As a biker owner, you probably already know that it is mandatory to have at least third-party two-wheeler insurance to ply your vehicle on the roads. However, simply renewing your third-party coverage each year might not be enough. If your bike insurance plan is due for renewal anytime soon, this article is just for you. Read on to discover 6 things that you must keep in mind when renewing your bike insurance this year.
- Review your coverage
Start off by reviewing your existing bike insurance plan and whether it has served your needs for coverage adequately till date. For instance, if you have a third-party insurance plan, think about whether you would benefit more from comprehensive insurance. Remember that a comprehensive insurance plan goes above and beyond to cover your own damages as well as damages from natural and man-made calamities. For instance, if you live in a region that is prone to floods, you might want to opt for comprehensive insurance to stay covered against any natural disasters.
- Opt in for add-ons
If you decide to upgrade to a comprehensive bike insurance plan, you can improve on the protection you receive by opting for add-ons. Think about getting add-ons like zero depreciation cover, consumables cover, and roadside assistance. While these add-ons come at a slight increase in your premium, the extra amount you have to pay is worth the peace of mind you receive in return.
- Check the premium pricing
Once you have finalised the type of two wheeler insurance coverage you want, compare the premiums charged by at least 3 to 4 insurers. It helps to know whether you are paying more with your current insurance plan so that you may shift to a cost-effective option. After all, any money that you save is money earned.
- Compare insurance companies
There are so many insurance providers out there and each one offers you great deals. However, it helps to compare them too based on certain factors such as – how long they have been in the industry, what is their claim settlement ratio, what extra benefits or discounts they offer, and so on. By evaluating insurance companies with these parameters, you can truly select the best company.
- Read customer reviews
When renewing your bike insurance plan, do make sure to check what other customers have to say about the insurer you are planning to go with. Look whether most of the reviews are positive or negative. While a few negative reviews are normal, too many negative reviews can be a red flag.
- Renew your coverage online
One of the best ways to get a great price on your two wheeler insurance plan is by opting to renew coverage online. The benefits of getting insurance online don’t end there! Renewing your coverage online is also faster and paperless too!
Keep these 6 things in mind this year when you renew two wheeler insurance. Remember to always wear a helmet and ride safely!