance, your two-wheeler insurance online without any hassle.
Insurance requirements change with time. You can change your insurance preferences while renewing your insurance policy. Before renewing your two-wheeler insurance policy online, you can compare the policies provided by various financial providers. This can help you switch your insurance provider at the time of policy renewal.