Learn About Digital Advertising
Home
Blogging
Advertising
Ads/Ad Sense
Analytics
Other
7 facts you must consider when “two wheeler insurance renewal”
1. Allowing policy to lapse
2. Choosing Policy
3. Not Transfering the insurance policy
4. Not Claiming the NCB [No Claim Bonus]
5. Wrong IDV Selection
6. Incorrect bike details in insurance policy
7. Incorrect personal details in insurance policy
Lakhs of two wheeler owners renew their two wheeler insurance policy daily. But many of them do not do simple research in order to find a good two wheeler insurance policy. Here we are going to discuss the 10 important facts you must consider when you renew your two wheeler insurance policy. Make a note, you can apply this facts to “Car Insurance Renewal”
1. Allowing policy to lapse
2. Choosing Policy
3. Not Transferring the insurance policy
4. Not Claiming the NCB [No Claim Bonus]
5. Wrong IDV Selection
6. Incorrect bike details in insurance policy
7. Incorrect personal details in insurance policy
Allowing policy to lapse
Many of the car and two wheeler owners aren’t serious about the “Insurance Policy End Date”. If you cause an accident without insurance, you’ll have to pay for all the damage to your vehicle out of your pocket. You could also be sued by other people for damage and injuries you caused them. We are not god so we can’t predict when an accident will happen. So renewing the insurance policy at the right time is good for us.
Choosing Right Policy
If you check out “policy bazaar” for new insurance or renew your old insurance, you can find a list of insurers who will provide insurance services. So choosing the right policy will not make any difficulties in future. Please read the reviews about the insurer online, Check the Insurance Price, IDV amount for your vehicle before purchasing the two wheeler insurance.
Not Transferring the insurance policy
Many of us are purchasing second hand two wheelers & Cars. Once we purchase it, our complete focus is only to transfer the name in the RC book and leave the insurance policy as it is. It’s wrong practice and we should transfer the insurance to our name or purchase the new insurance policy to avoid issues.
Not Claiming the NCB [No Claim Bonus]
When you renew the insurance policy please make sure to claim NCB bonus. If you are not claiming the insurance amount in past years then you can avail this feature. When I searched about this bonus on the internet I got interesting news: “If you have sold your bike, remember to get the relevant documents to protect your No Claim Bonus. It belongs to you, not your bike; so it can be retained and transferred to the new set of wheels that you may purchase in the future.”
Here is the table which explains what kind of percentage you will get NCB bonus,
Wrong IDV Selection
Many of the bike owners renew their bike insurance policy to avoid police checking. So they automatically choose an insurer who provides bike insurance policy at low cost. This is totally a wrong decision. When you purchase or renew your bike insurance please check the IDV price. IDV means “Insured Declared Value”, it is the amount given to you when your vehicle is stolen or totally lost.
Providers like policybazaar display you the IDV, Policy Price from various insurance partners. So you can compare with them and choose the best insurer.
Incorrect bike details in insurance policy
Police officers just check the bike number and policy end date on your insurance policy document. But when you claim your insurance, officers from the insurance company check top to bottom when proceeding your insurance claim. So make sure to enter the details like bike number, engine number/chase number etc without any mistakes. If you made any single mistake then it will create a big problem on insurance clearance.
Incorrect personal details in insurance policy
Now you can purchase an insurance policy online within 10 minutes. Due to the urgency some people forget to provide correct personal details, address details, nominee details. This will create a very big problem when you claim your insurance. Insurance companies consider this as a bike insurance fraud. So please take your own time and provide correct details when you renew your insurance policy.
If you are getting a insurance policy awareness then please give us a “COMMENT”
Are you interested to sharing your knowledge with our followers? Its Easy. Please send your articles to : iamtechtamilan@gmail.com
QUICK LINKS