A bike insurance policy usually comes with the tenure of one year. Once the expiration is close, it is essential to renew the policy before the expiration date. In case you fail to renew the policy before the due date, it will lapse leaving you and your vehicle vulnerable to financial losses. The cost of premium increases after the expiration date as the insurance company will consider its new policy. There are several points to consider when renewing your bike insurance policy.

Timely renewal

Every insurance company provides a grace period to renew the policy after the expiration date however during that period if you meet with an accident the insurance company will not provide any cover. Also, NCB or No Claim Bonus will get nullified once the insurance policy is expired. According to the regulations, you can renew your insurance policy as early as 60 days before the expiration date.

The coverage

Several natural and manmade disasters can cause damage to your vehicle. Before you renew the insurance policy, you should assess the current policy and see if you are missing any important cover. There are several add-ons which you might have missed last time such as roadside assistance, rider cover and more. Before you renew the policy you should check for these add-ons too.

Third-party insurance and comprehensive insurance

When you purchase a bike, the dealers often suggest you go for third-party insurance cover. At that time of the excitement buyers often miss out on the fact the only third-party insurance will cover our legal obligations but in case of damage to your vehicle the insurance company will not provide any assistance. Thus, it is important that if you have previously chosen the only a third-party cover, this time you choose a comprehensive bike insurance policy.

Discounts and offers

Every insurance company offers discounts and offers for renewal of the insurance policies. You can keep such offers as a factor to consider while choosing the right bike insurance policy. Also, when you purchase the insurance policy online you can avail special discounts for using a specific mode of payments such as credit cards or UPI. Thus you should check every offer available so that you can get all the additional benefits.

Compare the plans

When you Renew the Insurance Plan, before choosing any policy you must look for more options. Go back to the cover insurance policy is providing and check what all is available with the competitors. You may find a cheaper option with more benefits from and much more reliable insurer. You can use aggregator websites to compare the bike insurance policies available.

Online renewal

There are millions of two-wheelers in India that roar on the roads every day. One minor mistake committed by your agent while renewing the policy can cause you dearly in case you meet with an accident. It is thus a wise idea to prefer online renewal over offline methods. There are countless other reasons to prefer the online method of renewing your bike insurance policy. The renew process will be quick and easy. There are options to compare and customize the policy with add-ons too.

Unlike offline methods where you will online have cash or cheque as a payment option while buying bike insurance online, you can make the payment via online banking, eWallets, UPI, debit cards and more. You will get better offers and higher discounts while purchasing the policy online. You will get the insurance policy in your email ID almost immediately unlike offline renewal where you have to wait for a certain period.

Final words

As per the law, a minimum of third-party bike insurance is mandatory if you want to drive your bike on Indian roads. However, it is better to go for a comprehensive insurance plan so that damage to your own vehicle is also covered by the insurance company. While renewing the policy it is always wise to check other available plans and compare them before you make the final decision. NCB or No Claim Bonus is transferable. That means in case you decide to shift your policy to another company, you won’t lose the bonus you have accumulated over the years.