If you are also going to renew your bike insurance policy, then keep some things in mind. Know what to do and what not to do in such times
Buying bike insurance can be easy, but renewing an insurance policy sometimes becomes a big task. If you too are about to renew your bike insurance policy, then keep some things in mind. Know what to do and what not to do in such times.
Renew the policy on time
First of all, you should never wait till your policy expires . Driving without insurance or with expired insurance is a legal offense in India. Always stay updated about your renewal ditch. Renew till the expiry date. Never ignore calls or messages from your insurer in this regard.
review the time of renewal, etc.
While renewing the policy, it is good that you review your payment and charges etc. once. It may be that you are paying more, or you may be getting a more affordable policy from another company. Never renew the old policy just because your company has put the option in front of you and it is easy to pay online.
Choose the correct IDV The
Insured Declared Value is the total sum amount, which is available in the cover. You get this cover in case your bike is stolen or lost.
The IDV is determined by calculating the depreciation from the recent market price of your bike and the year it was purchased. The higher the IDV, the more premium you have to pay. But never choose a low IDV to pay a low premium.
The IDV should be such that it can be compensated if needed.
Take necessary add-on covers
You can modify your policy by taking add-on covers. In this, you will get cover on passenger coverage, zero depreciation cover, accessories cover, etc., other than the insurance of the bike. It will not be a part of the main policy but will increase the value of the policy.
