3 Mistakes to Avoid When Renewing Bike Insurance

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3 Mistakes to Avoid When Renewing Bike Insurance
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• Buying bike insurance is mandatory by law for all
  two-wheeler owners in India. In the unfortunate
  event that your bike is involved in a mishap,
  your coverage protects you from massive financial
  loss. Yet, bike insurance is often purchased in
  haste without much thought being given to the
  terms of coverage. The same trend seems to
  reflect when people renew their cover. Now, the
  good thing about renewals is that you can start
  afresh by rectifying any oversights in your
  original insurance policy. To help you out, here
  are

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Not comparing plans

• When renewing your bike insurance, it is not
  necessary that you stick with the same provider.
  Do feel free to explore other plans that may
  offer better coverage. Aggregator websites can
  help you compare the latest two-wheeler plans so
  you can select the one that truly gives you the
  best value for money. Remember that there is a
  lot of competition in the insurance market are
  always offering discounts and incentives to
  attract more motorists to their pool of
  customers. So, a little bit of searching can see
  you save a lot on your monthly premiums while
  getting really great coverage.

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Not comparing plans

• When renewing your bike insurance, it is not
  necessary that you stick with the same provider.
  Do feel free to explore other plans that may
  offer better coverage. Aggregator websites can
  help you compare the latest two-wheeler plans so
  you can select the one that truly gives you the
  best value for money. Remember that there is a
  lot of competition in the insurance market are
  always offering discounts and incentives to
  attract more motorists to their pool of
  customers. So, a little bit of searching can see
  you save a lot on your monthly premiums while
  getting really great coverage.

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Forgetting the No Claim Bonus

• If you did not make any claim on your insurance
  in the past year, your provider rewards you with
  a discount known as a no claim bonus or NCB.
  Now, if you choose to renew your plan with the
  same insurance company, the NCB gets
  automatically applied usually as a discount on
  your premium. However, if you choose to switch
  over to a new provider, do not forget claim the
  NCB with them. The best part about this bonus is
  that it will save you a lot of money on your
  policy payments which is always a good thing.

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Skipping the add-ons

• Add-ons truly supplement your base two-wheeler
  coverage. However, most people view add-ons as an
  unnecessary expense and avoid them altogether.
  This can prove costly if you bike is involved in
  an accident as there are many aspects of repair
  that do not get covered under a basic insurance
  plan. Now, even if you did not opt in for any
  add-ons while initially buying your insurance, it
  would be a mistake to once again miss the bus
  during renewal. Make sure to review all the
  add-ons offered by your provider and choose the
  ones that will serve you the best. Add-ons that
  are highly recommended include roadside
  assistance, personal accident cover, consumables
  cover, pillion accident cover, and zero
  depreciation.
• Finally, it is extremely important that you renew
  your bike insurance policy on time. Letting your
  policy lapse can see you miss out on a number of
  benefits such as the no claim bonus. Insurance
  for your bike should be a well-thought out
  decision. Take your time and opt for holistic
  coverage that truly secures your vehicle and
  finances. Drive safe!

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