A Complete Guide to Bike Insurance Renewals

A Complete Guide to Bike Insurance Renewals

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Bike insurance renewals are not as complicated as some people make them out to be. In fact, they are one of the simplest forms of insurance to renew. If you have a bike insurance plan that is about to expire, be wise and renew it now. Do not wait till the very end as then you may face some unnecessary issues. Take a look at our complete bike insurance renewal guide to understand exactly what you must do to get your policy renewed in the quickest and the easiest manner.

Best Bike Insurance Renewal Plans

Before you begin, it is important for you to know that there is no single plan that you must lean towards. Thankfully, there are many good bike insurance plans available in India these days and you have to run a comparison before renewing to locate your ideal plan. So, there is absolutely no compulsion for you to carry on with your existing plan, if you have been unsatisfied with it. You are free to switch between plans and insurance providers at the time of renewal.

New Bike Insurance Plans That You Must Consider

Like mentioned above, there are many options available to you when you go to renew your two wheeler insurance plan. You must consider the new plans too. Of course, if you are completely satisfied with your existing plan, you can carry on with it. Else, make a switch. While renewing the plan keep the following in mind:

  • Compare – There really is no alternative to comparing the various bike insurance plans available from different insurers. You get to find the most reasonably priced plan, you find the plan with the best features and you also get to know the reputation of the insurance providers. That’s right – comparison gives you all this data and more! So, make sure you run a comparison before you renew your plan. It barely takes a few minutes and can be done online.
  • Look for discounts: At the time of renewal, don’t forget to look for discounts. The no claim bonus (NCB) is the biggest player here. The NCB is a discount you are eligible for if you did not make any claim previously. So, make sure the NCB and other discounts are calculated and you get a reasonable premium quote for the bike insurance renewal.
  • Choose a good insurer: If you had a tough policy year with your existing insurance provider who was uncooperative, you need to make a change. Look at the different plans from the different insurers. Find a better insurer who has a better customer support system, a better claim settlement ratio, a better set of terms and conditions and is overall easier to work with.
  • Re-evaluate your riders: If you have some riders along with your basic bike insurance plan, take a moment and analyse what you actually need and what you don’t. If you feel you are paying the added cost for no good reason, drop your riders at the time of renewal. You can also add a few riders if you feel there is a real requirement. In other words, you must customise your plan appropriately at the time of a renewal.
  • Be honest: This holds true for all forms of insurance. You must be honest while renewing your bike insurance plan. Do not fabricate the renewal form in any way. You will have to enter all the details accurately. This will help you in finding the best cover and will also make the claim process a lot smoother when there is a requirement later on.

The bottom line

As you can already guess, renewing your bike insurance plan is not difficult and can be done quite easily. However, you do need to exercise a bit of caution while renewing it. Do not blindly renew your exiting plan or buy any plan that you just come across. Go through the clauses of each plan and compare them with one another. You can find your ideal cover as well as save a lot of money by doing this. It is also important for you to renew on time as a lapsed policy is quite tricky to renew. So, be a little organised and renew your bike insurance plan on time and stay protected while riding your precious two-wheeler.

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