Insurance provides a financial cover over you in case of mishaps related to your bike. This coverage depends upon what you choose while renewing your bike insurance policy. Certain conditions and your personal requirements may change when your current policy is still active. These changes should reflect in your policy. Making mid-term changes may not be allowed by your insurance company. Some companies allow endorsements only at the time of claim. Thus, renewal is an important time when you can make changes in your policy. Here are a few reasons why one should reconsider their coverage at the time of renewal.
Reasons to Reconsider your Coverage
Some people buy two wheeler insurance merely to comply with the law. They don’t realize that a two wheeler insurance policy can be customized to fit individual needs. This is exactly why two people with the same bike and same type of two wheeler insurance may pay different amounts for getting their bike insured. Their requirements might differ, they might have a difference in their claim history and they might choose different add-ons.
The region where a policyholder stays, plays an important role in determining the cost of their two-wheeler insurance policy. If you have changed your residence in the past one year, it is a good reason why you should reconsider your coverage at the time of renewal. For example, you might have moved out of a flood-prone area which could result in a lower premium or vice a versa. Always disclose correct information to your two-wheeler insurance company.
If you got married in the past one year, you should consider adding a Pillion Rider cover to your bike insurance policy. This is an accident cover for the person seated on the bike’s pillion. It provides a financial coverage against injuries to the pillion rider. It also offers death compensation. You might not have needed this coverage before, but it will be useful after you get married.
The IDV or Insured Declared Value of your bike reduces each year. This is caused due to the depreciation factor. Depreciation is the reduction in the monetary value of your bike due to wear & tear and usage. IDV also forms the base for calculating the cost of your two wheeler insurance policy. This is the amount you will receive in case your bike is stolen or suffers severe damage. As the IDV is set by the policyholder, it is important that he/she sets the correct amount each time.
#5 Add-ons May Become Unavailable
Some bike insurance add-ons are available only up to a certain period of time depending upon the age of your bike. For example, covers like Zero Depreciation or Return to Invoice are offered up to the age of 5 years. Beyond which they are not available for purchase. In such situations, you need to look for alternatives if available. Add-ons like Roadside Assistance or Pillion rider are available for a longer period of time. Consider including these in your bike insurance policy while renewing it.
Two Wheeler Insurance Renewal Online
If you want to save time and money while buying two wheeler insurance, you can do so by purchasing the policy online. The process of two wheeler insurance renewal online is quick and does not involve any third parties. You can buy the policy directly from an insurance company.
If you have been purchasing a third-party liability policy, consider opting for a comprehensive policy this time. It offers a wider coverage that includes the damages caused to your bike, theft coverage and coverage from natural or man-made calamities.