Common Mistakes to Avoid When Renewing Your bike Insurance Policy Online

Do you know about the common mistakes that people make while renewing their two-wheeler insurance policy on-line? Read on to learn more.

At the time of renewing their bike insurance online, people tend to make some mistakes because of which they do not receive enough benefits of the cover. Also, if you go for the bike insurance offline it also adds to the level of difficulty in procuring the policy by physically visiting the branch of the policy provider. Be it any bike insurance policy you buy from any insurer, it is very crucial to renew the policy on time to continue receiving the coverage benefits. To renew an insurance policy by physically visiting the insurer might seem like a scary task. However, with the online option of policy renewal, you can enjoy an easy and fast way to issue insurance policy within minutes by submitting the required information about your bike insurance and about the earlier coverage that is getting expired.

However, since many people are unaware of the two wheeler insurance online renewal process, they make many mistakes at the time of policy renewal of their two-wheeler insurance. In this blog, we are going to take a look at the common mistakes that people make at the time of policy renewal of their two-wheeler online.

When we talk about the renewal of your bike insurance online, below are the common mistakes that people make and which should be avoided:

1.Availability of the NCB Discount

NCB or No Claim Bonus is a concession that policy owners receive from policy providers for not filing a claim for an entire policy year. With NCB discount, the policyholder can reduce the rate of premium that is charged by the insurer for the upcoming year. However, if someone misses the chance to renew a policy before the expiry date and also miss to renew it during grace period of over 3 months, in that case they would have their two-wheeler insurance policy lapsed and thus will lose the benefits of NCB discount that was accumulated in their policy over the years. Thus, it is necessary to renew a 2 wheeler insurance policy on time to benefit from NCB discount.

2.Go for Multi-year plan rather than Single-year plan

This is another usual mistake that people make. Insuring a two-wheeler for a single year is less beneficial as compared to multi-year plans. If you choose to insure your bike for multi-year policy coverage, which covers your bike for two-three consecutive years, you can save some money, while it also keeps you away from the hassle of renewing the policy every year. Be it a comprehensive two-wheeler insurance plan or a bike insurance third party policy, renewing the plan for multi-year makes it cost-worthy and hassle-free.

Visual Stories by Mahindra Paybima

3.Don’t go for Lower IDV

There are many insurers who allow the insured to adjust their bike’s IDV or Insured Declared Value as per their demand. IDV is the probable market value of your two-wheeler that is estimated at the time of comprehensive two wheeler insurance renewal of your bike. If the IDV of your bike is low, the premium of your insurance policy will be high. Likewise, if the IDV of your two-wheeler is high, you will get a lower premium. The comprehensive coverage permits the insured to have maximum coverage in the event of an accident. Thus if your two-wheeler insurance third-party has any gap or policy lapse, it is better to go for insurance renewal of the two-wheeler with your bike’s higher IDV.

4.Get informed about the Add-On policies that you might require

Another mistake that people generally make is to not have information about the add-ons coverage of your insurance two wheeler policy. The comprehensive insurance plans permit the insured to have numerous add-on coverage through which one can increase the coverage as well as benefits received under a policy. Though people tend to avoid buying such add-ons because of the cost involved, the fact is, it is better to choose the most important add-ons to your bike insurance policy as it allows you to save money and earn several benefits in the long run.

Hence, people who use their bikes to commute frequently or daily should consider having a personal cover on accidents with zero depreciation and support. Thus, it is important to consider such needs before two wheeler insurance renewal online of your bike.

5.Inform about Modifications

It is another very important requirement to inform the RTO and the insurer about any changes or modifications that you have done to your two-wheeler at the time of policy renewal process. Not mentioning any details about the bike modification might cause you trouble. Thus, it is required to offer details of the changes that you have gone through in your bike before going for a renewal of insurance policy for bike and ensure hassle-free renewal process.  By not notifying the insurer about the changes you might lead to the refusal of your claim or you might receive a lesser amount of your claim as compared to what you should receive. So, inform your insurer about the alterations done to your bike before bike insurance online renewal and get the renewal done without difficulty.

To Conclude

It is very easy to get bike insurance renewal online. Not only is it quick but it is less complicated.  But the above-mentioned mistakes that people make generally because of lack of knowledge cause them great deal of difficulty in renewing and enjoying the renewal benefits of their policy. Hence, to make sure that you could get your policy renewed successfully, it is important to avoid certain mistakes at the time of renewing your two wheeler insurance online.

Also Read:

• Grace Period in Two-wheeler Insurance Renewal

Found this post informational?

Browse Mahindra Paybima Blogs to read interesting posts related to Health Insurance, Car Insurance, Bike Insurance, Term Life Insurance, and Investment section. You can visit Mahindra Paybima to Buy Insurance Online.

Also, check out the Mahindra Paybima’s Guide and Glossary section –

• • Paybima Guide and Glossary,
  • Health Insurance Guide,
  • Term Insurance Guide,
  • Car Insurance Guide,
  • Bike Insurance Guide,

 

View this post on Instagram

 

A post shared by paybima (@paybima)

Other Motor Insurance Products