5 Costly Mistakes You Must Avoid During Online Bike Insurance Renewal

by Bhargav Baweja CMO Marketing

It is a well-known fact that having insurance for your two-wheeler is mandated by law in India. When renewing your license online, make sure to check all the details to prevent any issues in the future.

Renewing your insurance before it lapses will spare you any trouble you might face due to an expired policy. By spending enough time to understand the different aspects of your policy at the time of renewal, you can prevent any mistakes that can prove to be costly.

 

Here are some of the common mistakes you should avoid while renewing your bike insurance online

 

·         Forgetting to Renew on Time: It is highly risky to take your two-wheeler on the road with a lapsed insurance. In the event of anything untoward happening like damage to the vehicle due to natural calamities or man-made perils, you might have to suffer huge losses.

Try to renew your insurance ahead of time. Some portals send you renewal reminders that can help you avoid your policy from getting expired.

·         Failure to do Enough Research: One of the biggest advantages of online renewal is the chance to compare different policies offered by various insurance companies. If you renew your policy without analysing all the options available, you might miss out on deals and discounts. See what aspects are not covered under your policy to get a clear idea about your insurance. Read all the terms and conditions and understand the policy exclusions thoroughly to avoid confusion.

·         Failure to Include Necessary Add-ons: At the time of renewal, go through the entire list of add-ons available to see which ones you might require. Some of the add-ons offered include

o   Zero Depreciation Cover

o   Passenger Cover

o   24x7 Road Assistance

·         Not Setting the Right Insured Declared Value (IDV): IDV is the amount that the insurance provider promises to give to the insured in case of total loss or theft of the vehicle. It is essentially the worth of your car/bike and is determined according to the age of your vehicle and the manufacturer's current value.

·         Since premium can be directly proportional to IDV, many tend to set a lower IDV. However, it is essential to understand that it can result in a smaller amount reimbursed to you when you claim in the event of an accident. It is, therefore, crucial to set a reasonable IDV for your vehicle as per the guidelines of IRDAI.

·         Ignoring NCB: No Claim Bonus is a discount insurance companies give you when you did not make a claim during the previous policy term. This discount can range from 20 to 50%. So, make sure to mention the appropriate NCB details during bike insurance renewal online to avail enough discount.

 

Avoiding these mistakes during the simple online bike insurance renewal process will help you enjoy the protection of policy coverage without overpaying for it. You must also be careful about entering the right details in the renewal form like mentioning the right nominee because, under unfortunate circumstances, the policy benefits can be transferred to the nominee.

 

The significance of having adequate and valid insurance needs to be understood by all policyholders. By not making these common errors while renewing your insurance online, you can get the best coverage for your vehicle at a reasonable price.

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Created on Aug 6th 2019 02:12. Viewed 544 times.

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