Renewing your bike insurance online is a simple and convenient way to ensure your two-wheeler remains protected. However, many people make common mistakes during this process, leading to issues such as inadequate coverage or higher premiums. Whether you’re renewing bike insurance or comparing it with other policies like car insurance, it’s essential to be aware of these common pitfalls.
In this article, we’ll highlight some mistakes to avoid when you buy bike insurance online.
1. Not Comparing Different Policies
One of the most common mistakes people make when renewing their bike insurance online is not comparing different policies. Many riders simply renew with their current provider without checking if there’s a better deal available. It’s essential to explore other options, as various insurance companies offer competitive rates and additional benefits. Failing to compare can mean missing out on savings or valuable coverage options.
- Solution: Use online comparison tools to check various insurers and plans before you decide to renew your policy. This way, you can get better coverage and a more affordable premium.
2. Focusing Only on Premiums
While it’s tempting to go for the cheapest policy, focusing only on the premium amount can be a costly mistake. A lower premium may mean limited coverage or higher deductibles when you need to file a claim. In some cases, opting for the cheapest plan can leave you underinsured, which won’t provide adequate protection in the event of an accident or damage.
- Solution: Look for a balance between premium costs and coverage. Make sure the plan offers sufficient protection, and don’t hesitate to invest a little more if the coverage is worth it.
3. Ignoring the No Claim Bonus (NCB)
The No Claim Bonus (NCB) is a reward you earn for not making any claims during the policy period. It allows you to get a discount on your renewal premium. However, many people forget to check if their NCB is being applied while renewing their bike insurance online. This can result in a higher premium than you need to pay.
- Solution: Always check your NCB eligibility and ensure it is applied to your renewal. This can help reduce your premium significantly.
4. Skipping Add-Ons and Riders
Another mistake is overlooking add-ons or riders that can provide extra protection. For example, you may consider adding coverage for zero depreciation, engine protection, or roadside assistance. Many people skip these add-ons thinking they are unnecessary, but they can offer valuable protection in case of specific incidents.
- Solution: Before renewing, explore different add-ons and see which ones may be useful for you. Adding some extra features may slightly increase your premium, but it can save you money in the long run.
5. Providing Incorrect Information
Providing accurate information when renewing your bike insurance online is crucial. Many people make the mistake of filling in incorrect details, such as the bike’s registration number, engine capacity, or even their personal information. These mistakes can cause delays in the renewal process or even result in claim rejections in the future.
- Solution: Double-check all details before submitting your renewal. Accurate information helps ensure smooth policy processing and prevents issues during claim settlements.
6. Letting the Policy Lapse
Forgetting to renew your bike insurance on time can lead to a lapse in your policy. A lapsed policy means you won’t have any coverage, which puts you at financial and legal risk. In India, riding without valid insurance is illegal, and you can face hefty fines. Also, if your policy lapses, you may lose out on your No Claim Bonus (NCB), and the insurance company might require you to undergo a vehicle inspection before renewing the policy.
- Solution: Set reminders well before your policy expiry date to ensure timely renewal. Renewing your insurance early can prevent lapses and maintain continuous coverage.
7. Not Reading the Terms and Conditions
Many people don’t read the fine print before renewing their bike insurance policy. It’s easy to click "agree" without fully understanding the policy’s terms and conditions. However, this can lead to misunderstandings about what is and isn’t covered, causing frustration during claim settlement.
- Solution: Take a few minutes to review the policy details, especially the exclusions and conditions for claims. This will help you understand the policy better and avoid surprises later.
8. Overlooking the Importance of Third-Party Coverage
Third-party insurance is mandatory in India for all vehicles, including bikes. Some people may neglect this while renewing their insurance online, thinking they don’t need it. However, riding without third-party insurance is illegal and can lead to legal issues if you’re involved in an accident.
- Solution: Always ensure your policy includes third-party coverage, which is required by law and protects you against liabilities in case of an accident involving other people or property.
Conclusion
Renewing your bike insurance online is easy, but avoiding these common mistakes can help you get better coverage, lower premiums, and a hassle-free experience. Take the time to compare policies, ensure your details are correct, and make sure you’re fully aware of what your plan covers. By doing so, you’ll be well-protected on the road, without facing unnecessary expenses or problems in the future. Whether you’re renewing car insurance or bike insurance, following these tips will ensure a smoother, more efficient process, keeping you covered and stress-free!
