Bike insurance is a necessity for every bike owner. It provides financial protection in the event of an accident, theft, or any other unforeseen circumstances. A comprehensive bike insurance policy not only protects your bike but also safeguards you against third-party liabilities.
In India, as mandated by law under Motor Vehicles Act, of 1988, it is mandatory to have a third-party motor insurance policy for all motor vehicles. However, opting for comprehensive insurance which is a combination of Third-Party (TP) and Own Damage (OD) coverage, which offers additional benefits and peace of mind.
If you purchased bike insurance in April 2023, it will be up for Own Damage (OD) renewal in April 2024. Here are some tips to help you renew your bike insurance policy effortlessly. This article will offer essential tips that will make your bike insurance renewal journey seamless and convenient.
Evaluate your current policy
Before renewing the policy, evaluate your current bike insurance policy. Assess the coverage you opted for and whether it meets your requirements. Check if your policy includes add-ons that you don’t need or if it lacks crucial coverage. Based on your evaluation, you can decide if should switch to another insurer, opt for a new policy, or renew your existing policy with no changes.
Check for No Claims Bonus (NCB)
If you did not make any claims during the previous policy period, you are eligible for a No Claims Bonus (NCB). You can avail of a discount on the premium for the next policy period. Ensure that your insurer has correctly calculated the NCB amount, and it reflects in the premium amount.
Review the IDV of your bike
Insured Declared Value (IDV) is the maximum amount that the insurer pays in the event of damage or theft of a bike. IDV is calculated based on the current market value of the bike. Review the IDV of your bike in your current policy. Ensure that the premium amount is correctly calculated based on the IDV.
If the IDV mentioned is less than the actual value of your bike, you will have to pay extra in case of partial loss or theft. On the other hand, if the IDV is high, your premium amount will be more. Thus, you must evaluate the IDV wisely, ensuring a balance between the IDV and the premium amount.
Compare policies
It is crucial to compare policy quotes from different insurance providers before renewing your policy. Comparing policies helps you understand the different types of coverage available in the market. It also enables you to make an informed decision based on the best possible coverage and premium cost.
Using online insurance comparison tools can help you compare policies and their features. It is advisable to opt for a policy that offers comprehensive coverage while keeping the premium amount affordable.
At Bajaj Finance Insurance Mall, you can compare bike insurance policies and premiums offered by leading insurance providers in India. This convenient platform allows you to choose your preferred policy and buy it in just a few clicks. So, check Bajaj Finance Insurance Mall before renewing your bike insurance policy.
Renew on time
It is important to renew your bike insurance policy on or before the due date. If you fail to renew on time, you will have to pay a penalty for a delayed renewal. Additionally, if there is a gap between your policy’s expiry date and the renewal date, you will not be covered in case of any mishaps.
You can renew your policy online through your insurer’s website or mobile application. It’s a quick and convenient way to renew your policy from the comfort of your home.
Opt for long-term policies
Instead of renewing your policy annually, you have the option to opt for long-term policies. Long-term policies offer coverage for up to three years, reducing the hassle of renewing the policy every year. It also locks in the premium and NCB for the duration of the policy.
Final thoughts
Renewing your bike insurance policy on time is crucial to ensure financial protection in case of an accident, theft, or any other unforeseen circumstances. Carefully evaluate your current policy and compare policy quotes from different insurers.
Review the IDV of your bike and ensure that the premium is calculated based on it. Check if you are eligible for a No Claims Bonus and if it is correctly reflected in the premium amount. Opt for a long-term policy if it suits your needs.
Remember to renew your policy on time to avoid any penalties for delayed renewal and gaps in coverage. By following these tips, you can effortlessly renew your bike insurance policy in April 2024. Check Bajaj Finance Insurance Mall to buy bike insurance offered by leading insurers and buy policies starting from just Rs. 538*/year.
