While having an active bike insurance policy is key, timely two-wheeler insurance renewal is just as crucial. If your insurance policy lapses, you may lose certain bonuses and perks. These bonuses and perks have a direct impact on your policy coverage and premium payable.
Thankfully, there are ways to ensure that your two-wheeler insurance renewal happens before the due date. This will help you to plan your finances, policy changes and ensure continued protection with the best terms.
Read on to learn about the ideal time for two-wheeler insurance renewal and the things you should evaluate at the time of renewal.
Pay The Premium Two To Four Weeks Before The Due Date
While the top reason to renew on time is to enjoy continued coverage, you should do it to retain your no-claim bonus and avoid penalties. Since bike insurance is compulsory in India, failing to have an active insurance policy can attract a penalty.Â
Apart from that, reactivating a lapsed policy will require a bike inspection. A bike inspection is generally done to assess the condition of your bike to understand the coverage you need and, subsequently, the premium you will have to pay.Â
In case you have any new modifications or the condition of your bike is not the same as the initial policy, it could result in a higher premium amount. Additionally, you may miss the discount offered in continued Two-wheeler insurance renewal.
As such, renewing your two-wheeler insurance policy two to four weeks before it expires is ideal. This ensures that you enjoy the above-mentioned benefits and while having sufficient time to assess your policy’s terms.Â
Check For Grace Period And Renew Before It Ends
In case you miss the due date, you can still renew the policy. Most insurance providers offer a few additional weeks for policy renewal. This period is also known as grace period. In this period, you can renew your policy and enjoy the benefits that come with continued protection.
An important period to note here is that while you can renew your policy during the grace period, you do not enjoy coverage benefits. As such, any claim you make for this period will be invalid. However, you can enjoy other benefits like the no-claim bonus even if you renew your policy during the grace period.
Things To Evaluate At The Time Of Two-Wheeler Insurance Renewal
- Policy coverage
Here you need to assess whether you want to continue with the same type of insurance. If you have third-party insurance, check if opting for a comprehensive cover is a good option. Doing this will ensure that you get the best coverage.
- Policy period
While choosing a one-year policy period is common, at the time of renewal you can check if opting for a multi-year period would be better. This is because some insurance providers offer a discount in a multi-year policy term. Additionally, multi-year can save you the hassle of yearly two-wheeler insurance renewal.
- Add-ons
Add-ons offer additional protection for your bike and extend comprehensive perks. But since add-ons increase your premium, having those you don’t require can lead to unnecessary costs. So, assess your needs at the time of renewal to make the best decision.Â
At the time of renewal, you can also look at other insurance providers to know if you are getting the best deal. In any case, make sure two-wheeler insurance renewal is done only after you evaluate the policy terms. This will ensure that your policy is at par with your current needs and offers the protection your bike needs.