If you own a two-wheeler, you must know that it is compulsory in India to have two-wheeler insurance with third-party liability coverage. If your insurance is close to expiry or has already expired, you must renew it, otherwise, you could be charged with a fine due to RTO rule violation. In this blog, we will cover the steps for two wheeler insurance renewal and how you can keep the process simple.
Tips for a Smoother Insurance Renewal Process
Here are some tips that can make the insurance renewal process smoother for you:
- Take Note of the Expiry Date
You must be aware of when the two-wheeler insurance will expire. Accordingly, you can prepare to renew your two-wheeler insurance and make the application on time. This can lead to a lower premium. On the other hand, delaying the renewal process could lead to an increase in the premium.
- Coverage of the Policy
You must check the scope of your insurance and see if it suits your needs. If it provides much greater coverage than you need, you can reduce your coverage. On the other hand, if you need even more coverage, you can buy add-ons.
- No-Claim Bonus
If you have not made any claims during the tenure of your insurance plan, you will be eligible for a no-claim bonus. You must closely scrutinise all the policy-related documents to calculate the no-claim bonus you will get on the renewal premium.
- Insured Declared Value (IDV)
Insured Declared Value is the maximum amount you will receive if your bike is lost or damaged. It is calculated by subtracting the depreciation of bike components from the bike’s original cost. You must ensure that the IDV is appropriate compared to your bike’s market value.
- Details of Previous Claims
If you have made any claims in the past, you must gather all the information regarding it. This information will be useful while renewing the two-wheeler insurance.
- Learn the Terms and Conditions of the Policy
You must be well versed with the terms and conditions of your bike insurance. It will ensure you know what to expect once you have renewed your insurance, and don’t face any surprises during the renewal process.
- Online Renewal
Today, you don’t need to go anywhere to renew your bike insurance. The internet offers a convenient way to renew your bike insurance. It is a hassle-free method to renew your insurance and you don’t even need to pay a commission to a middle-man.
- Comparing Different Insurance Plans
There are several insurance plans you can choose from. Each has its share of pros and cons. By comparing the different bike insurance plans, you can decide which plan offers you the best deal. You can either stick with your current insurer or switch to a new insurer.
- Contact Details of the Insurance Company
You must know your insurance company’s contact details such as the phone number, email ID, and address. If you need any help, you can contact the company via their contact details for any clarification.
- Policy Number
It is important to know the policy number of your insurance. You can check policy documents to find out your policy number.
- Personal Details
You will have to fill in several personal details during the insurance renewal process. So ensure you have all the relevant personal information ready in front of you before renewing your insurance.
- Vehicle Details
You must have important information like engine number, registration number, and chassis number when you renew your insurance. Having all these details will quicken the insurance renewal process.
Bottom Line
Renewing your bike insurance will give you peace of mind and financial security regarding your bike. Moreover, it will help you fulfil your legal obligation of having bike insurance. Platforms such as ACKO provide excellent options for buying and renewing bike insurance. After comparing different insurance plans, you can decide which policy suits you the most.
