Some Mistakes To Avoid While Renewing Two Wheeler Insurance Online
Published On Feb 05, 2022 10:00 AM By InsuranceDekho
Read on to learn about some common insurance renewal blunders to avoid.
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You must renew your two-wheeler insurance coverage, regardless of whatever policy you purchased. When individuals renew their licenses 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 while renewing two-wheeler insurance online.
Avoid These Mistakes When Renewing Two-Wheeler Insurance Online
Here are some frequent blunders to avoid while renewing a two-wheeler insurance policy online:
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 reduce your rate for the next policy year. However, many consumers neglect to renew their plans before the expiration date, or even within 90 days of the policy 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 get the NCB discount, make sure you renew your policy on time.
Choosing A Single-Year Policy Instead Of A Multi-Year Policy
The most common error individuals make when renewing their bike insurance coverage is not opting for a multi-year policy. You may save money on insurance by choosing multi-year packages that cover two or three years. Whether you're renewing a third-party bike insurance policy or a comprehensive bike insurance policy, these products are advantageous since you save money and don't have 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.
Also read - How To Choose The Best Bike Insurance In India
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.