How to Easily Renew Your Bike Insurance Policy in 2024: Best Tips

Every owner of a bike must have bike insurance. It offers financial security in case of a mishap, theft, or other unanticipated events. You are protected against third-party liabilities in addition to having your bike insured by a comprehensive policy.

In India, every motor vehicle is required to have a third-party motor insurance policy, as per the Motor Vehicles Act, of 1988. But going with comprehensive insurance, which combines own damage (OD) and third-party (TP) coverage, will provide you peace of mind and extra benefits.

Your bike insurance will be eligible for Own Damage (OD) renewal in April 2024 if you bought it in April 2023. Here are some pointers to make it easy for you to renew your motorbike insurance. This post will provide important advice that will make the process of renewing your bike insurance easy and convenient.

Review the policy you currently have

Examine your current bike insurance policy before renewing it. Examine the coverage you selected to see if it satisfies your needs. Verify whether your policy is missing any essential coverage or if it has extras you don’t need. You can choose to renew your current policy without making any changes, choose a new policy, or transfer to a different insurer based on your assessment.

Verify the NCB (No Claims Bonus)

You qualify for a No Claims Bonus (NCB) if you had no claims during the prior policy period. A discount on the premium for the upcoming policy period is available to you. Make sure the NCB amount was accurately determined by your insurer and that the premium amount reflects this.

Evaluate your bike’s IDV

The maximum sum that the insurer will pay if a bike is stolen or damaged is known as the insured declared value, or IDV. The bike’s current market value is used to compute IDV. Examine your bike’s IDV under your current policy. Make sure the premium amount is computed accurately using the IDV.

You will be responsible for additional costs in the event of partial loss or theft if the indicated IDV is lower than the bike’s actual value. Nevertheless, your premium will be higher if the IDV is high. As a result, it’s important to carefully consider the IDV and make sure the premium amount and IDV are balanced.

Compare the policies

When renewing your policy, it is important to compare quotes from various insurance companies. Understanding the various kinds of coverage that are offered in the market is facilitated by comparing policies. Additionally, it gives you the information you need to choose wisely in terms of coverage and premium price.

You can compare insurance policies and their features by using online comparison tools. Choosing an insurance plan that provides extensive coverage at a reasonable premium is advised.

You can compare motorcycle insurance plans and rates from top Indian insurance companies at Bajaj Finance Insurance Mall. You can select and purchase your desired policy with this user-friendly platform in a matter of clicks. Therefore, before renewing your bike insurance policy, check Bajaj Finance Insurance Mall.

Renew on time

On or before the due date, it is essential to renew your bike insurance policy. Payment of a penalty for a delayed renewal is required if you don’t renew on time. In addition, you won’t be covered in the event of an accident if there is a lapse in time between the renewal date and the policy’s expiry date.

Online policy renewals are available via the website or mobile application of your insurer. From the comfort of your home, this is a simple and quick way to renew your policy.

Select long-term policies

You can choose long-term policies in place of yearly renewals for your policy. The hassle of having to renew your policy every year is eliminated with long-term insurance, which provides coverage for up to three years. For the term of the policy, it also locks in the premium and NCB.

Conclusion

It is essential to renew your bike insurance policy on time if you want to guarantee financial security in the event of an accident, theft, or other unanticipated event. Examine your policy carefully and contrast quotes from various insurers.

Make sure the premium is computed using the information provided by reviewing your bike’s IDV. Verify whether the No Claims Bonus is appropriately represented in the premium amount and whether you qualify for it. If a long-term policy is what you need, go for it.

To avoid penalties for late renewal and coverage gaps, don’t forget to renew your policy on time. You can easily renew your bike insurance policy in April 2024 by using these tips.