Are you looking to renew your bike insurance plan? If yes, then do not just renew your existing one without considering the factors associated with the cover. You need to make a checklist, analyse the factors and then renew. Doing so will ensure you have the best and the most effective bike insurance coverage upon renewal. You can click here to know more and read on:
- Go over your requirements –
Start off by making a list of all the covers you need from the bike insurance policy. Over the course of the last policy period, your needs may have changed. For example, your bike may now have become older and you may consider selling it soon. In that case, you may not need the highest level of bike insurance that you currently have. Evaluate all your needs and then proceed to find the best bike insurance cover when you renew bike insurance. - Check the insurer’s performance –
The next crucial factor to check is the insurance provider’s performance. Were you happy with how your insurer handled the claim process in the last policy tenure? Did your insurer’s customer care team support you when needed? Were you satisfied with the coverage you got in return for the premium you paid? If you are happy with all these points, then you can continue with the same cover. However, if you feel your current insurer is not performing up to the mark and you are facing some issues because of that, do not hesitate to change the insurance provider when renewing your two-wheeler insurance cover. - Consider porting –
As stated, you can change the insurance provider. This is known as porting in insurance. The IRDA allows you to port the bike cover from one insurer to the other. You can carry forward your accumulated NCB too. The process to port is very simple and you can do it online in just a few minutes. - Compare –
Next, you should never forget to compare the plans when you renew bike insurance. If you wish to change your insurance provider, then comparing is the logical thing to do as it helps you to locate the best plans at the best rates. If you want to continue with your existing bike plan, then you must compare. Doing so will help you to understand the industry standards in terms of pricing as well as coverage. If you feel your insurer is lacking, you can negotiate with them and have a better cover. - Reevaluate the riders –
Then, you need to reevaluate the existing bike insurance riders that you have. If your bike insurance needs have changed, you may no longer require all these riders. Or, you may need some extra riders. To have the most comprehensive cover, you need the best riders too so do not forget to evaluate your riders when you renew bike insurance. - Adjust the IDV –
The IDV is an important component of your bike insurance plan. Adjust the IDV and ensure the correct figure is applied to get the renewed cover at the best rate. - Adjust the deductibles –
Similarly, you need to adjust the deductible component as well. If your deductible is lower, your premium will be higher and vice-versa. Evaluate your vehicle, its need for repairs, etc and you will get a better idea of the risks involved. This will further help you to adjust the deductible and fix the correct and the most practical premium amount for the insurance cover of the following policy duration. - Consider a long term cover –
Have you considered getting a long term bike insurance cover? If not, then when renewing the plan you may do so. Long term bike covers prove to be very handy. You buy the plan once and stay covered for a period of two or three years. This way, you get to beat inflation and save a lot of money. Also, you get greater peace of mind as you don’t have to worry about forgotten premium payment dates, policy lapses and so on. All the insurance companies offer long-term bike plans, so you will not have any difficulty finding such a cover when you look to renew bike insurance. - Ensure NCB is applied –
And last but not the least, you should keep a firm eye on the NCB calculations. If you did not make any claims in the previous policy year, you will be eligible for a discount on the premium of the new policy tenure. The NCB accumulates and increases each year. It can go up to 50%. You need to ensure the NCB is applied and the discount is given on the premium of the new policy year when yourenew bike insurance
If you keep the above-mentioned points in mind, you will;l surely be able to complete the online bike insurance renewal in no time.