Mistakes to Avoid While Renewing Two-Wheeler Insurance Online
During the renewal of a two-wheeler insurance plan, people make some mistakes that make them lose some benefits and bring more hassle. Read to find basic mistakes that you should avoid during policy renewal.
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No matter which two-wheeler insurance policy you have purchased, but you will have to renew it to continue availing. It becomes a daunting task for people when renewing offline, but the online process makes it easier and faster. You just have to enter a few details of your two-wheeler and previous policy to initiate the renewal process. But, without proper knowledge of the fundamentals of the two-wheeler insurance policy, people make some mistakes during online renewal as well. Let’s discuss some basic mistakes to avoid while renewing two-wheeler insurance online.
Mistakes to Avoid While Renewing Bike Insurance Online
Here are a few common mistakes which you must avoid during the renewal of a two-wheeler insurance plan online:
1. Losing the NCB Discount
No Claim Bonus (NCB) is a discount rewarded by insurers to its policyholders for making no claim in a policy year that can lower your premium for the next policy year. But many people forget to renew their plans before the expiry date and even within 90 days of the policy expiry, which is known as the grace period that lapse their policies and make them lose the NCB discount accumulated over the years. So, always renew the policy on time to avail of the NCB discount.
2. Not Choosing A Multi-Year Policy
The most common mistake that people make during bike insurance plan renewal is not choosing a multi-year insurance policy. With the selection of multi-year insurance covers for two years or three years policies, you can save premium. It does not matter whether you are renewing a third party bike insurance or comprehensive bike insurance policy, these policies are considered useful as you can save money and need not worry about the yearly renewal of the two-wheeler insurance policy.
3. Not Selecting the Higher IDV
Many insurance companies allow you to personalise the Insured Declared Value (IDV) of your bike, which is the approximate market value of your bike, based on your requirements while renewing the comprehensive bike insurance policy. The policy premium amount can increase if you choose to pick a higher IDV, however, it is worth the money as it gives the maximum amount of coverage during an unfortunate incident. Hence, if you have felt a shortage in policy coverage, you should opt for a higher IDV during the renewal.
4. Not Assessing Your Add-on Needs
The comprehensive plans offer a range of add-on covers to expand the policy coverage and benefits but many people often ignore them citing the increase in the premium. But, you should pick the required add-on covers as they are helpful and can save you from a financial crisis. For example, if you travel a lot by your new bike, you can opt for a roadside assistance cover, zero depreciation cover, personal accident cover, etc. So, do assess your requirements before the renewal of your two-wheeler insurance policy.
5. Not Unveiling Modification Details
You should intimate your insurance company during the renewal process about any modifications that you made to your two-wheeler. You just have to provide a few details about the modified bike parts to the insurer to ensure a hassle-free bike insurance renewal process. Not informing about modifications can lead your claim to get rejected or may end up making you get a lesser claim amount.
6. Filling Out Incorrect Information
The entry of any incorrect information is one of the most common mistakes that people make during the renewal process. You should carefully fill in details like registration number, previous policy details, purchase year, etc. If any of these are found to be incorrect, your policy can be considered invalid. So, ensure providing the right and accurate information during renewal.
Conclusion
The renewal of a two-wheeler insurance plan online is a simple process. But, due to lack of knowledge, people end up making the above-mentioned mistakes. Therefore, you should ensure not repeating these mistakes while renewing the policy and get your policy renewal without any hassle.
Also Read:
Get NOC for Your Two-Wheeler Online
Top two-wheeler insurance add-on covers offered by HDFC ERGO
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
