Top 3 Mistakes To Avoid While You Renew Bike Insurance Online

By Author: Bhargav Baweja
Total Articles: 2
Comment this article

Though third-party vehicle insurance is mandatory in India, several reports indicate that 60% of vehicles on the road don’t have an active insurance policy, and the majority of these are two-wheelers. As a result, the government of India amended the Motor Vehicles Act to increase the penalties. Today, riding without a valid two-wheeler insurance cover can cost you a hefty penalty of Rs. 2000. Repeat offenders are charged Rs. 4000 or more.

It has led to a massive increase in the number of two-wheeler owners looking to renew their lapsed policies online. Online renewal is hassle-free, quick, and highly convenient. All you have to do is select your preferred insurance provider, provide a few essential details. , pay the premium costs – and you have renewed your policy after payment in few clicks.

The entire process takes just a few minutes and is similar to other online purchases. While’s it’s easy, sometimes bike owners unknowingly make crucial mistakes that end up costing them, later on. Here, in this guide, you can find a list of the top mistakes to avoid while you renew bike insurance online ...
...

Mistake #1: Not knowing the Manufacture Year and Model of the Bike

While renewing your policy online, the premium costs are based on the manufacture year and model (engine capacity) of your two-wheeler. Very often, bike owners start the renewal process online without having these necessary details in hand. Since they don't have the details, they abandon the process halfway.

So, make sure to have a copy of the vehicle's RC book in hand before you start the online renewal process. You can find the Cubic Capacity of the engine, manufacture model, make, vehicle number, and other details in the RC book.

Mistake #2: Failing to Declare the Right IDV

The IDV (Insured Declared Value) is the maximum sum assured. It's the maximum amount you can claim from the insurance provider in the event of loss or theft of your vehicle. The IDV is fixed based on the current market value of your bike.

The general rule of thumb is that – higher the IDV, higher is the premium. Very often, bike owners falsely assume that they could save a few bucks on the premium costs by declaring a lower IDV. This is a crucial mistake, as a lower IDV means you receive lower compensations during an accident. So, try to avoid this shortcut and declare the correct IDV.

Mistake #3: Not Opting for Add-Ons

While renewing a bike insurance policy online, everyone wants to save costs. As a result, most bike owners look at add-ons as extra costs. However, the right add-ons can help you save a substantial amount during an emergency.

For instance, if you ride your bike, long distances on the highway, opting for the add-on roadside assistance cover would help you get immediate mechanic services if your motorcycle breaks down. So, make sure to check the available list of add-ons and choose the right ones that work for you.

Renewing Bike Insurance Online is Hassle-free & Convenient

Just make sure you avoid these three common mistakes so that you can get the maximum value out of your policy.