Being a bike owner, you are amongst the 18cr motorists plying on the roads of India. Only one-third of these motorists have covered themselves with third party liability cover. To increase the penetration of two-wheeler insurance in India, the Insurance Regulatory and Development Authority (IRDA) has introduced long term policy for two-wheelers in 2018.
Often, the dealership where you buy your bike from will successfully convince you to buy the policy that they offer. If you do not know much about choosing the right policy, you might just end up paying more than required. It can also make a hole in your pocket.
If you have an insurance policy for your bike, you might have been renewing it every year without knowing specific insurance-related terms. For instance, you may not know that you can get a ‘No Claim Bonus’ as a reward for not filing any claim during the tenure of the policy.
Keeping yourself abreast of useful information related to bike insurance comes with several benefits. Here are a few essential things you must consider while buying or renewing a bike insurance policy:
Re-assess Your Needs
Your needs change during different stages of your life, so should your insurance policy for a bike. At the time you bought your bike, it might have been alright to buy a budget-friendly, basic insurance plan. However, with years gone by, you can now afford a plan that comes with better features at a slightly higher premium, which might be perfect at this time.
So, it is crucial for you to reconsider your needs regularly and check if you need to upgrade your bike insurance policy.
Check for NCB Benefits
No Claim Bonus is the reward you get from your insurer for every claim-free year. Not just that, this reward gets accumulated for consecutive claim-free years, thus giving you a more significant discount while you renew your policy the next time.
While keeping the same policy for a few years, you might have been renewing it without using your NCB. In this case, you are entitled to receive a bigger reward.
If you have recently bought a new 2-wheeler, your NCB can be transferred while you buy bike insurance for it.
By knowing more about the NCB benefits, you can save your hard-earned money.
Opt for a Longer Tenure
With a frenzied life and worried timetables, you might forget to renew your bike insurance policy on time. This may prompt extra stress. In case you ever miss the policy renewal date and your policy relapses, your insurer may demand to get your bike re-examined to determine its IDV.
If you are not good at remembering important dates, opt for a long-term insurance policy for your bike from a renowned insurer, such as TATA AIG.
A long- term bike insurance will help you stay away from the stress of frequent policy renewal. It also means saving more money because you won’t have to pay for regular hikes in the insurance premium.
Switch to A Better Insurer
In your prior experience of dealing with the chosen insurer, you might have faced certain challenges. For instance, you didn’t receive the claim amount as expected because of specific policy terms. You might have faced difficulties in filing a claim or paying a higher premium than you should.
If you don’t want to face all these hassles ever again, switch to another reputable insurance company, such as TATA AIG. The best time to do this is when the tenure of your existing policy ends.
In-depth knowledge about bike insurance will help you in making a prudent decision to safeguard your bike. So, make sure you consider these important aspects before choosing an insurance policy for your bike.
