Majority of the vehicles sold in India are two-wheelers such as bikes and scooters. Hence, there are a copious number of two-wheeler models available in the country. Usually, a two-wheeler owner conducts a thorough research for a significant period of time before purchasing a two-wheeler. One of the vital formalities while purchasing a two-wheeler is purchasing the insurance cover along with it. You need to ensure that you compare various insurance policies before purchasing one. These days, bike insurance renewal is a hassle-free process thanks to the advent of technology.
You need not visit the insurance company’s office to get more information about an insurance. The necessary information is available online. Bike insurance renewal in 2018 can be done in a matter of minutes if you have the necessary documents.
Rules You Need To Follow
There are a few rules you need to follow about certain aspects of an insurance before you complete your bike insurance renewal in India.
It is imperative that you renew your two-wheeler insurance before the expiration date. This way, you need not pay the late fee charged by the insurance companies nor do you have to pay the fine during a routine police check. You are required by the law to have a valid insurance for your vehicle at all times and riding without one is a punishable offence under the motor vehicles act, 1988. Another benefit of renewing your insurance policy in advance is that if there is a sudden price hike in the policy closer to your renewal date, you won’t be affected by it.
2) IDV (Insured Declared Value)
The insured declared value is the current market rate of the bike as assessed by the insurance company. Ensure that your IDV is calculated as per the market standards. Some insurance companies offer a low insurance premium by decreasing the IDV.
3) Garage Network
In order to enjoy long rides in the country and for a sense of safety, you will need assistance in case of a mechanical failure. There are many garages around the country that have tied up with insurance companies who provide cashless repairs claim service. Ensure that the insurance company you opt for has a large garage network.
4) No Claim Bonus (NCB)
If you didn’t file for a claim in the previous year or consecutive years, you’re entitled to a No Claim Bonus which is a discount on the insurance premium for the following year. The discount percentage increases as each year pass.
For example, if you received 20% NCB on the policy this year, you could get 30% NCB next year since you didn’t claim insurance for two consecutive years.
5) Claim – Settlement Ratio
The claim to settlement ratio is one of the vital factors you should consider during bike insurance renewal this year. Most insurance companies promise a quick claim to settlement ratio, but don’t deliver the same at the time of a mishap. Hence, select an insurance company with a high claim to settlement ratio and verify the same from online reviews.
Step By Step Guide For Insurance Renewal
You can easily renew your two-wheeler insurance online by following a set of easy steps. Before renewing your bike insurance, you should compare the various insurance policies available in the market to ensure that you’re getting the best deal. This can be done on multiple third-party websites such as Coverfox.com. Purchasing a bike insurance online involves the following steps:
- a) Enter your vehicle’s registration number and select if the insurance has expired or not
- b) Next, select your vehicle’s make, model variant, and the year it was registered
- c) Once you have submitted the above information accurately, you can view all the available insurance policies from various insurance companies.
- d) You can opt for a short-term insurance plan (1 year) or a long-term insurance plan (3 years) based on your requirement.
- e) After you have selected quote, provide the necessary details about yourself, the two-wheeler, and the communication address.
- f) Once all the details are filled, you can make the payment and purchase the policy.
- g) The insurance will be active instantly and the insurance document will be sent to you on email.
A Vital Investment
In order to be a responsible rider, you need to follow the traffic rules, wear protective gear, and have a valid two wheeler insurance. This may seem like an unnecessary investment in the beginning but, in the long run, it ensures that you don’t end up spending all your savings in case of a mishap.