Buying a bike insurance policy is a simple enough task, but have you tried renewing the policy online? If you haven’t already done so, and the policy is up for renewal, do read our simple guide on how to do so – and the mistakes to avoid making.
How to renew your bike insurance online – Things to keep in mind
1. Take an overview of changes. Though you are intimated of any changes to the premium payment or any modifications made to the policy features, you might inadvertently forget to note these. The best time to take an overview of the policy is when you are about to renew the bike insurance online. If there is an increase in the premium, or if you have the option of changing the payment mode, etc. you can raise the pertinent queries within time.
Don’t: Blindly renew the policy just because the insurer has provided a link and easy online payment options.
2. Renew within the stipulated time. You would be surprised by how many bikers are merrily riding the streets with an invalid/lapsed bike insurance policy. Taking to the roads without a valid insurance plan is punishable by law in India. The best thing to do is to keep a tab on the renewal date and finish renewing the bike insurance online within the stipulated date.
Don’t: Ignore messages and calls from your insurance provider at any cost. They are merely intimating you about the renewal date to keep you on track.
3. Select the right IDV. In terms of bike insurance policy parlance, the IDV (Insured Declared Value) is the sum assured amount. It is paid to you if your bike is stolen or lost. The IDV is calculated on the current market value of your bike and depreciation from the year of purchase. The higher the IDV, the more is the premium you have to pay.
Don’t: Select a lower IDV to avoid paying a higher premium. The IDV must be sufficiently high to reimburse you in case the need arises.
4. Select essential add-on covers. Your online bike insurance plan will have several useful add-on covers that enhance the value of the policy. These may include passenger coverage, zero depreciation cover, accessories cover, etc. The add-ons are not to be confused with the main policy features. You are free to modify the bike insurance policy at the time of renewal by selecting the add-on covers that apply to your use of the bike.
Don’t: Give in to the temptation of taking a vanilla bike insurance plan. Though more add-ons result in a higher premium, they provide all-round protection for a competitive price.