Avoid Mistakes When Renewing Your bike Insurance Policy Online
Published On Feb 19, 2022, Updated On Feb 21, 2022
When people renew their two-wheeler insurance coverage, they make mistakes that result in the loss of benefits and added difficulty. Continue reading to learn more.
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Regardless of whose policy you selected, you must renew your two-wheeler insurance coverage. It might be a daunting task to renew a driver's license in person, but the online option makes it much easier and faster. All you have to do to start the renewal process is provide some information about your two-wheeler and your previous coverage. People make mistakes while renewing their bike insurance online because they are unfamiliar with the basics of coverage. Let's look at some of the most typical mistakes people make while renewing two-wheeler insurance online.
Mistakes To Avoid When Renewing Your Bike Insurance Policy Online
When it comes to renewing your two-wheeler insurance coverage online, there are a few common traps to avoid:
The NCB Discount Is No Longer Available
A No Claim Bonus (NCB) is a discount granted by insurers to policyholders who do not file a claim during a policy year, which can lower your premium for the next policy year. However, many people forget to renew their plans before the expiration date, or even during the grace period, which is 90 days after the policy's expiration, allowing their policies to lapse and losing the NCB discount they had accumulated over the years. Always renew your insurance on time to receive the NCB discount.
Instead of a Multi-Year Plan, you should go for a Single-Year Policy
The most common mistake people make when renewing their bike insurance plan is choosing multi-year coverage. Multi-year insurance packages that cover two or three years can help you save money. These programs are advantageous since you may save money and avoid having to worry about renewing your two-wheeler insurance policy every year, whether you're renewing a third-party bike insurance policy or a comprehensive bike insurance policy.
It's a Mistake to Pick the Lower IDV
Many insurance carriers let you adjust the Insured Declared Worth (IDV), which is the estimated market worth of your bike while renewing your comprehensive bike insurance policy, based on your demands. Your policy premium will go up if you pick a higher IDV, but it will be well worth it because you'll have the greatest coverage in the case of an accident. As a consequence, if you've noticed a coverage gap, you should renew your insurance with a higher IDV.
Not Knowing What Add-Ons You'll Need
Despite the fact that comprehensive plans offer a selection of add-on covers to expand policy coverage and benefits, many consumers disregard them due to the greater cost. The important add-on covers, on the other hand, should be chosen since they are beneficial and may save you money. If you expect to travel a lot on your new bike, for example, you might want to think about roadside assistance, zero depreciation, personal accident coverage, and so on. So, before you renew your two-wheeler insurance, think about your requirements.
Modifications aren't Made Public
Any changes to your two-wheeler should be mentioned to your insurance company during the renewal process. You simply need to give a few details about the changed bike parts to the insurer to ensure a painless bike insurance renewal procedure. If you do not notify us of any changes, your claim may be refused or the amount of your claim may be decreased.
Renewal of a two-wheeler insurance coverage may be done quickly and easily online. People, on the other hand, commit the aforementioned blunders due to a lack of knowledge. As a consequence, to ensure a successful renewal, you should avoid making the same mistakes while renewing your insurance.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.