Guide to Periodic Two-Wheeler Bike Insurance Checks

Guide to Periodic Two-Wheeler Bike Insurance Checks

Why Regular Check-ups Matter: A Guide to Periodic Two-Wheeler Bike Insurance Checks

In India, the streets are packed with cars, bikes, and scooters. Your two-wheeler is your key to navigating this busy traffic. To keep your bike and yourself protected from unexpected events, two-wheeler insurance is essential. 

In this post, we’ll explain the importance of regular two wheeler bike insurance check-ups to ensure you’re always covered.

Why Regular Two-Wheeler Insurance Checks Are Important?

Think of your insurance as a safety net for when things go wrong. Regular check-ups ensure this net’s strength and flexibility remain unchanged should your needs evolve.

  1. Changing Needs

You might buy a newer or more powerful motorcycle, move to a different city with different risk profiles, or fit new accessories onto your existing bike. A regular check-up ensures these changes are reflected in adjustments to your insurance policy so you get adequate coverage.

  1. IDV Updates

IDV refers to the market value of your two-wheeler. Your bike continues to decrease in value over time. In the event of a claim, the outdated IDV in your policy may result in underinsurance, meaning the amount of your claim will be lower than the cost of repairing your vehicle. So, keeping a regular check as per the current value helps keep your IDV updated.

  1. Add-on Cover Flexibility

Insurance companies provide a range of additional covers. Regular reviews will help you decide whether your existing add-on covers still make sense or if there is something new that would fit your needs better.

  1. Policy Expiry

If you forget to renew your policy, you can be left financially exposed. Regular check-ups are timely reminders to renew your policy before it ends.

  1. Premium Optimisation

The contest for customers in the insurance industry is strong. Regular check-ups grant you opportunities to compare quotes from different insurers and may help you find better deals on premiums that do not sacrifice coverage.

How Often Should You Check Your Two-Wheeler Insurance?

You should look for a two wheeler insurance renewal at least once a year. But there are some situations that command an earlier review:

  1. Policy Renewal

This is the ideal time to check whether your present plan has adequate protection.

  1. Changes to Your Two-Wheeler

Upgrading your bike, accessorising it to the brim, or getting a completely new unit necessitates your reassessment so any boost in cost is accounted for.

  1. Moving to Another Town

Each location delivers a unique risk profile. An appraisal helps ensure your plan provides adequate coverage in your new city.

  1. Changes in Life Status

Getting married, having a child, or a job change can affect your financial standing. A review will keep your insurance in sync with your changing needs.

What to Consider During a Two-Wheeler Insurance Check-up?

  1. IDV

Check with your insurer if the IDV value reflects current market values for bikes. If it’s not, ask the company to re-evaluate.

  1. Coverage You Currently Have

Review the coverage you already have and consider your current requirements. If any gaps are present or if there is a need for additional add-on covers.

  1. Policy Wording

Read the policy wording carefully to understand exclusions, claim procedures, and terms and conditions.

  1. Premium

Compare rates and services of other insurers to see if it is possible to get a better deal that provides sufficient coverage.

  1. Claim Settlement Processes

Understand the claim intimation and settlement instructions in your policy document.

*Claims are subject to terms and conditions set forth under the motor insurance policy.

Conclusion

Your two-wheeler keeps you on the move, and your two-wheeler insurance plan protects you financially. A regular check-up of the insurance policy, added to your periodic maintenance routine, can ensure coverage remains strong and continues to meet your changing requirements. 

Keep in mind that like any vehicle regularly serviced by professionals, a well-maintained insurance policy offers freedom from worry while riding along Indian roads.

*Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.