Here are some tips and tricks to help you renew your two-wheeler insurance effectively.
It’s probably that time of the year again and you’re looking at renewing your two-wheeler insurance. After all, how else would you ride legally on the thy Indian roads? Whether you’re only looking at a minimum two-wheeler policy or actually looking to shield both your pocket and bike from unfortunate situations, we’re here to guide you through some quick tips and tricks to ensure you buy an insurance that’s the most effective one for you.
1. Try something new or stick with the same old?
If you’re planning for your bike insurance renewal, which probably means you’ve already had one before. How was your old policy? Do you feel like you need something more for your bike, for yourself? Evaluate your previous policy and shortlist some new options before taking the final call.
2. Legal mandate versus the super-shield
You’re probably aware that, as a legal mandate, all vehicles in India need at least a Third-Parties policy to ride legally in India. While it’s good to follow the law, it’s better to go the extra mile and protect damages and losses against your own bike as well. After all, that’s what insurance policies were designed for. Based on your bike usage and feasibility, choose between a Third-Party or Standard/Comprehensive Two-Wheeler Insurance. While the third-party insurance only covers damages against a third-party property, vehicle or person, a standard insurance will also protect losses and damages to your own bike.
3. The bike insurance renewal process
What’s an insurance without some processes? It’s probably the most boring part of purchasing an insurance so make sure it’s not difficult or taking too much of your time. Therefore, look at all your options and their renewal processes. Today, you have new age insurance companies that have digitalized and simplified things to make it easier for you. For example: With Digit Insurance, all you have to do is just fill in minimum details and you can get your two-wheeler insurance renewed within minutes.
4. Evaluating the returns
Whenever you spend your money on something, it’s obvious to look at what you’re getting from it. Here it’s not just about a plain policy document but, about the benefits it will offer in times of need. Therefore, while renewing your two-wheeler policy- look at the returns such as the benefits they offer, how quick their claims are, how easy their processes are, do they provide cashless settlements, etc and go for the one you think that gives you the best returns
5. Additional benefits, are they any?
If you’re purchasing a Standard or Comprehensive Two-Wheeler Policy, you’ll notice you have the option to select different add-ons to customize your policy further. These add-ons may differ for different insurance companies. Therefore, it’s important to go through these add-ons and other additional benefits and see what fits your needs. For example, you have add-ons like the zero-depreciation bike insurance cover, that gives you the advantage of not letting depreciation affect your bike and its parts and hence giving you a better sum insured at the time of a claim.
6. Tech-savvy versus the traditional paperwork
We live in a world that’s constantly being dominated by technology, including even two-wheeler insurances today. Depending on the kind of person you are, choose between digital friendly or traditional insurance companies. However, we do recommend going for something that’s digital friendly cause trust us, you don’t want to be spending your time filing papers and more papers!
7. Compare like a desi parent
Lastly, we have this trait in all of us anyway. Compare. Compare between the insurance companies you’ve shortlisted for your bike insurance renewal. Evaluate your options. Compare the sum insured, premiums, service benefits and of course the claim processes! By just following these few tips and making minimum effort to see what you’re really getting into will probably save you a lot more time and money in the future