Top 5 Things To Keep In Mind When Renewing Bike Insurance Policy
Published On Jan 19, 2021 10:00 AM By InsuranceDekho
Bike insurance is an important investment that you need to make to be in accordance with the law, and also to give yourself financial protection in case of any damage that comes to you, your vehicle, or any third party.
Bike insurance is an important investment that you need to make to be in accordance with the law, and also to give yourself financial protection in case of any damage that comes to you, your vehicle, or any third party. For this reason, it is important to renew your bike insurance policy on time and avoid allowing it to expire. The insurance industry is extremely accessible via the internet nowadays, and the process of renewing your bike insurance policy is no different. Renewing your policy online allows you to compare all the different options, and you will have an opportunity to consider any changes you may want to make.
Top 5 Tips To Keep In Mind When Renewing Bike Insurance Policy
Here are some tips to keep in mind to ensure that the process of renewing your two-wheeler insurance policy will be a smooth one:
1. Decide Before Your Policy Expires: It is best to make the decision regarding the renewal of your two-wheeler insurance at least 45 days before your bike insurance policy lapses or expires. Not only will this save you the unnecessary stress of getting a new bike insurance policy after your old one expires, but you may also lose your accumulated benefits.
You May Also Like To Read: Consequences Of Having An Expired Bike Insurance
2. No Claim Bonus: No Claim Bonus (NCB) is a discount given at the time of renewal if no claim has been made during the policy period. It is cumulative in nature and accrues over time. If applicable to you, make sure you avail of this discount at the time of renewal so that you don’t lose out on its benefit.
Further Reading: No Claim Bonus (NCB) in Two Wheeler Insurance
3. Reassess Your Cover: After having your policy for a long period like a year, you would be familiar with what works for you and what needs to be changed. You can adjust your cover accordingly and make it align with your needs at the time of renewal.
4. Correct Any Errors: Renewal is a good time to go through all the information provided to your insurance company and ensure that it is accurate and up to date. If there are any errors, contact your insurance company and ask them to correct it to ensure that there are no gaps in communication moving forward.
5. Renewal After Expiry: Such a situation is best avoided, but it can happen. If you find yourself in such a situation, make use of the grace period provided by Bike insurance companies, which refers to a time period following the expiry of your insurance during which you will be able to renew your policy and make the premium payment.
Also Read: Simple Ways To Check Bike Insurance Expiry Date Online
What To Do If Two-Wheeler Insurance Is Expired
The above are some tips to keep in mind when renewing your bike insurance policy. It is always best to avoid being in a situation where your policy has expired.
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.