Whenever you are purchasing a new bike, there are always multiple factors to consider before buying it. From the brand to the model to the maintenance and price, a lot goes down in shortlisting and finalizing a single bike. Hence, it is important that you spend time buying a proper insurance policy for your bike. Because if you are unaware of all the details, then chances are you will end up making the wrong decision. To help you avoid that, here is a guide on how to renew your bike insurance.
The Different Types of Insurance Policy For Two Wheelers
Before you renew an insurance policy, you always have to understand the kind of policy you should go for next, especially if you want to change it. So far, there are 3 kinds of bike insurance, known as third party, standalone and comprehensive insurance policy. While third-party insurances are mandatory as they provide you coverage against any 3rd party liabilities, standalone ones are those that protect you against your own damages. If you go for a comprehensive one, you will be able to save both the third party along with the expenses you may have incurred during any mishap.
Claims Settlement
The biggest reason why people purchase insurance policies is that they want someone to stand by them during any uncertainty. A CSR plays an important role, as it tells you how great the insurance company is at handling all of your claims. CSR is basically the claims of your ratio that is settled by the organization against the whole repository of claims that you have incurred during the year.
Stop waiting till it has expired
Always keep in mind that delaying your policy renewal is the worst thing you could do to yourself. So, if you end up receiving calls from your agent saying that your insurance is on the verge of expire, take it very seriously and make sure you renew bike insurance on time. Never wait for your policy to lapse. Otherwise, you will end up losing all your benefits, once the policy has expired.
Take the no-claim bonus
Whenever you renew your insurance policy, always ensure that you avail the no claims bonus as well. This one is always increasing and can also cross 50% at any time, so be careful.
Make sure all entered details are correct
While entering your details, do double check them to ensure all details have been entered correctly. At this time, you could also enter new details if needed. So, if you have changed your apartment, are staying in a new home, you should consider changing your address as well. This also happens quite quickly during the renewal period.
So that was a look on what you should keep in mind while renewing your bike insurance. Do keep these points in mind & exercise them when your policy renewal is on the cards. Also, if you have more questions about your two-wheeler, drop them down below.
