Your trusty two-wheeler is your partner in strolling city streets, conquering highways, and experiencing the freedom of the open road. But just like your bike needs regular maintenance, your two-wheeler insurance also requires periodic evaluation.
As your riding habits change and the market evolves, the question arises: renew your existing policy or explore a replacement.
Why Renewing Your Two-Wheeler Insurance is Important?
Here are a few reasons why you should always renew your two-wheeler insurance:
- Legal Requirement
Traveling with an expired policy is illegal, and you will be penalized. Collision damage still occurs no matter who is at fault, including to yourself, your bike, and third parties.
- Financial Security
As accidents are unforeseeable occurrences, extensive two wheeler insurance offers broad coverage. When accidents happen, it saves you from the cost of damage repairs to your bike, fire loss, or any natural disasters which might have deceived you into thinking everything was safe and sound.
- Third-Party Liability
Even the most basic third-party liability policy is legally required. It will handle any damage to a third party’s property or injuries incurred during an accident.
- Continuous No Claim Bonus (NCB)
With continuous insurance coverage, you can accumulate NCB—a discount on the following year’s insurance premiums for each claim-free year. Letting a lapse in payments occur will lead to zero NCB accumulated.
Renewing vs Replacing: Factors to Consider
While renewing your existing policy seems straightforward enough, consider these factors before pressing the “renew” button:
- Changes to Your Riding Habits
Back when you first bought your motorcycle for personal use, would you use it for deliveries (commercial purposes)? A greater demand for the use of your bike might call for a more comprehensive policy.
- Improving IDV (Insured Declared Value)
Over time, the worth of your bike depreciates. Nonetheless, any major alterations may result in an upgrade in its stated value (upgraded parts mean IDV might have to be raised).
- Premium Costs
Obtain renewal quotes from your present carrier and compare them with other companies’ offers. You might land more comprehensive coverage for fewer bucks at a new provider.
- Sufficiency of Coverage
Go over your present policy’s list of what is covered and what isn’t. Does it have add-on coverage like emergency transportation, personal injury insurance, or engine protection insurance that suits your immediate needs?
- Legitimacy of Claims Settlement
Find out what kind of historical record your insurer has for settling claims. Being caught without money can be a terrible thing in the aftermath of an accident if the company you’re dealing with does not maintain speedy and fair procedures for resolving claims.
Benefits of Replacing Your Old Two-Wheeler Insurance
A move to another insurance provider could offer you several advantages:
- Greater Scope of Protection Options
Newly drafted policies could provide wider protection policies that might even encompass engine care, spare parts replacement, and rider & pillion passenger injury cover.
- Competitive Premiums
Insurance companies continually adjust their plans and prices. A new insurer may offer you a better deal on the types of coverage you need.
- Improved Services
New suppliers may provide better digital services for managing the policy, notifying of claims, and renewing policies.
- Particular Concerns
Some companies specialize specifically in the insurance of two-wheel vehicles and have special plans tailored to individual types of bikes or profiles.
Some Tips on Choosing the Right Two-Wheeler Insurance Policy
- Quotes Comparison
Get car insurance quotes from at least 3-4 reputable insurance companies. Compare policy coverage, what is included and excluded, and the premium amount before you make a decision.
- Factor in IDV
Make sure your policy’s IDV reflects the present market worth of your motorcycle. If it takes less than what the bike is worth to fix something, the repair bill will come out of your pocket.
- Look for Unspecified Terms and Conditions
Read every single exclusion and claims procedure before you sign the policy. Don’t just assume they are reasonable.
- Compare Add-on Covers According to Your Needs and Bike Value
Extend your insurance coverage by getting extra protection tailored specifically for you. Add-ons like roadside assistance and personal accident insurance can be beneficial.
Conclusion
Your decision about whether to renew or replace ultimately depends on your needs, as well as a careful evaluation of your current policy. If there have been no major changes in your riding habits since you took it out, the coverage provided by your current policy is sufficient and can be considered competitive at renewal time, just go for an easy yearly transfer.
But if your needs have changed, there is a considerable difference in premiums, or the service from your current insurer is truly unsatisfactory, then finding a new provider may bring proportionally great rewards. If you’re looking to renew your Old two wheeler insurance online, check out Bajaj Allianz’s Old Two Wheeler Insurance Online!
FAQs
1. Why renew my two-wheeler insurance?
Renewing ensures financial protection, legal compliance, and continued NCB benefits.
2. When should I consider replacing my insurance?
Consider replacing if your riding habits change, IDV needs adjustment, or you find a better deal elsewhere.
3. What benefits do new insurance providers offer?
They might have wider coverage options, competitive premiums, better digital services, or specialized plans.
4. What should I compare when choosing insurance?
Compare quotes, IDV, policy terms, add-on covers, and the insurer’s claim settlement record.
5. Should I Renew or replace?
Renew if your needs haven’t changed and the current policy is good. Replace for better coverage, lower premiums, or improved service.
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
Himanshu@Yaxa