Is your two-wheeler insurance policy due for renewal? Are you looking for a policy with more value for money? In this crowded market, this can be a daunting task. Read on to see how you can make this process easier.
As per law, it is mandatory for every two-wheeler to have at least a third-party policy. Driving without a valid policy can lead to being fined or even imprisonment. Thus, it is important to renew the bike policy on-time. While you must renew your policy on time, it is equally important to pick the correct policy so as to avoid any issues in case you need to file claims.
A structured process of research and analysis can help to get a policy that fit your needs within your budget. These 5 steps can guide you in the renewal process of your current policy.
- Choose the Right Company
You may want to review your current policy and assess if it has worked for you. If you plan a change, consider a company that is known for its reliability in the industry, particularly in settling claims. Online research and customer reviews can give you a fair idea about the company. Make sure you choose a company that has a good claim settlement ratio and offers good coverage.
2. Decide on the Type of Policy
Your current insurance policy may be one of these two types:
- Third-Party Liability Insurance- In case of an accident, this policy covers financial and legal liabilities due to injury, damage or loss to a third party (individual or property) only.
- Comprehensive Insurance: it covers damages to your vehicle as well as any third-party liabilities, all under one plan. Additionally, it provides protection against theft, natural disasters and any external damage to your vehicle.
While a comprehensive cover is more expensive, it offers better coverage. Two-wheelers could be accident-prone, and it is advisable to upgrade to a comprehensive insurance policy at the time of renewal.
3. Select the right Insured Declared Value (IDV)
Selecting the right IDV, which is the vehicle’s current market value based on its age, is crucial to get the appropriate claim amount in case of theft, total loss or damage. Declaring a value higher or lower than the actual market value should be avoided as this can negatively affect your premium costs and the claim amount in a settlement. Stick to the most realistic current market value of your vehicle.
4. Select Add-ons
When renewing your insurance policy, you may select or remove add-ons based on the age of your vehicle to get maximum benefit with minimum cost. Add-ons may include NCB protection, road-side assistance and engine protection. If your vehicle is less than 3-5 years old, ensuring that the add-ons include zero depreciation could be a good idea.
- Make Payment and Get Policy
You can make your payments in two ways-either in person or online. Online insurance renewal for two-wheelers is the most popular method used today; the process is quick and easy, providing timely notifications of payments. It avoids process delays that could occur in offline modes of payment. Once you have made the payment, make sure you get the policy document in your email inbox. Don’t forget to check the policy and ensure the particulars such as two-wheeler number, your name, policy date, are correct.
Renewing Your Bike Insurance Policy
Always renew your insurance policy before the expiration of your existing policy to avoid legal and financial hassles in the event of an accident. Keep track of the latest updates and changes in regulations by the IRDAI to ensure a well-rounded insurance policy.