Two-wheeler is a go-to choice of transport when it comes to travelling through traffic-snarled regions. The manoeuvrability it offers is unparalleled. A commute without your two-wheeler would mean taking public transport which is often inconvenient and time-consuming. Thus, you must take adequate care of your bike. Among the repairs and upkeep that are required, availing of a bike insurance policy is of prime importance. As it is the most compelling method of ensuring your bike is protected, it is also essential to keep the coverage active.
Like all insurance policies, a bike insurance policy has a defined validity. Thus, no insurance coverage is available beyond the specified time. Timely renewal will ensure the insurance coverage is active and will safeguard you.
But when is the best time to renew your policy? Here’s an answer to this burning question. If you are someone who has their renewal date approaching or is buying a policy, you can keep in mind these nifty tips:
When is the ideal time to carry out a two-wheeler insurance renewal?
Every two-wheeler insurance policy, whether bought online or offline, has a commencement and end date defined from its start. Generally, this duration is for a period of one year but may extend to three years if you have bought a long-term policy. To ensure your insurance coverage remains active, it is essential to renew it before the due date. Here are a few ways to know when you can renew it:
- A multi-year or long-term policy is a nifty insurance plan where the policy remains active for more than one year, which is usually the case. If you are someone who doesn’t want the hassles of frequently renewing your bike insurance plan, you can opt for a long-term policy.
- If you have purchased the standard annual policy, it is best to renew the bike insurance policy 15 to 30 days before the expiry date. For instance, your existing two-wheeler coverage ends on 31st October. It is recommended to renew your policy by 1st September. An early renewal avoids the possibility of a lapsed insurance plan ensuring you have an active insurance cover.
- In the event you happen to miss your policy renewal, you must verify if the insurance company has any grace period on offer. This grace duration offered by some insurance companies allows you to renew your policy without losing on renewal benefits. However, you must keep in mind that during the grace period, your policy is null and void.
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What are the options when renewing your bike insurance policy?
At the time of a two wheeler insurance renewal, you have more than one option to simply renew the policy.
- You can either choose to continue with your existing insurance company or renew the policy.
- If you are unhappy with the services offered by your present insurance company, an early renewal gives you the option to switch your bike insurance policy to a different insurance company. At this time, you can also transfer your accumulated no-claim bonus.
- Lastly, you can continue with your present insurer but modify its coverage. This is possible by upgrading your third-party bike insurance policy to a comprehensive policy or opting for necessary add-ons to your already existing comprehensive coverage. When upgrading your policy, make use of a two wheeler insurance premium calculator that helps in determining the impact of the changes on the overall insurance premiums.
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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.