Two wheeler insurance policy is mandatory by law in India. A valid third-party liability insurance is compulsory for all the vehicles plying on the road. A comprehensive two wheeler insurance policy is not mandatory to buy, but it is very imperative as the number of road accidents has increased drastically in recent years.
Having a valid insurance policy for your two-wheeler is very vital, and you should always renew it on time. Two wheeler insurance policy renewal should be done before the expiry date. If you do not renew your two wheeler insurance in time, you might lose the insurance renewal benefits. The insurer sends constant reminders to their customers about the expiry of their insurance policy. You should take these reminders seriously so that you can have a timely and hassle-free renewal process.
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Selecting the Insurer
Once you have decided on your coverage, you can compare two wheeler insurance plans provided by your existing insurer and decide if are willing to continue with the same insurer or not. You can also search for an insurance company who provides the desired coverage but at a lesser cost than your current insurance provider.
Opt for a reliable and established insurance company as they provide a convenient purchase method, hassle-free claim process and have a high claim settlement ratio. You can renew your policy online within minutes from any company website. However, make sure that the insurance company is certified by the Insurance Regulatory and Development Authority of India (IRDAI).
Review Your Coverage
You don’t need to continue with the same insurance coverage you had opted for a year ago. You can either increase or decrease the coverage based on your current needs and requirements.
While purchasing your Comprehensive policy, you can enhance your coverage by going for a suitable rider such as Zero Depreciation during two wheeler insurance renewal. This will slightly increase your two wheeler insurance premium but prove beneficial during claim settlement. Be aware of the exclusions and the insurance claim procedure along with details of what your policy covers.
Don’t forget the NCB
Two wheeler insurance companies offer a No Claim Bonus (NCB) to policyholders who do not raise a claim during the policy period. Make sure to check if your insurer has included the NCB component in your two wheeler insurance quote. Note that NCB stays intact even if you choose to switch your insurance company.
Don’t Miss the Renewal Date
Your two wheeler insurance can be renewed in a matter of minutes. Always renew your two wheeler insurance before its expiry date. Renewing two wheeler insurance policy days after the expiry date is considered as a break-in policy.
Review the Policy Document
Soft copy of your two wheeler insurance policy is considered as a valid document. Verify its contents to ensure that all the details are in place. In case of any discrepancy with regards to your two wheeler’s details or the policy’s coverage, you can get it changed easily.
Ideally, set reminders on mobile phones or calendars and inform the insurance companies to send two wheeler insurance renewal alerts.
