Mistakes to Avoid When Renewing Two-Wheeler Insurance Online!

Posted on: Dec 28, 2021 | | Written by:

Mistakes to Avoid When Renewing Two-Wheeler Insurance Online!

Published on December 27, 2021. EST READ TIME: 3 minutes

Being a conscious and responsible two-wheeler owner means that you have an insurance policy and you renew it on time, every time. Plus, nowadays, since you can get it done online, renewal has become a piece of cake. However, there are certain things you need to remember at the time of online renewal. Or in other words, there are certain mistakes you should avoid. Why? Well, once the details you have entered get saved in the system, changing them may not be possible. Any wrong information that you provide can result in high premiums, problems in claim settlement in the future, loss of NCBs, etc. So, when you renew two-wheeler insurance, stay away from these pitfalls:

Not Availing the NCB Discount

The two major benefits of NCB (no claim bonus) are that it reduces the premium amount payable during renewal and it can be transferred when you decide to buy a new policy. Get NCBs by avoiding claims for minor dents, scratches, etc. every year and maintain a good claim history by retaining NCBs. You will be able to save at least 20% of the insurance premium every year and a maximum of up to 50%. You can check online the amounts of NCBs that you have accumulated and whether you have received a discount on the renewal premium. In case you do not see the NCB details, inform your insurer before renewing.

Providing Incorrect Information

While filling up the details online, supply correct information when it comes to your two-wheeler and your personal details. If you changed your location, or moved to another state, update the current address and contact number. Also, mention if you had raised any claim earlier, the age of the two-wheeler, etc. You can suppress details to get a lower premium or prevent the policy from getting rejected. However, the insurer can cross check any time during the policy term if they get suspicious of the facts. This can lead to penalties or policy cancellation if they find out that you have provided incorrect details. This can ultimately lead to a loss on your part.

Overlooking the Terms & Conditions

Do not ignore the information given on the policy document. Go through them carefully before you renew two-wheeler insurance. You will find the policy features, inclusions, exclusions, claim process, etc. mentioned there, which are important in case you need to raise a claim going ahead. In case you have any doubt, you can get in touch with your insurer. The contents of the policy document are important as the insurer will follow them closely. Do not assume or be unsure of anything that does not match with the policy terms as you may have problem regarding claim settlement.

Not Intimating the Insurer About Modifications

You may decide on getting certain modifications done on your bike or install additional devices, but always inform the insurer about these. Modifications means you are changing the features of your bike that were not initially there when you bought the policy. In case you do not inform, there may be problems during claim settlement. For example, changing the look of the mirrors, a designer painting, etc. can increase the premium. However, installing anti-theft devices or tracking apparatus may lower the premium.

Not Assessing Your Add-on Needs

Buy add-on covers as per your budget and requirements. There are different add-on covers that insurers might offer along with a comprehensive policy. These increase the extent of cover if the coverage provided by the standard policies are not enough. The add-ons provide coverage for both accidental and non-accidental damages to your bike. Some of the popular add-ons are engine protection cover, zero depreciation cover, roadside assistance cover, enhanced personal accident cover, etc. and they may be beneficial in the long run. You need to pay extra premium for these add-ons, which will increase the overall premium amount. But they will provide financial coverage for damages that your regular policy will not provide. You can add new covers or remove those which you may not require at the time of renewal.

All in all, when you renew two-wheeler insurance, take care to consider certain factors like NCBs, add-on covers, correct information related to the two-wheeler, your personal details, etc., as mentioned above. Making mistakes can lead to an increase in premium or create troubles in future when you raise a claim.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

Source: https://www.irdai.gov.in/

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