Mistakes To Avoid While Renewing Your Bike Insurance Policy Online
Updated On Jan 12, 2022
People make mistakes while renewing their two-wheeler insurance plans, resulting in the loss of benefits and additional inconvenience. Read along to know more.
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You must renew your two-wheeler insurance coverage, regardless of whatever policy you purchased. When individuals renew their licences offline, it may be a frightening undertaking, but the online method makes it much easier and quicker. To begin the renewal process, all you need to do is submit a few facts about your two-wheeler and your prior policy. People make blunders during online renewal because they don't understand the basics of two-wheeler insurance coverage. Let's take a look at some common blunders to avoid when renewing two-wheeler insurance online.
Avoid These Mistakes When Renewing Your Bike Insurance Online
Here are some frequent pitfalls to avoid while renewing your two-wheeler insurance policy online:
The NCB Discount Is Gone
A No Claim Bonus (NCB) is a discount given to policyholders by insurers for not filing a claim during a policy year, which can decrease your rate for the next policy year. However, many individuals neglect to renew their plans before the expiration date, or even within 90 days of the policy's expiration, which is known as the grace period, causing their policies to expire and causing them to lose the NCB discount they had accrued over the years. To take advantage of the NCB discount, always renew your insurance on time.
Choosing A Single-Year Policy Instead Of A Multi-Year Plan
Choosing multi-year insurance coverage is the most common error individuals make while renewing their bike insurance plan. You may save money by purchasing multi-year insurance packages that cover two or three years. Whether you're renewing a third-party bike insurance policy or a comprehensive bike insurance policy, these plans are beneficial since you can save money and avoid having to worry about your two-wheeler insurance policy being renewed every year.
Choosing the Lower IDV is a Mistake
While renewing your comprehensive bike insurance policy, many insurance providers enable you to customize the Insured Declared Worth (IDV), which is the estimated market value of your bike, based on your needs. If you choose a higher IDV, your policy premium will increase, but it will be well worth it because you will have the most coverage in the event of an accident. As a result, if you've seen a gap in coverage, you should choose a larger IDV when renewing your insurance.
Not Determining your Add-On Requirements
Although comprehensive plans provide a variety of add-on covers to enhance policy coverage and advantages, many consumers overlook them because of the higher price. However, you should select the essential add-on covers because they are useful and can save you money. For example, if you plan to travel a lot on your new bike, you may want to consider roadside assistance, zero depreciation, personal accident coverage, and so on. So, before you renew your two-wheeler insurance coverage, consider your needs.
Modifications are not being Revealed
Any alterations you make to your two-wheeler should be disclosed to your insurance carrier throughout the renewal procedure. To guarantee a hassle-free bike insurance renewal procedure, you only need to send a few facts about the updated bike parts to the insurer. If you fail to tell us of any changes, your claim may be denied or your claim amount may be reduced.
It is simple to renew a two-wheeler insurance policy online. People, however, make the aforementioned errors as a result of a lack of information. As a result, you should avoid making the same mistakes while renewing your insurance to guarantee a smooth renewal.
You may also like to read - How To Check Expiry Date Of Your Bike Insurance Policy Online?
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.