If you’re a passionate biker and like to ride to beat traffic on Indian roads, owning a bike is a huge responsibility in itself. Insuring your bike adequately not only protects you from third-party liabilities but also covers the vehicle against various damages incurred in the event of any unforeseen incidents such as road accidents, theft, fire etc.
Furthermore, the Motor Vehicles Act, 1988 mandates to have all the vehicles including two-wheelers to have a valid insurance policy. For this reason, it is essential to renew bike insurance timely as it enables the bike owners to meet different type of losses that might arise from unexpected situations.
What to Look for in a Bike Insurance?
The decision of buying or renewing your bike insurance requires several aspects to be taken into consideration. Some of the essential things to look for in bike insurance include-
1. Type of Coverage
Although the law mandates two-wheeler owners to have ‘third party liability’ cover to compensate damage caused by the vehicle to any person or property, it does not offer coverage to the rider or vehicle for any damages. An ideal solution in such a scenario is a comprehensive insurance policy covering both accidental damages, loss from theft, fire, etc. along with providing adequate coverage to the policyholder in case of third-party liability.
There is always an option of switching to a different insurance provider in case you are not satisfied with the coverage offered or premium/cost of the insurance policy.
2. Premium Amount
While renewing bike insurance, another important factor to look at is the premium amount. In general, the premium is dependent on various factors including-
-Make and model of the bike
-The engine capacity
3. No Claim Bonus (NCB)
No claim bonus (NCB) is the discount amount on the yearly premium that the policyholder can avail if they have not claimed the same in preceding years. While renewing your bike insurance policy, it is one of the important points to keep in mind. You can avail the benefit of NCB from your insurance provider if you have not filed any claims on your policy in previous years. In most cases, if the insurance policy has lapsed for more than 90 days, the policyholder is not eligible to get the No Claim Bonus.
If you wish to switch to a different service provider, there is also an option of transferring the No Claim Bonus by furnishing the following documents–
- a) Prior notice for policy renewal
- b) A written declaration
- c) Letter from the previous insurance company confirming the accrued NCB
4. Timely renewal
It is essential to renew your bike insurance policy well in advance to save any additional expenses that might arise due to the absence of a valid insurance policy.
Most Important Steps in Renewing Your Bike’s Insurance
If you’re looking for some guidance to renew your bike insurance or to buy a new two-wheeler insurance policy, follow the steps below to complete the process without any hassles.
a) Select an Insurance Service Provider
The first and foremost step is to select a trusted and reliable insurance company that offers policies with adequate coverage and competitive premium based on the age and model of the bike.
At Coverfox.com, you can access different websites to easily compare bike insurance policies and features from various service providers to be able to choose the one that suits your individual requirements.
b) Get the bike surveyed
Another essential step while getting the bike insurance renewed is to get the two-wheeler inspected by a professional surveyor. It helps in determining any damages, the amount of coverage needed, and also the extent of the damages done to the vehicle to allow you to choose a suitable policy.
c) Buying/Renewing the Policy
Post the inspection, you are all set to buy/renew your bike insurance policy either online or offline. In case you’re planning to renew the policy with the previous insurer and the policy has lapsed, the insurance service provider offers guidance and easy steps to renew the lapsed policy as well.
Renewing bike insurance before its expiry is imperative for every bike owner. It provides adequate protection against the financial liability that may arise due to loss/damage caused to a third party along with covering own damages as well. Coverfox.com allows you access and choose the most suitable two-wheeler insurance policy from several available options in an easy, convenient, and hassle-free way.