Checklist To Evaluate Your Two-Wheeler Insurance Policy Before Renewal

Buying a two-wheeler is an exciting process, but it does not end there. Two-wheeler ownership also requires you to purchase a bike insurance policy. This insurance plan is mandatory to legally ride your vehicle on the road. Hence, all vehicles registered in the country need to comply. It is applicable for two-wheelers too.

Bike insurance is a contract between the insurance company and the policyholder to provide for any losses. The scope of the policy depends on the insurance cover. In return, the policyholder pays a premium to keep the coverage active. But to ensure consistent coverage, it is important to renew your policy in time. Every insurance plan is valid for a specific duration, and hence, needs to be renewed.

Here is a checklist you can follow at the time of renewal of your two-wheeler insurance policy.

  • Check policy status

The validity of your policy is mentioned on your policy document. Hence, you can check your insurance certificate to know whether the coverage is active or not. However, if you don’t have information about your bike insurance renewal date, you can find it online within a few minutes. Further, online bike insurance renewal is also possible within a couple of minutes without having to make time to visit the insurance company’s office or meet up with an insurance agent. *

  • Sufficiency of coverage

Once you know about the status of your bike insurance policy, the next step is to evaluate the sufficiency of your insurance cover. Bike insurance plans are available in two types — third-party plans and comprehensive policies. A third party bike insurance plan has limited coverage for legal liabilities that are payable to a third person whereas a comprehensive plan covers the repair costs for the policyholder along with third-party damages.

Depending on the riding conditions, the area where you predominantly ride your bike and the traffic situation, it is best to get a suitable policy. It isn’t compulsory to renew the same insurance cover. Instead, you can upgrade your third-party plan to a comprehensive policy or even downgrade to a third-party plan if you don’t use your bike much. However, among the two, a comprehensive plan is the better choice for its wider coverage. *

  • Verify the necessity of add-ons

When you choose a comprehensive policy with add-ons, you get enhanced coverage for repairs. For instance, depreciation which is deducted at the time of paying the claim amount is ignored when you have a zero-depreciation add-on. While there are various add-ons to choose from, it is important to verify at each renewal if the add-ons that you have are adding value to your insurance coverage. In the case of any changes in the requirement, you can accordingly modify or amend the choice of add-ons in your comprehensive policy. *

  • Compare the alternatives

Finally, do not forget to compare the available options against each other. Using a bike insurance calculator can help you compare the different available plans against each other. This comparison must be based not just on premium, but also on policy features that are essential for your bike.

With a comprehensive checklist elaborated above, you can make sure you choose the right policy at every renewal. Policy features like the no-claim bonus are transferable, so, you need not worry about it. *

* Standard T&C Apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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