Renewing your two-wheeler insurance isn’t just about extending your coverage. It’s about ensuring you have the right coverage at a fair price and not missing out on benefits.
Whether you want to renew two-wheeler insurance or consider a new policy altogether, understanding the downsides can help you make wise choices. Here’s what to watch out for as you renew and maintain your two-wheeler coverage.
Mistakes to Avoid to Renew Two-Wheeler Insurance
1. Delaying the Renewal Beyond Expiry Date
Renewing late can disrupt your coverage and lead to extra costs. Allowing your insurance to lapse means you may lose benefits, like the No Claim Bonus (NCB). Moreover, driving without active insurance is illegal and can result in fines.
Always set a reminder or opt for auto-renewal to keep your policy active. Renewing before the expiry date helps avoid unexpected legal or financial issues.
2. Ignoring the No Claim Bonus (NCB)
An NCB can reduce your premium, so don’t miss out. The No Claim Bonus is a valuable saving for each claim-free year.
If you miss the renewal period, which is usually within 90 days after your policy expires, you may lose your No Claim Bonus (NCB). Keep your NCB by renewing on time, helping you save money when you renew two wheeler insurance next time.
3. Not Verifying Personal and Vehicle Details
Errors in your policy details can lead to claim rejections. Your two-wheeler insurance is based on accurate personal and vehicle information. Mistakes here can be costly.
For example, a typo in your vehicle number or personal information could complicate or delay claims. Double-check all details before confirming your renewal to ensure your policy reflects accurate information about you and your vehicle.
4. Overlooking the Terms and Conditions
Reading terms and conditions will help you understand your coverage well. Every two-wheeler insurance policy comes with specific terms. Some may affect claims, while others may outline limitations in coverage. Understanding these details helps avoid surprises during a claim. Review these carefully and reach out to your provider for clarification if needed.
5. Not Reviewing Coverage Needs
Your insurance needs may change over time, so review your options. As your bike ages or you get more experienced, your coverage requirements may evolve. Adding, adjusting, or removing specific add-ons can give you more tailored protection.
Take the time to reassess and adjust your policy’s coverage before you renew two-wheeler insurance to make sure you’re not paying for coverage you don’t need or missing out on essential protections.
6. Skipping the Vehicle Inspection for Lapsed Policies
Inspections may be required if your policy has expired. If you let your policy lapse, some insurers require a vehicle inspection before allowing renewal. This step can be time-consuming, delaying your renewal and putting you at risk of fines if caught driving without insurance. Avoid this hassle by renewing on time to bypass unnecessary inspections.
7. Forgetting to Compare Policies
Comparing policies can help you secure the best coverage and price. When you’re ready to buy two wheeler insurance again, consider exploring other policy options or insurance providers.
Different insurers may offer better coverage or online savings. Don’t renew blindly without comparing; you could miss out on savings or added benefits.
8. Ignoring Add-On Options
Add-ons can offer extra coverage for specific situations. Many insurers provide optional add-ons, like engine protection, roadside assistance, or zero depreciation.
These can be highly beneficial depending on your riding habits and bike age. Adding relevant options to your renewal can give you more comprehensive coverage at a reasonable cost.
9. Avoiding Online Renewal Platforms
Online renewal can be faster and sometimes more cost-effective. Most insurers, like Bajaj Allianz General Insurance Company, offer an online platform to renew two-wheeler insurance easily.
This option often saves time and money; some insurers may provide online-only savings. Opting for online renewal is convenient, allowing you to complete the process at your convenience and a reduced premium.
10. Not Knowing Your Policy’s Exclusions
Understanding exclusions helps you set the right expectations. Insurance policies come with exclusions – specific situations not covered.
When you know what’s excluded, you understand what your insurance won’t pay for. Being mindful of these exclusions before renewal helps you make more thoughtful choices and avoids surprises when you file a claim.
Conclusion
Renewing your two-wheeler insurance doesn’t have to be complicated. By staying on top of these common mistakes, you ensure continuous, reliable coverage that suits your needs. Always pay attention to renewal timelines, consider add-ons carefully, and use online renewal options. With some preparation, you’ll protect your two-wheeler, save on premiums, and enjoy peace of mind with sufficient protection.
Jackson Wesson