Buying that latest bike, or your favourite model that you have been eyeing for a while may require a significant amount of money. But simply arranging funds for the bike is not enough. You must secure it with a good insurance cover to help in times of need and fulfil the legal requirements. Likewise, just purchasing a policy is not enough, it must be timely renewed to reap its benefits and avoid legal hassles. You must keep a track of your bike insurance renewal dates to ensure you do not miss a renewal.
5-point checklist for bike insurance renewal
If the bike insurance renewal date is nearing, here is a 5-point checklist to help you make the most of the bike insurance renewal process.
Check bike insurance status online: If you are not sure of the bike insurance renewal date, you can check it online easily. You can also renew the policy online and use bike insurance calculators to figure out the premium amount. And all this can be done in a few simple clicks.
Choosing the type of bike-insurance policy: Bike insurance renewal is an excellent time to choose a more suitable policy type. In fact, it is a crucial part of purchasing insurance and hence, be careful when making the choice. It is mandatory to buy third-party insurance. It offers compensation for injuries, damages and accidental deaths of the third party. On the other hand, choosing a comprehensive cover will not just give coverage to third-party losses but also your own damages. Choosing a comprehensive bike insurance policy is a good idea as it offers wholesome coverage and you can be at peace that your bike is secured.
Check your coverage: While you are in the process of getting your bike insurance renewed, do not forget to reassess your coverage. Check your insured declared value and check your coverage amount. It is also a good idea to take a look at the deductibles which can significantly impact your premium. If you are not getting adequate coverage, consider adding on covers, or getting a higher coverage to make the most of your insurance policy.
Do not forget the No Claim Bonus: If you have been a safe driver throughout the year and have not raised a single claim in the policy tenure, the insurer offers you a no-claim bonus. At the time of bike insurance renewal, do not forget to make use of the bonus and get a discount on your premium. No claim bonus accumulated over the years can even offer discounts of as much as 50% of the total premium.
Review the service of the insurer: If you are not happy with the services of the present insurer, bike insurance renewal time is a good time to consider switching your policy to a different insurer. The online renewal process also offers the ease of comparing policies of different insurers online easily. One can also make use of bike insurance calculators to check the policy amount across different insurance companies. In case you are eligible for a claim bonus, most insurance providers are happy to offer the same when you port the policy.
Complete the bike insurance renewal online: Your bike insurance renewal process can be completed online. All you need to do is enter the details of the bike insurance, choose your policy and other details and make the payment online. Online bike insurance calculators make it easy to calculate premium amounts to ease the process. The bike insurance renewal process online is simpler and quicker and you can download the policy document in a few minutes.
Things to keep in mind at the time of bike insurance renew
- Renew your policy early. Many times, people wait till the last minute to renew their insurance policy and forget the date. It leads to losing all the policy benefits and a risk of being fined if found driving without an insurance policy.
- It is also better to compare different policies online before zeroing in on one. You may get more coverage, better offers or better services. You can use a bike insurance calculator, check online reviews and make better decisions.
Documents needed for bike insurance renewal
As per IRDAI, here are some documents which you must keep handy at the time of bike insurance renewal:
- Name, date of birth, address and other details of the policyholder
- A copy of the valid driving licence of the policyholder
- Registration number of the bike
- Old policy details
- Details of credit/debit card for online payment
- Proof of residence and photo will also be required if you are choosing a different insurer
With everything happening online, from watching TV shoes to purchasing clothes and holiday packages, it is only fair that insurance can also be compared, purchased and renewed online. Using online tools like comparing, bike insurance calculators etc is certainly helpful in making a better choice when it comes to bike insurance renewal.
Bike insurance renewed on time helps in reaping many benefits. You can avail a claim bonus, and additional discounts and enjoy accumulated benefits over the years without worrying about the legal implications of driving on roads without a valid insurance policy. It is also important to make the most of your renewal process by following the above checkpoints. Do not forget to get a policy that is most suited for your bike by comparing benefits and coverages online. There is no one-size-fits-all when it comes to bike insurance renewal, and hence, it is wise to spend some time and get the best possible option. Even though you have a policy in place, it is still vital that you drive safely for your own safety and others!
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.