Here’s What You Need To Know Before Renewing Your Two Wheeler Insurance
Renewal of two wheeler insurance is an important responsibility when it comes to owning a bike. Read on to find out the things you should keep in mind when doing so.
You must already know how important it is to ensure that you have invested in a two wheeler insurance policy, in order to protect yourself financially in case of any damages or legal liabilities for third parties’ damages that may arise as a result of using your two wheeler. It will also safeguard you from situations like theft and natural calamities. For this reason, it is important to ensure you always renew your two wheeler insurance policy on time and do not allow it to expire, as this will expose you legally and financially. In the case of an emergency such as an accident, you would be caught unprotected. It is also against the law. Thus, renewal is of utmost importance. When doing so, keep the following in mind.
Things To Keep In Mind When Renewing Your Two Wheeler Insurance Policy
Keep the following things in mind when renewing your two-wheeler insurance policy:
1. Take A Decision Before Expiry
When it comes to renewing your two wheeler insurance policy, it is best to make decisions regarding it and select the coverages before your original policy expires. It is best to decide at least 45 days before your policy expires. Do not risk your policy lapsing. If it does lapse, you may lose out on a lot of the benefits you would have accumulated with your insurance company.
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2. No Claim Bonus
No Claim Bonus is a discount given on renewal of insurance as a reward for cautious driving, if no claims are raised during the policy tenure. It is cumulative in nature and increases over time. If you have not raised any claim in the previous year, you will be able to avail of no claim bonus. Make sure to keep this in mind and ensure that it is applied on your renewed policy’s premium.
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3. Adjust Your Coverage
When you renew your two wheeler insurance policy, it is an optimal time to relook at the coverage that you have availed of, and adjust it to your needs. Your circumstances may have changed and you would now have some experience with the policy and its coverage, and you will understand what works for you or what doesn’t. Therefore, you may tweak your coverage and make it higher or lower as per its suitability to you.
4. Recheck Information
It can create considerable hassles for you if the personal and contact details mentioned in your insurance policy are not accurate. Therefore, make sure to go over these carefully at the time of renewal and make sure that there are no discrepancies. You should ensure that all information is up to date and nothing is amiss, and renewal is an optimal time to conduct this exercise.
Takeaway
You must make sure to renew your policy before its expiry. When doing so, make sure to check different things such as the coverage, the personal information mentioned, and discounts such as No Claim Bonus.
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.
