When you purchase a new two-wheeler, the dealer provides you with a mandatory third-party insurance plan for a year. However, when the year is coming to an end, you will need to renew your motor insurance policy. Renewing your policy online is simple, especially with a customer friendly app like the Bajaj Finserv App. The app allows you to renew your bike insurance in minutes without having to share too many details. However, there are a few things that you must check during the renewal process, which we have shared below.
- Check Your NCB Discount
No Claim Bonus (NCB) is the reward for having a claim-free year. The NCB is passed on by the insurer in the form of a discount in premium during insurance renewal. You can claim your NCB when you renew your bike insurance within 90 days of the policy expiry. One of the common mistakes is to delay the renewal that may cause your policy to expire. Post policy expiry, you will lose the NCB that you have accumulated over the years. So on time renewal is the way to go to be able to avail the NCB and also ensure maximum coverage benefits for your vehicle.
- Insured Declared Value (IDV)
The Insured Declared Value (IDV) is the maximum amount that the insurer will pay in case of total damage to or theft of your vehicle. When you renew your comprehensive bike insurance, make sure to update the IDV, as per your needs. IDV is directly proportionate to your premium so although a higher IDV may increase the premium amount, it will also give you more coverage.
- Choose relevant Add-ons
At times, to enhance our insurance coverage, we may need to purchase add-on covers separately. Insurers provide multiple add-on covers that are beneficial to have. However, when you renew your bike insurance, choose add-ons that are most relevant to you, else you may end up paying a larger premium but may not really use the add-ons purchased. For example, if you live in an area that floods during the rainy season, it makes sense to purchase an Engine Protection add on. If you have a high-end bike that you have accessorized, then you can opt for the Accessories add-on. Just make sure you have a specific need and buy an add-on that is useful for you.
- Make sure to have Personal Accident Cover
A Personal Accident (PA) Cover is mandatory to have and provides coverage of Rs. 15 lakh if the rider suffers disability (temporary/permanent) or death due to an accident. So, opting for a PA Cover while renewing your two-wheeler insurance policy is a great choice. Do remember that even if you own multiple vehicles, you need to have only one Personal Accident Cover.
- Update Accurate Information
It is advisable to keep your previous policy and your RC book handy while you renew your bike insurance. This way, you can be sure to update accurate information about your vehicle, year of purchase and previous policy details. Without correct information, your renewal could be delayed or may even be denied or invalid.
While we have discussed with you the points that you must necessarily keep in mind during renewal, there is also another important point that you should think about. When you are ready to renew, make sure to check bike insurance plans on the Bajaj Finserv App.
Our platform gives you a fully digital, zero paperwork buying experience where you can choose, compare, select add-ons of your choice and renew your policy within minutes.
