Apart from purchasing new bike insurance, you can also renew the insurance online. While the insurance portals have made the whole process quite simple, there are still a few mistakes that people commit when renewing bike insurance online. Five such common mistakes are discussed in this post.
It is necessary to renew your bike insurance on time to ensure that you and your vehicle remain protected every time you are out on the road. There are several insurance portals where you can easily compare the bike insurance policies from top insurance providers and select one that best suits your requirement.
But while such portals ensure that visitors experience utmost convenience when renewing their bike insurance online, several people still end up committing mistakes. Many of these mistakes can prove to be expensive. Let us have a look at 5 of the most common online bike insurance renewal mistakes to help you avoid them-
- Going Ahead with the Same Insurance Provider: While it is good to stick to the same insurance provider when renewing your bike insurance, you do have the option to switch to another provider. If for some reason you are not satisfied with the services or benefits of the current insurance provider, you can select a different company at the time of renewal. Make sure that you compare the insurance premium, inclusions and exclusions, as well as the reputation of the company when selecting a new insurance provider.
- Not Using NCB: NCB or No Claim Bonus is the bonus you accumulate for not making any claim during the insurance period. The NCB in the 1st year is generally 20% and then increases up to 50% by the 5th year. Using NCB is one of the easiest ways to get a considerable discount on the renewed insurance policy. So, if you have not claimed throughout the policy duration, check your NCB and use it to pay a lower premium for the renewed policy.
- Not Considering Comprehensive Policy: It is mandatory for every bike owner in India to have a 3rd party two-wheeler insurance. However, this type of policy only covers damages of the 3rd party. While a comprehensive policy is slightly more expensive than 3rd party insurance, it will cover you as well as the 3rd party in case of an accident. So, if you had a 3rd party insurance before, you can consider buying a comprehensive policy this time for added protection and safety.
- Staying Away from Add-ons: While add-ons or riders increase the premium slightly, they do offer added protection too. At the time of renewing the bike insurance online, you will have the option to purchase such add-ons. You can find many different types of add-ons such as zero depreciation cover, medical cover, passenger cover, accessories cover, engine protection, and more. Go through the list of available add-ons, and you might find a few that suit your requirement.
- Not Checking the Policy Documents: At the time of renewing two wheeler insurance policy, most people do not consider going through the policy documents. The policy documents contain all the terms and conditions, inclusions and exclusions, and other essential details about the insurance. Make sure that you thoroughly go through the document to make sure that you are selecting the right insurance policy.
No matter if you are looking to purchase a new bike insurance policy or renewing it, it is essential to go with a selection that perfectly suits your requirement and offers maximum protection and benefits.