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Important Factors to be Considered While Renewing Bike Insurance

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Published on February 9, 2022. EST READ TIME: 3 minutes

According to the law, all bike owners are required to take bike insurance to protect their vehicles. A bike insurance policy safeguards the covered vehicle against unforeseen circumstances that could result in financial damages for you and others. The annual premium is the cost of an insurance policy, and it guarantees that the insurance provider will cover your liabilities in the event of an accident or other damages specified in the policy.

One of the significant methods to ensure that the protection of your bike insurance is to renew bike insurance on time. At HDFC ERGO, you can get a variety of policies available to assist you to get enough coverage for your bike.

Here's a quick rundown of the factors to consider while renewing your bike insurance.

Examine the Plan Specifics

As your bike ages, you may need to make changes to your bike insurance coverage and features. Therefore, when you renew bike insurance with the provider, you should double-check the specifics of your current policy. At HDFC ERGO, you will get the various options and costs for bike insurance renewal. Make sure you understand your insurer's stance on bonuses, deductibles, and basic payments.

Compare Plan Varieties

While renewing your bike insurance, make sure that the coverage is comprehensive. Before you renew bike insurance, have a look at the variations between plans. Add-ons also expand the scope and coverage of a bike insurance policy. HDFC ERGO provides a range of plans. You can compare them and choose the best one for your bike.

Timely Replenishment is Essential

HDFC ERGO has a bike insurance premium calculator built exclusively for bike owners. You only need to enter basic data about the vehicle like the date of registration, the manufacturer, the model, the registration city, the sum insured (the value of the vehicle), the product type required (comprehensive/liability), and whether or not you want any add-on covers. You can obtain an immediate quote in one click and your premium amount will be clear and precise.

Make Sure Your Insurance Declared Value (IDV) is Correct

Insured Declared Value is the overall value of the insured vehicle determined by the insurer to reimburse the policyholder in the event of irreparable damage or entire loss caused by an accident or theft. Make sure you set the IDV correctly so that you obtain the correct quote from HDFC ERGO. Your bike insurance must be renewed at least 45 days before it expires to take the advantages that you have accrued.

Take Advantage of the No Claim Bonus

A No Claim Bonus is a discount or savings on premiums granted by bike insurance providers to bike owners who have not made any claims during the period of their coverage. You can renew bike insurance at HDFC ERGO and get assured that you will get claims.

Examine the Deductible

When you file a claim with HDFC ERGO, you must pay a minimum sum. When you renew bike insurance, make sure to check the mandatory deductible cost.

Check for Zero Depreciation Coverage

A zero-depreciation add-on cover will assist protect your cash in the event of a claim resulting from physical damage to your bike. It is advised for new and premium bikes because it helps to reduce expenditures that result in losses.

Ask for a Cashless Claim

HDFC ERGO has 7600+ network garages across India that accept cashless bike insurance claims. When you renew bike insurance, make sure to check this list for your specific region. This saves you time and avoids unneeded hassles.

Concluding Comments

You should also be aware that postponing your insurance renewal is not a good idea. You can renew bike insurance hassle-free by choosing HDFC ERGO. We also ensure you experience an easy and smooth process that can help to renew bike insurance pleasantly.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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