Avoid These Common Bike Insurance Renewal Mistakes and Ride with Confidence

Overlooking the No Claim Bonus (NCB)

The No Claim Bonus is a discount awarded for claim-free years, significantly reducing your premium. Failing to renew your policy within the grace period can result in the forfeiture of your accumulated NCB. Always renew your policy on time to retain this valuable benefit.

Ignoring Add-On Covers

Add-on covers enhance your policy's protection. Neglecting to consider options like zero depreciation, or engine protection can limit your coverage. Assess your riding habits and choose add-ons that offer you additional security.

Not Comparing Different Insurers

Sticking with the same insurer without exploring other options might cause you to miss out on better deals or services. Compare policies covers and premium of various insurers on platforms like Jio Insurance Broking. This ensures you get the best coverage at a competitive price.

Providing Incorrect Information

Entering inaccurate details during the renewal process can lead to claim rejections. Double-check all information, including personal details, vehicle specifics and previous policy data to ensure accuracy.

Not Disclosing Vehicle Modifications If you've made modifications to your bike, it's essential to inform your insurer. Undisclosed changes can affect claim outcomes and may even void your policy. Be transparent about any alterations to maintain valid coverage.

Choosing Inadequate Insured Declared Value (IDV) The IDV represents your bike's current market value and determines the sum insured. Opting for a lower IDV to reduce premiums can result in insufficient compensation in case of total loss. Select an appropriate IDV that reflects your bike's true value.

Overlooking Multi-Year Policy Options Single-year policies require annual renewals, which can be cumbersome and may lead to missed deadlines. Considering multi-year policies can offer convenience and potential discounts, ensuring continuous coverage without yearly renewals.

Not Reviewing Policy Details Thoroughly It's crucial to read and understand the terms and conditions of your bike insurance policy. Overlooking details can lead to unpleasant surprises during claim settlements. Ensure that the coverage, exclusions and add-ons align with your requirements.

Not Assessing Personal Accident Cover Personal Accident (PA) cover is crucial for rider safety, providing financial protection against injuries or death due to accidents. In India, two-wheeler accidents are a significant concern. In 2022, nearly 75,000 two-wheeler riders lost their lives, accounting for 44% of the total road fatalities in the country. (Here we feel data will help – we can avoid if not needed). Ensure your policy includes adequate PA cover to safeguard yourself and your family.

Renewing your bike insurance online is an important step in ensuring your safety and financial security on the road. By making informed choices and avoiding common pitfalls, you can enjoy uninterrupted coverage and peace of mind. With Jio Insurance Broking, you get the assurance of expert guidance, transparent policies and tailored solutions that fit your needs perfectly.