Buying bike insurance is mandatory by law for all two-wheeler owners in India. In the unfortunate event that your bike is involved in a mishap, your coverage protects you from massive financial loss. Yet, bike insurance is often purchased in haste without much thought being given to the terms of coverage. The same trend seems to reflect when people renew their cover. Now, the good thing about renewals is that you can start afresh by rectifying any oversights in your original insurance policy. To help you out, here are 3 mistakes to avoid when renewing bike insurance.
- Not comparing plans
When renewing your bike insurance, it is not necessary that you stick with the same provider. Do feel free to explore other plans that may offer better coverage. Aggregator websites can help you compare the latest two-wheeler plans so you can select the one that truly gives you the best value for money. Remember that there is a lot of competition in the insurance market; providers are always offering discounts and incentives to attract more motorists to their pool of customers. So, a little bit of searching can see you save a lot on your monthly premiums while getting really great coverage.
- Forgetting the No Claim Bonus
If you did not make any claim on your insurance in the past year, your provider rewards you with a discount known as a ‘no claim bonus’ or NCB. Now, if you choose to renew your plan with the same insurance company, the NCB gets automatically applied – usually as a discount on your premium. However, if you choose to switch over to a new provider, do not forget claim the NCB with them. The best part about this bonus is that it will save you a lot of money on your policy payments which is always a good thing.
- Skipping the add-ons
Add-ons truly supplement your base two-wheeler coverage. However, most people view add-ons as an unnecessary expense and avoid them altogether. This can prove costly if you bike is involved in an accident as there are many aspects of repair that do not get covered under a basic insurance plan. Now, even if you did not opt in for any add-ons while initially buying your insurance, it would be a mistake to once again miss the bus during renewal. Make sure to review all the add-ons offered by your provider and choose the ones that will serve you the best. Add-ons that are highly recommended include roadside assistance, personal accident cover, consumables cover, pillion accident cover, and zero depreciation.
Finally, it is extremely important that you renew your bike insurance policy on time. Letting your policy lapse can see you miss out on a number of benefits such as the no claim bonus. Insurance for your bike should be a well-thought out decision. Take your time and opt for holistic coverage that truly secures your vehicle and finances. Drive safe!