4 things you need to do after buying a two wheeler insurance policy

Buying a bike insurance policy for your motorbike is extremely important. It ensures you are legally allowed to ride your bike on Indian roads. Also, it gives you financial protection from the repercussions of accidents, theft and natural/man-made calamities. However, after purchasing a policy, many individuals tend to put their insurance in the backseat. This often leads to lapsed policies, insufficient levels of protection in the future and financial losses in general.

Keeping this in mind, the following article will highlight some steps one should take after purchasing motor insurance. These steps will ensure you always stay on top of your insurance needs and get the most out of your two wheeler insurance policy.

1. Learn about the claim process.

Many individual simply buy a bike insurance policy and keep it at that. They do not read-up or question their insurance providers on the workings of plan. That’s why, when an accident happens or they need to make an urgent claim, they are no sure of the process. You can avoid this by going over the claim process with your insurance provider when you buy the policy.

2. Make copies of your policy.

Make copies of the insurance policy. Keep the original policy document in a safe place and place the copies in your two-wheeler so you can produce on the request of traffic authorities. 

3. Set up and electronic clearing system.

It’s only human to forget about your renewal date. Fortunately, all motor insurance plans come with a grace period that usually lasts for 30 days after the expiration date of your policy wherein you can renew the policy without any penalties. However, many of us put-off for the task for ‘tomorrow’ and this often leads to a lapsed policy. Renewing such a policy might come at a significantly higher cost and you might also have to bid farewell to your NCB too.

Well, this is all easily avoidable if you set up an electronic clearing system (ESC) for your insurance renewal. This is a system wherein the amount required to renew your insurance policy will be automatically sent to the insurance provider without any action required from your side. The system will intimate you regarding the payment a day prior and then forward the payment when required.

4. Review your insurance needs.

Staying with the same amount of coverage throughout your policy is a big no-no. Over time, your insurance requirements might increase and this could call for improved cover. Conversely, you could also require less protection over time and failing to reduce the coverage of your two wheeler insurance policy will result in you paying for insurance you do not need.

So, every year, make it a point to review your insurance needs. When you bought the policy, you probably didn’t need pillion cover, but you could now be dropping your spouse or a child to school regularly. Keeping this in mind, you could include the pillion rider add-on to your policy. Alternatively, if your vehicle has gotten old and now your focus has shifted from complete protection to affordability, you can down-shift to a third party bike insurance plan.Hope this has been helpful, good luck and ride safe!