Essential factors to consider when renewing your bike insurance1 min read . Updated: 06 Jul 2020, 03:17 PM IST
Here are several key points which can be beneficial in terms of saving cash and getting the best out of your two-wheeler insurance your policy.
Renewing your bike's insurance policy is not a choice but a compulsion by the law. Also, now there is a much heftier penalty if the vehicle is uninsured and this is yet another reason why your two-wheeler needs an insurance.
There are several key points which will certainly prove to be beneficial in terms of saving cash and getting the best out of your policy.
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So if your bike insurance is about to expire, here's a list of the things you need to take care of before going for the renewal.
Compare policies online:
There is a plethora of insurance companies available online and you do not necessarily need to step out of your home for getting your insurance renewed. Best part is, you can also compare all the policies online and choose the one that fits your need.
Select the right plan:
There are plans like third-party insurance, basic insurance and comprehensive insurance. While third-part is the most affordable of all, it is the comprehensive plan which provides maximum coverage benefits.
Add-ons are not compulsory, but they make quite a difference. There are several add-ons present which maximise coverage such as Zero Depreciation cover, NCB cover, Invoice Protection cover, Engine Protect cover and more. Choosing an add-on also increases the overall premium amount marginally.
Check for cashless support service:
Some insurance companies provide cashless support, while other don't. It's recommended to go with the insurer that has this service, especially when premium bikes are taken into consideration.
Grab the NCB:
Don't forget to mine the 'No Claim Bonus' (NCB) if there are zero claims during the previous policy period.
Right IDV is the key:
Insured Declared Value or IDV impacts the premium amount directly. This amount is transferred to the insured person in case of a total loss, i.e. complete damage or motorcycle theft. Make sure to pick a balanced IDV amount since low IDV leaves your bike underinsured, while for the higher IDV you also have to pay a higher premium.
Also, make sure that your policy is renewed before expiry since the premium gets higher if the policy isn't revived on time.