Things To Do At The Time of Bike Insurance Renewal
Published on July 26, 2019. EST READ TIME: 5 MIN
A bike insurance policy safeguards you against liabilities arising out of damages caused to your own bike as well as third person or property. This type of insurance policy also offers you legal assistance in case you cause injury, damage or death to the third party involved. Additionally, buying a third party insurance is mandatory in India and not doing so can make you liable to face legal consequences on claims. However, being a proud owner of the bike, your job doesn’t end up at insuring it with a good bike insurance policy, timely renewal of the policy is what matters the most. Riding the bike with an expired bike insurance policy is not legal in India and can further burn a hole in your pocket in case you cause any damages when riding the bike with an expired policy. So if you are about to renew your bike insurance policy, then there are certain things that you should do to ensure you insure your vehicle with the best policy.
Read on to know the important things you should do at the time of bike insurance policy renewal.
Avail the no claim bonus: To get reward on the premium at the time of policy renewal, it is imperative that avail the no claim bonus i.e. the reward that the insurance company offers you for making no claim in one policy year. The NCB reward can gos up to 50% for five consecutive claim free year.
Decide on the type of cover you want to opt for: You can insure your bike with two types of bike insurance policies i.e. third party cover or comprehensive cover. While a third party cover offers you coverage against injury, damage or death caused to third person or property, a comprehensive coverage covers the costs of damages caused to your bike and third party. You can opt for either one type of cover at the time of bike insurance renewal. Buying comprehensive cover for your bike is advisable as you can add several covers with this type of bike insurance cover and also get coverage for damages caused to your own vehicle.
Opt for add-ons: You can opt for an extended coverage with your comprehensive bike policy by opting for add-ons such as emergency assistance cover. Add-on covers are optional and you can opt for these by paying a little extra premium with your comprehensive bike policy.
Renew the policy online: Renewal of bike insurance policy can be done online in few easy steps from the comfort of your home. With digital advancement, you no longer have to connect with your agent or visit the insurance company’s branch to renew the policy. Simply visit the insurance company’s online website, enter the policy number and other details, make the payment and you will instantly receive the copy of your renewed bike policy.
Do not miss out on the renewal: It is important that you renew your bike policy on time as unlike health insurance there is no such grace period on renewal of bike insurance. So ensure that you renew your bike insurance policy on time.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
This blog has been written by
S. Gopalakrishnan | Motor Insurance Expert | 40+ years of experience in insurance industry
A veteran in insurance industry. S. Gopalakrishnan is a name to reckon with in the field of reinsurance, he has headed the Reinsurance department and has rich experience in other fields of motor insurance. He loves to share his opinion on latest topics in the insurance industry and how he can help people in safeguarding their assets using insurance products.
S. Gopalakrishnan recommends "HDFC ERGO for your vehicle insurance needs, it has always put customer’s interest at the forefront, with round the clock assistance to deal with emergency breakdown issues and hassle free claims process. You can be assured of complete and reliable guidance through the whole process".
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