Obtaining bike insurance is a significant way to secure your two-wheeler against any potential emergencies that can land you in financial loss. It is one of the crucial supports for a policyholder that can assist you financially and legally in case of an unfortunate event.
Nevertheless, renewing a two-wheeler insurance policy is equally important as purchasing a policy. It is to ensure that you continue receiving the benefits and assistance and have your vehicle covered. Thus, if you are about to opt for a renewal of your two-wheeler insurance, read this blog till the end.
What Should You Check for a Two-Wheeler Insurance Policy Before Renewing?
An insurance policy is one of the crucial documents that allows you to legally drive your two-wheeler on the roads. Hence, opting for a renewal of your insurance policy is the ideal way to make suitable changes to the existing policy.
Given below is a quick rundown of 5 crucial points, describing your two wheeler insurance check, while you apply for a renewal of your bike insurance policy:
1. Look for ‘No Claim Bonus’
All insurance companies offer a discount to the policyholder during policy renewal which is only applicable for every claim-free year. It is known as the No Claim Bonus. However, you must opt for the No Claim Bonus by renewing your existing insurance plan within 90 days of the last policy tenure.
You must remember policyholders can lose their accumulated No Claim Bonus if they do not apply on time. Thus, it is highly advisable to check the date and timely apply for the same.
2. Customise the Insured Declared Value
IDV or the Insured Declared Value implies the approximate market value of a vehicle. Thus, you need to customise the IDV of your two-wheeler according to the requirements when applying for a renewal of your existing insurance policy.
However, you need to remember that the insurance price increases whenever you opt for a higher IDV. Therefore, in case you apply for higher coverage for your two-wheeler at the time of renewal, it leads to a higher insurance price and, eventually, a higher IDV.
3. Check the Add-on Cover Options
Add-on cover options are essentially some of the additional benefits that you can include in your existing two-wheeler insurance plan to further enhance the coverage. Even though the add-on options may vary among different insurance providers, these always add value to your policy.
Therefore, when you apply for a renewal of your existing policy, you must check the various add-on cover options that are available for you. You can include the suitable ones to increase your coverage as per your convenience.
4. Ensure Personal Accident Cover
The PA or Personal Accident cover is one of the crucial coverage options for policyholders that provides them with financial assistance of up to Rs. 15 Lakhs. This is applicable when the rider suffers a permanent or temporary disability due to accidents.
It also applies in case of accidental demise of the policyholder. Thus, you can include the PA cover to your existing insurance plan during its renewal to level up the security of your two-wheeler.
5. Carefully Provide the Modification Details
During the renewal of your bike, you need to submit all the details of your vehicle that have been modified since the time you last submitted its details. It is a crucial step to ensure a hassle-free claiming process at the time of any emergency.
On the other hand, in case you fail to update the modification details of your vehicle, the chances of your claim rejection become higher. Therefore, it is important to be cautious and careful while updating your insurance provider with the necessary details, ensuring your renewed policy stands valid.
Final Words
To sum it up, renewing your bike insurance is one of the most significant steps towards ensuring the security of your two-wheeler. It is the best time to receive the suitable coverage you want and avail other applicable benefits.
Also, make sure to research and inquire about the last date of renewing your bike insurance policy so that you do not miss them. Thus, look for the points mentioned in the blog while applying for a renewal and have an informed approach towards the same.
