5 Things to Know Before Renewing Your Two-Wheeler Insurance
12 Feb 2018
5 Things to Know Before Renewing Your Two Wheeler Insurance Online
Time and again, you’ve heard people talk about the importance of investing in a two wheeler insurance policy. Bike insurance helps safeguard you and your vehicle from a number of circumstances like physical damage, accident cover, third-party liability, theft etc. Hence, it is wise to always buy and renew your two wheeler insurance on time. You must ensure to never let your two wheeler insurance lapse. This is because in the event of an emergency, you’ll have to undergo unnecessary struggle and anxiety.
When renewing your two wheeler insurance policy, you can compare the available options in the market and decide whether you want to port your policy. This gives you a good window to consider the benefits you are receiving against the premium you pay. You can get some of the best two wheeler insurance quotes online. All you need to do is enter your details and answer a few questions. You will get a list of plausible two wheeler insurance policies that you could choose from.
However in case of renewal of your two-wheeler insurance, here are a few things you should keep in mind.
1. Decide before the expiry It is in your best interest to make a decision regarding renewing your two-wheeler insurance at least 45 days before the expiry of your bike insurance. Do not wait for your policy to lapse. If your policy lapses, you may stand to lose all the benefits you had accumulated so far.
2. Avail the No Claim Bonus If you have had your two-wheeler insurance for a year and have not claimed anything under it, you can ask for a No Claim Bonus at the time of renewal of your two wheeler insurance. Many insurers give anywhere between 15 to 20% discount on the premium of the two wheeler insurance as a No Claim Bonus. This amount can go much higher, if you continue to not claim the insurance for multiple years.
3. Relook at your cover During the renewal of your two wheeler insurance, you can ask for a higher or lower cover as you can change the details of your policy. After about a year of having the benefits of the two wheeler insurance policy, you would know what works for you and what doesn’t.
4. Correct your information If you go through all your details and notice a discrepancy, now would be a good time to get that rectified, as it becomes easier during the renewal process. Take for instance your address. If you have moved to another city or changed your home within the same city, the address on your policy would need to be changed. During the renewal process you can get this done easily. If you notice any other mistake, like a spelling error or change in your date of birth, you can submit the required proof of documents and correct the information on your policy.
5. In case you’ve missed the expiry date of renewal It’s best to avoid such a condition; however, if that is the case then make the most of the grace period provided by two wheeler insurance companies. They usually give a grace period of a month or 45 days depending on the policy. In case you have forgotten to make the premium payment, you can recover the policy by utilising this grace period.
Hope this helps you with the renewal of your two wheeler insurance!