Unpredictable weather brings unplanned situations, and a motor security plan can be a great help in these conditions.
The 2.4 million annual stolen bikes figure with a value of $1.4 billion comes from a survey conducted in 2024 by Bike Index, the Institute of Transportation Studies at the University of California, Davis.
Insurance not only protects from theft, accidents, and other disasters but also provides peace of mind. The premiums that are ignored by the masses help to receive the claims.
But the plan only gives you coverage when it is continuously maintained, and if you don’t know how to renew the motor policy.
Don’t worry about it, Here, we will discuss the mistakes that must be avoided before buying a cover.
Why must you check the covers before making a payment, and what are other common mistakes that can cause your requests?
Know more!
Top Mistakes to Avoid During Bike Insurance Renewal
As you have seen, people take the insurance but forget to update the cover, and that not only creates problems in the future but also gives an extra headache, which is rejection of the requests.
Take a look at the following errors so you don’t face any burden in the future:
1. Not Reviewing the Coverage
Your automobile protection plan isn’t something you set and forget. It needs a change. Maybe you’ve installed expensive accessories, moved to a flood-prone area, or now use the vehicle less.
If you don’t review your current legal cover during bike insurance renewal, you risk being neglected when it matters most.
2. Skipping Add-ons
Think about the extras as your policy’s upgrade pack. Options like zero-depression cover, engine protection, pillion rider cover, and roadside assistance can offer great value.
Many people think that these are not necessary or are expensive and skip them, but they don’t know that they provide extra assurance when making the request.
3. Ignoring the Insured Declared Value (IDV)
It determines the maximum payout in case of total loss or theft. Some people intentionally lower the IDV to reduce the premium, not realizing that it leads to underinsurance.
On the other hand, an inflated invoice value increases your premium without immediately boosting your refund amount. After the upgrade a safety plan, ensure your reimbursement reflects the current market value of your vehicle accurately.
4. Not Comparing Policies
This market is very competitive, so use digital tools to compare benefits, add-ons, premiums, and reclamation processes. It’s easier than ever to find better protection at a lower cost by comparing rates online.
5. Not Updating Your Personal Details
A change in address, contact information, or even occupation can impact your coverage. If your insurer doesn’t have your latest information, it might hamper request processing or even result in denial. Always double-check your details before hitting the Renew button.
6. Ignoring the Fine Print
Most of us skip reading the fine print, but that’s where the real truths lie. It includes terms, conditions, exclusions, and repayment procedures. Knowing what’s not covered is just as useful as knowing what is.
7. Delaying the Renewal
Riding with an expired cover isn’t just illegal, it’s risky. If something happens when your security cover is lapsed, you’re on your own. Moreover, you could lose your NCB, so set a reminder or opt for auto-renewal features available through online platforms.
8. Not Doing a Renewal Check-Up
Just like your vehicle needs regular servicing, your plan needs a review. Assess your usage, value, safety needs, and even your insurer’s performance. It is the perfect time to evaluate if your security plan is still the right fit.
How to Choose the Best Bike Insurance Policy
Most people hasten in purchasing and don’t consider the other important things, and do regret it after buying. If you don’t want to do the same, you must keep some points in mind that are given below:
Now that you know what to avoid, let’s look at how to make the right choice.
Go Digital, Go Easy
Buying or renewing bike insurance online saves time, offers more transparency, and gives you access to real-time quotes. Use comparison sites to get a side-by-side view of what different insurers offer.
Focus on Claim Settlement Ratio
A low premium means nothing if the insurer doesn’t settle requests easily. Check the company’s claim settlement ratio and customer reviews before you renew.
Do You Know?The motorcycle insurance market size was valued at USD 68.9 billion in 2023 and is expected to reach a market size of USD 108.6 billion by 2032 at a CAGR of 5.2%.
Pick the Right Add-Ons
Tailor your agreement to match your riding style and usage. Frequently ride through challenging terrain? Do you often ride in the rain? Engine protection might be useful. Travel long distances? Opt for roadside assistance.
Go for a Comprehensive Cover Policy
While third-party protection is mandatory, it only covers damages to others. For protection against theft, fire, and accidental damage to your own vehicles, comprehensive assurance is a smarter choice.
A Policy That Has Your Back
Concerning reliable protection plans and customer-friendly features, security providers like Bajaj Allianz General Finance Company offer a well-rounded two-wheeler policy. With benefits like the following, it’s a solid choice for riders who want peace of mind on every journey.
Protection from fire, theft, floods, and accidents
Third-party legal liability
Personal accident cover for the owner
Optional add-ons for accessories and pillion riders
A quick and seamless request process
Protecting your vehicle should never feel like a chore. With the ease of vehicle liability assurance online and a little mindfulness during fund refreshment, you can avoid major mistakes and enjoy the road ahead without worry.
So, the next time your expiration date is approaching, don’t just click “Renew” blindly.
Pause, review, and make choices that suit your needs and lifestyle. Your cover becomes your backup in unforeseen situations, not a financial burden.
*Standard T&C Apply
**Claims are subject to terms and conditions set forth under the motor insurance policy.
***Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
****Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
FAQs
Ans: It is the process of extending your existing insurance policy beyond its expiration date, allowing you to maintain uninterrupted protection against potential risks and financial losses.
Ans: As it is mandatory to get a 5-year bike insurance policy, which includes a 5-year third-party plan + 1-year own-damage bike insurance cover.
Ans: A third-party bike insurance policy is considered the best one.
Ans: Renewal of an expired car insurance policy after the grace period has lapsed might lead to the termination of the policy.
