Bike Insurance Renewal Checklist: What to Review Beyond the Premium?

Here are some key points to evaluate before you go for your bike insurance renewal:

1. Any accessories added to the bike this year?

Any modifications to the bike will affect the insurance premium. So, evaluate whether or not you have added any accessories to the vehicle in the current policy year. If yes, then inform your insurer and get the proper insurance quote for the next policy year.

2. Are all the riders delivering, or are some redundant?

If you have many add-on covers, evaluate them. Are they all working for you? Or are some of them not serving any purpose? Conversely, do you feel you need to get a rider that you don't have? Thoroughly assess the add-on covers and only pick the ones you need the most.

3. Is it possible to make a payment for a repair or theft out of pocket?

How are you placed financially? Is it good enough for you to pay out-of-pocket expenses if your two-wheeler gets damaged or stolen? If the answer is a ‘no’, then you must get a good, comprehensive bike insurance plan for the upcoming policy tenure.

4. Have any personal details changed?

Did you move to a tier 1 city from a tier 3 city? Has your phone number changed? Did you get married and change your last name? If any personal details have changed over the last year, you need to update those and inform your insurance provider when you renew your bike insurance plan.

5. Have you checked your NCB?

The no-claim bonus is a reward you earn for being a good rider and not making any claims. It belongs to you, and not to your vehicle. So, if you have changed the bike and gone from a TVS to a Hero, you are eligible to get the NCB applied when you renew your Hero bike insurance policy. Keep this important point in mind and ensure you get the NCB you deserve when you renew your bike insurance plan.

Maintain this handy two wheeler insurance checklist when you renew your bike insurance plan, and you will surely be able to find the best policy at the best price.

Here are some important points to bear in mind when you go for your bike insurance renewal:

1. Renew before the policy expires

Very significantly, you need to renew your plan before it expires. You cannot afford to stay uninsured even for one day. You cannot claim a lapsed plan. Also, if you allow your policy to lapse, you will lose the accumulated NCB and may also have to undergo an inspection.

2. Choose the right type of policy

You can switch between the types of insurance policies when you renew bike insurance. In case you have a third-party plan, you are eligible to move over to a comprehensive cover, and the other way around, depending on your requirements. Hence, assess your needs and see what you need.

3. Analyse the riders

Next, you need to assess the riders. As stated, not every rider may be suitable for you. Also, the riders push up your motor insurance costs, so choose wisely.

4. Consider long-term bike insurance plans

You may consider getting a long-term bike insurance plan. This is very beneficial, as you don't have to worry about missing the renewal dates, losing your NCB, and you also get protected against inflation, as you pay the premium upfront, at the commencement of the policy.

5. Opt for online policies

Online plans are cheaper and more convenient than the offline plans. In case you have an offline plan, make a switch when you renew and go for a nice and modern online two-wheeler insurance policy.

Unfortunately, people make some very basic mistakes when they renew their bike insurance plans. Ensure you don't make these mistakes, which include:

	Mistake	Impact
1	Not reading through the clauses	If you do not read through the terms and conditions of your fresh bike insurance coverage, you may not know what is included and what is excluded. Therefore, devote a little time to the renewal process and read the fine print before you pay the premium to renew the coverage.
2	Opting for the cheapest policy	Many people make the mistake of treating bike insurance as a mere formality. This is harmful, as you need to understand that two-wheeler insurance is very important. Read the policy wording carefully, and choose a good policy that offers the best features. The cheapest policy is never the best policy, and you may face many issues at the time of a claim. In case you have an expensive bike like a Royal Enfield, choose the best and most comprehensive Royal Enfield bike insurance plan to keep your precious vehicle safe.
3	Continuing with an unsatisfactory insurer	Just as the bike insurance plan is important, so is the insurance company you deal with. You need to find a good insurer who supports you when there is a mishap. You should be able to get the claim smoothly. If your current insurer is not cooperative, do not hesitate to port your policy to a better insurer like HDFC Ergo when you renew the coverage.