Almost everyone you meet would suggest you buy a bike insurance policy. But should you? The simple answer is, YES. You should buy a bike insurance policy and there are enough strong reasons for the same.
For starters, it is a regulatory requirement. Meaning if you are caught riding without valid insurance, you are looking at hefty fines and even imprisonment in the worst case.
Then there is the coverage aspect, which you cannot ignore. A bike insurance policy would ensure that you are financially secured in an event of accident or incident that involves other people. A third party two wheeler insurance takes care of any expenses arising due to an accident involving other individuals or properties.
A comprehensive cover does cost a little more than third party insurance, as it offers more coverage. However, it is the third party insurance that you should have at least before taking your bike out for a spin. If your policy renewal is around the corner, here are a few things that you need to keep in mind.
Things to Keep in Mind Before Renewing
1. Before Expiry
If your third party two wheeler insurance is about to expire, it is in your best interest to start looking for renewals well before the expiry. It would give you enough time to compare two wheeler insurance and verify which policy best works for you.
2. Continued Benefits
There is another prime reason for renewing your policy before expiry. If you have a comprehensive plan, you can keep all the benefits intact.
Even if you have a third party cover only, renewing before expiry ensures you always have a cover.
Since one cannot forecast incidents, you don’t want to be caught in a situation where you meet with an accident during the days that you do not have a policy.
3. Revisit the Coverage
It is possible that either due to financial restrictions or urgency, you picked up your previous policy in a hurry. However, you can fix this issue the same during renewal.
When you opt to renew the policy well in advance, you can look at the optimum coverage that your bike needs. Depending on the usage and age of the bike, you can look for higher or lower coverage.
4. Update Information
There is a possibility of a change of address or any other information between the previous and new policy. Take it as a responsibility to update this information during policy renewal.
If there are any other discrepancies in your policy documents, renewal is the right time to have them updated. Any mistake in the policy document might come back to haunt you during claims, where your insurer can reject claims due to discrepancies.
Should you find out any mistakes in the policy document, ensure to update the same at the earliest by submitting relevant proofs.
5. Missed the Deadline
Firstly, you would not want to be in a situation where you have missed the deadline to renew your policy. However, if due to some unavoidable reasons you could not renew your policy do it during the grace period.
Most insurers offer a grace period within which you must renew the policy. Failing to do so would mean you will have to start fresh.
Missing the expiry date and grace period would result in you having to apply a new policy for your bike. Which can be both time consuming and at times more expensive.
Car Insurance Comparison
One of the biggest tools that you have to your advantage is comparison. You can compare two wheeler insurance before purchasing your policy. It would ensure that you get the maximum required cover without paying a lot of money for the same.
Irrespective of whether you are looking for a third party insurance only or a comprehensive cover, a comparison would help you save money and time.