Important Things to Know Before Renewing Your Bike Insurance

Buying two-wheeler insurance is not too much of a worry when you purchase your vehicle, because generally, it is the dealer who arranges to get it insured. However, it is incumbent on the owner of the two-wheeler to renew the insurance when the policy nears its expiry, which in most cases would be one year unless you had specifically chosen to take out a long-duration policy when you bought the bike. Besides, bike insurance renewal when done on time will entitle you to a no-claims bonus which is a big advantage.

Important Things to Bear in Mind When Renewing Your Bike Insurance Policy

·         By far the most important thing to know when renewing your bike insurance is to do it well before the existing policy expires. Usually, however, if you are renewing your bike insurance from the company from which you bought your original policy, they may give you a grace period of 90 days before the end of which you will have to renew it, or else you will have to buy a new policy and forego the no-claim bonus if you are entitled to it.

·         You also need to remember that you can easily transfer your policy at the time of renewal to another company without foregoing the no-claim bonus. This bonus along with the policy will be transferred to the new company from which you are renewing your policy.

·         You will have to pay the premium at the time of renewal, or in advance, as the insurance cover becomes operative only from the date on which you pay your premium.

·         A long-term policy is more advantageous because you have to pay a one-time premium for the full tenure of the policy and it can save you from the annual hikes in the rates of the premiums.

·         Because two-wheeler insurance is mandatory, bike insurance renewal is also mandatory, and you can be fined if you are caught driving without valid bike insurance, or if your bike insurance policy has expired.

·         Many people avoid buying or renewing they are bike insurance because they think the process is very cumbersome. However, in this digital age, bike insurance renewal has become very easy. You just need to log on to the website of your insurance company, follow the online instructions, and with just a few clicks of your mouse and online payment of premium your policy will be renewed. Insurance companies also have mobile apps which makes bike insurance renewal even easier. On these mobile apps, you will also have the option of selecting from the various add-ons if you so desire.

·         Of course, if you are not too tech-savvy and would rather go in person to the insurance company’s office for your bike insurance renewal that facility is always open for you. While renewing your two-wheeler insurance, do consider the very attractive plans of Bharti AXA which are very attractive and have a lot of add-on covers from which you can tailor-cut your insurance policy.