Basic Mistakes to Avoid When Renewing Two-wheeler Insurance Online

by Kotak General Insurance Insurance Consultant

Your bike insurance journey is as long as your ownership of the bike. To protect your bike throughout its life and to add to its longevity, not only do you have to buy a two-wheeler insurance policy but also ensure that you keep renewing it. If it’s your first time owning a two-wheeler insurance policy, then within the initial year of your bike insurance, you will be able to understand your needs better. Hence, at the end of your policy when you renew it, you will be aware of the inclusions, exclusions, and modifications that you will require to customize a well-rounded two-wheeler insurance policy.

However, people often miss out on some important aspects when they renew their policy. You have the opportunity to make endorsements to your bike insurance policy at any point, but why should you put yourself through that extra ordeal when you can get everything you want at once when you are renewing your policy?

One of the biggest mistakes you can make at the time of your bike insurance renewal is to not do it on time. More often than not, people lose the discounts and privileges of their two-wheeler insurance policy because they fail to renew it on time. It is important that you renew your policy within the break-in period so that it does not relapse. Furthermore, now that you can renew your two-wheeler policy online, it has become more efficient to carry out the process at your convenience.

Here are some other basic mistakes to avoid when renewing your two-wheeler insurance online

1. Not getting your No Claim Bonus

If you have managed to go a year without filing any claims, then you are eligible to either receive premium discounts or an increase in your coverage as a reward under your No Claim Bonus. However, most people often forget to include this factor at the time of their two-wheeler insurance policy renewal. Besides, if you are switching from one insurer to another, you can still retain your No Bonus Claim from your previous insurance policy if you are eligible for it.

2. Not reading the contract

No matter if you make any changes or not to your bike insurance, at the time of renewal you must always read the contract carefully. This is to check that you have filled in all your details correctly as well as to learn all about the modified rules and regulations if any. People tend to miss out on some crucial details mentioned in the insurance policy and end up finding them out later. Don’t let that happen, as it may cause inconvenience at the time of need.

3. Not disclosing the new modifications

If you make any bike modifications during the tenure of the insurance policy, you must disclose them to your insurer. In fact, it is ideal to make endorsements to your existing bike insurance policy as soon as you make any modifications. You should not wait until the renewal of your policy to disclose that information. Secure all the modifications under your policy right from the beginning.

4. Not choosing a higher IDV

If your insurer gives you an opportunity to customise your Insured Declared Value (IDV), then make sure you choose a higher value. You can do so at an additional premium rate. This could be an ideal decision if your bike is fairly new. However, it is a decision you must make after assessing your needs and experience.

5. Not choosing a multi-year plan

You do not need to keep renewing your two-wheeler insurance policy each year. You can buy a two-year or three-year plan and not worry about renewing it each year. Even then, you are eligible to make changes to your bike insurance policy by making endorsements to it. You do not need to wait for the renewal period to make additions or deletions to your existing bike insurance.

Your bike insurance needs to be customized in a way that it attends to all your needs. Since you have the freedom to do so, you must make the most of it by simply avoiding these mistakes at the time of your two-wheeler insurance policy's renewal.

For more information, visit the Kotak General Insurance website.