Almost 1.5 lakh people in our country lose their lives due to road accidents every year. For this reason, it is essential to buy vehicle insurance cover for self and for a third-party to deal with such emergency situations in a hassle-free manner.

If you own a 2-wheeler, then timely renewal of yourbike insurance is also an important task. There are various bike insurance policies available online that recompense for any financial loss due to an accident, theft or collision of the insured vehicle.

However,renewing your bike insurance policy can be a challenging task as there are so many insurers offering so many quotations online to their customers. And each one of them comesin different formats with an array of clauses, benefits, terms, and conditions. Maybe that is why it is difficult to select one out of so many options.

Some important parameters that you need to understand before renewing your policy are mentioned below. Consideringthese points, you canfind the most suitable onlinebikeinsurance without any ambiguity -

1. Bike Value                                                                                                                           

Firstly, check if your insurer has put in the correct value of your bike.There are cases where insurance companies arbitrarily depreciate the two-wheeler’s value, reduce the premium amount, just to retain a customer.

Sometimes, insurance companies are not aware of the correct value of the two-wheeler and erroneously evaluate the bike insurance quotation on the basis of the market value.

For this reason, it is recommended that you compare different plans from different motor insurance companies and check if the bike’s value is kept the same. It is an important step if you want to do a like for like comparison.

2. Cost of Premium

Basically, the age of your bike, its brand and type, and your policy duration determine the cost of your bike insurance premium. You have to pay the premium every year if you buy an annual plan. To avoid the hassle of renewing a policy every year, you can opt for multi-year or a long-term 2-wheeler insurance policy.

In simple terms, to avail the continuous benefits of a bike insurance policy, you have to pay the premium amount. The premium will also vary on the basis of the insurancecoverage, discounts, add-on benefits, discounts excess and the likewise.

Before renewal, the right approach is to compare a few bike insurance quotes from best motor insurance companies and then decide the one. There are so many bike insurance companies such as HDFC bike insurance, Bajaj Allianz etc. from which you can get your policy.

3. Percentage of Deductiblesor Excess

There are deductibles in every motor insurance policy. Basically, it is the amount that the policyholder has to pay from his own pocket while filing the claim. At the time of renewal, if you want to reduce the cost of the premium, you can opt for higher deductibles and the vice versa. The insurance provider will compensate the cost over and above the excess.

Do not get lured to a lower premium cost, double check for higher deductibles. Because ultimately, it is the cost that will be borne by you. The best way is to check the cost difference by decreasing or increasing the deductible amount and then make the purchase.

If there is a fault or an accident, then the excess or deductible cost has to be paid by you for all the non- recoverable claims. In case you are not found at fault for a recoverable claim, then you are not required to pay the excess. In that case, the insurer will recover the amount from the insurance provider of the third party.

4. Agency Repairs

If your current plan doesn’t include agency repair service, it is advisable that you read the quotation to find out if it includes agency repair. If you have a sports bikethen this one is highly recommended for you. You can opt for this cover while renewing the policy.

It means that the insured bike will be fixed at the registered garage instead of any third-party workshop. In some plans, it is covered in the basic plan, whereas in some plans you have to buy it as an add-on cover.

5. Accidental Cover for Driver and Pillion Rider

You can pay an extra premium at the time of renewal to avail this add-on benefit. It safeguards the interest of the person riding on the motorcycle as well as the driver from accidental death or injury. If your motorcycle insurance quotation includes this benefit, it implies that the insurance provider will recompense the loss resulting due to any road emergency.

6. Two-Wheeler Replacement Service

Vehicleinsurance companiesoffer replacement assistance(for a specific period like 2 to 4 days)if thevehicle is beyond repair or is fully damaged. If yourbike is new and is loaded with accessories, it is recommended that you get this added in your plan.

7. Sub-limits

Usually, all the vehicle insurersimpose sub-limits on benefits that are provided in a two-wheeler insurance policy like personal belongings cover, emergency medical expenses, third-party property damage etc. If the claim amount is more than the permissible sub-limit, then 100% compensation will not be provided by the insurer. The company will offer compensation up to a specified limit only.

8. No-Claim-Discount or No-Claim-Bonus Protection

Losing No-claim-bonus over a single claimwould be the last thing that you would want to do. You can get this add-on cover, and enjoy your No-claim-bonus despite making claims. However, the coverage is offered only for a specific number of claims.

It proves to be quite useful for those who have not filed any motor insurance claim in the past three years or more. With this, you will be able to retain your No-claim-discount and also don’t need to worry about making a claim.

Conclusion

We hope the above-mentioned points would help you in identifying the right two-wheeler insurance policy at the time of renewal. If you are aware of these aspects, it will be easier for you to analyze and compare various online bikeinsurance quotations from different providers. To put your hard-earned money in the right insurance policy it is crucial to make an informed purchase.