Note these 4 things when you renew your bike insurance policy

 

Is your bike insurance due for renewal? If yes then consider the bike insurance policy options carefully before you buy one from a different company or renew the policy from your existing insurer. Remember that a bike insurance policy is a must to drive your vehicle on Indian streets. So, you must renew your bike insurance policy before it expires. If you are wondering what things to keep in mind when you renew your bike insurance policy, we have compiled a series of points for you to keep in mind. Read on:

1.    Renew the bike insurance policy before it expires

Renew your bike insurance policy before it expires. If you do so, you will retain the benefits you accumulated throughout your insurance policy. If the policy validity lapses, you will lose those benefits. It is always good to renew your bike insurance policy at least a few days before the expiry date. If you missed the chance to renew the policy, do not worry. Some insurance companies provide a grace period of, say, 45 days after the policy is expired to safely get all the benefits you would have missed.

2.    Avail the No Claim Bonus

If you had claimed no settlement for the minor repairs of your bike during the policy period, you get a No Claim Bonus or NCB while renewing the bike insurance policy. For every claim-free year, you get a significant NCB which reduces the cost of premium you have to pay for the current year of cover. If you intend to change your policy provider then the No Claim Bonus will be transferred to the new policy provider upon your request.

3.    Reconsider the insurance policy coverage

After using your bike for a year or two, you would have a decent idea about your bike insurance requirement. Use this chance of renewing your bike insurance policy to consider the kind of cover you want for your bike. If you think that your bike needs more cover then you should upgrade your bike insurance from third-party coverage to comprehensive coverage. So, decide accordingly and also consider the add-ons that you can opt for with your bike insurance policy.





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