Bike insurance policies are evolving, offering the standard one-year term and longer durations of 2 or 3 years. Whether you choose a one-year or a multi-year policy, you must renew it when the specified time expires. Do you know how to go about the Bajaj Allianz bike insurance renewal process?
Renewing a bike insurance policy is straightforward, yet many policies expire due to confusion. If you’re facing a lapsed bike insurance policy, it’s time to take action and renew it. This article provides an overview of how to renew a lapsed policy, but first, let’s clarify what a lapsed policy is.
What Is A Lapsed Policy?
The duration of your bike insurance policy is predetermined. The cover ends, the policy lapses when the tenure ends, and you don’t renew the plan. For example, if you purchased a one-year bike insurance policy on January 1, 2017, the policy would be valid until the end of the 2017 year, on December 31, at midnight. If the policy is not renewed, the coverage will end, and the policy will expire on January 1, 2018.
A Manual For Reactivating An Expired Policy
What happens if you must renew your bike insurance plan promptly because you are lazy or forgetful? Your motorbike insurance expires. Here’s what you should do to renew your expired policy:
- Have Your Bike Surveyed And Examined
Before your policy is renewed, if your bike insurance expires, your bike is inspected. Even if you choose to renew online, an inspection is necessary. You would only need to inform the insurance provider to have your bike inspected; the surveyor will then be sent to conduct the inspection. Following the bike inspection, the surveyor submits his report to the insurance provider, who then approves the bike insurance renewal.
- Do Renewals Online
Online shopping has transformed how we do things, including bike insurance renewals. You can renew your expired bike insurance policy online through providers, brokers, or aggregators. It involves providing bike details, following simple steps, scheduling an inspection, and paying online for the two-wheeler insurance Bajaj Allianz price.
- Keep Your No Claim Bonus (NCB) Safe
If you do not file a claim during a policy year, you are eligible for a No Claim Bonus (NCB). For the first year without a claim, the bonus rate may be 20%; it then rises annually in the absence of a claim. You are eligible for a premium concession when you renew your bike insurance policy with NCB. If you do not renew your policy within 90 days of the policy lapse, you risk losing your accrued NCB concession. Therefore, if your policy has expired, promptly renew it to keep your NCB.
- Deductible
Check the policy terms to understand the deductible amount. This is the initial sum you must pay before the insurance coverage takes effect. A clear understanding of the deductible is crucial for making informed decisions about your policy and managing potential out-of-pocket expenses.
- Insured Declared Value (IDV)
Evaluate the Insured Declared Value (IDV) of your bike. The IDV represents the maximum amount payable under the insurance policy in case of a total loss, such as theft or irreparable damage. It is essential to ensure that the IDV aligns with your bike’s current market value. This ensures that you receive adequate compensation in the event of a significant loss.
- Pay Heed To Automated Renewal Reminders
When your bike insurance policy expires, the insurance provider also loses money. To remind you when your bike insurance policy is about to expire, your insurer will frequently call, text, or send an email. Such reminders are important, so pay attention and buy bike insurance online promptly.
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