Things not to miss while renewing your bike insurance
Consumer Tips

Things not to miss while renewing your bike insurance

Is your bike insurance renewal date around the corner? If yes, you need to keep a few things in mind to pull off the best deal. Never passively consent to the renewal call from your insurance provider. Check out a few things before remitting the needful renewal amount. This would make you avail of a bouquet of cost and claim related benefits.

Search for the most competitively priced policy

You need not compulsorily continue with your present insurer come what may. Select the best bike insurance renewal deal by comparing different policies that fulfil your criteria.

Spending some time online would help you grab a competitive policy which may offer more benefits than your current policy. This may be at a price lower than what is quoted by your current insurer. Judge wisely.

Optimize on No-Claim Bonus

If you have showcased responsible behaviour on the road and had never compromised with safety, you can enjoy the privilege of No Claim Bonus. It is a reward that your insurer pays for having a claim-free year!

Never forget to claim this bonus while renewing bike insurance. The bonus keeps accruing every year. No claim placed on the insurer in the bygone year allows you to enjoy discounts on the premium payable.

Quote the insured declared value carefully

Compare the IDV and premium offered for various companies while renewing the insurance. You need to arrive at the IDV or the depreciated value of your bike on date carefully. This is imperative for

  • Enjoying insurance cover without shelling out higher premium due to incorrect valuation of your bike
  • Quoting the correct make, model, manufacturing year and other relevant information related to bike for future reference
  • Securing justifiable compensation if an untoward incident occurs on road.

Research about prospective insurer’s track record

While undertaking bike insurance renewal, compare the claim settlement ratio of various companies. Also:

  • Never get easily swayed by exaggerated offers of prospective insurers
  • Engage in quality online research to ascertain the claim settlement record, professional relationship with customers, monetary condition and other germane information about the company

Only after assuring yourself about the sanctity of company’s intent, proceed to subscribe for its services.

Check about accidental or personal insurance cover and complimentary add-ons

Bike insurance renewal is no longer a standalone affair. To ensure the loyalty of customers, insurers often provide a host of goodies. These may include

  • free personal accident cover,
  • complimentary add-ons to the existing policy,
  • other allurements

To take advantage of the same, always browse through the additional benefits segment of the insurance subscription pages and enjoy more for lesser premium.

Check out for long term insurance benefits

If you opt for insurance coverage that spans for two or more years while renewing your existing policy, you are likely to reap more benefits in terms of:

  • premium concessions
  • immunity from IRDA announced premium rate hikes in subsequent years
  • not having to take the hassle of remembering the premium renewal date next year

Go for the paperless option

Online renewal allows delivering of the e-insurance papers right into your mailbox. This way you won’t have to be worried about the safety of hard copies of the policy. Even if you misplace the policy papers, you can retrieve the same online.

Advantages of renewing bike insurance online

You must keep pace with the contemporary advancements in insurance renewal segment for taking home an array of benefits.

Some of the stellar incentives include:

  • No Claim Bonus can be easily transferred
  • No prospects of being duped into paying more
  • Comparison of various policies allows securing discounts easily
  • Comprehensive coverage can be sought for bike at lesser premiums
  • Payment can be deposited through secure gateways
  • No hassle of having to remember policy renewal time as alerts are generated automatically before the advent of opportune date
  • Easy retrieval of e-policy in the event of misplacement of hard copy
  • No need to invest premium time as subscription can be done on the go

Read Also: Bike insurance online renewal is easy

An informed and conscious decision on your part at the time of bike insurance renewal would entitle you to numerous benefits at an optimal cost. Just spend a few minutes to go through the aforesaid checklist and enjoy rich dividends. Be judicious, and you would be rewarded handsomely.