Like all insurance policies, even your bike insurance needs to be renewed once its coverage tenure is over. It needs to be renewed before the expiry of the policy. Once the policy has lapsed, your bike would be counted as uninsured and you would need to apply for fresh insurance. It would inevitably result in a higher premium.
Moreover, according to the latest Motor Vehicle Act; your uninsured bike might attract a penalty of Rs. 2000 and a three months imprisonment for you. Moreover, there are talks of making this punishment more stringent to make people adhere to the rules. All this makes it imperative for you to renew your policy on time.
When renewing your bike insurance policy, you have the option to stick to the same insurance provider or switch to a different provider in case you are unhappy with your original insurance company. But if satisfied, you can renew the policy with the same insurance provider. Here, we list a few factors to consider when renewing with the same company.
- Renew well in advance
This is the first consideration that you must strictly follow. You must never allow your policy to lapse as that would imply that you will lose on benefits like No Claim Bonus. The term of renewal would start only after your old policy period has expired. And things become much easier if you remain with the old provider. You can simply visit their website, type in your policy number and renew it online in simple steps.
Most insurance companies send you a notification well in advance about your policy coming near to expiry. You need to take it seriously with immediate action to remain stress-free and enjoy the benefits of your policy.
- Reevaluate your policy coverage
During your policy tenure, you would have understood how adequate or inadequate your two-wheeler bike insurance was. The time of policy renewal is perfect to take care of any flaws. You can extend or reduce your coverage and add or delete any add-ons to your Comprehensive Bike Insurance policy to make it more viable and effective for you. You can assess the risks covered and can add several benefits like roadside assistance, zero depreciation, pillion cover, etc.
- Rectify any details
The policy renewal time of your two-wheeler is the perfect time to go through and update any false or obsolete information. It could be that your contact number has changed or you have moved to a different location. All the vital information can be updated and rectified at the time of policy renewal. It is always advisable to double-check and rectify even small errors like typing errors as they might cost you dear while making any claim.
- Claim your NCB
NCB stands for No Claim Bonus. It means you get to pay a lower premium amount if you have not made any claim during the policy tenure of your bike. It is an accumulated benefit that can help you save substantially in your premium amount. Thus, it’s best that you ask your insurance provider about it and reap its benefits while renewing your policy.
- Ask for discounts
You might be renewing your policy with the same insurance provider but that does not mean you are not eligible for discounts. You must still do your research and find if you are getting a policy with the same benefits at a cheaper price. Given the tough competition, most insurance providers would do anything to retain you as a customer. Once you negotiate with their representatives, you would most probably earn yourself a few unannounced discounts that can turn out to be a winner for you.
You can also consider renewing your policy for a straight two or three years at one go. Renewing it for multi-years fetches you attractive discounts in the premium amount. If eligible, you can also go for multi-bike coverage under one policy. Even here, you are eligible for some attractive discounts.
Purchasing a bike insurance policy and renewing it on time keeps you on the right side of law and stress-free. Sometimes you might miss on renewing your policy on time. But most insurance providers offer you a grace period of 15 days in general. You must renew your policy during the grace period so that you do not lose out on benefits. Keeping the above considerations in mind, you would always remain in the driver’s seat.