Bike insurance renewal on time is important because if you don't, then you will be liable to pay Rs. 2000 as fine. Or you might also face 3-month imprisonment, which we are sure you want to keep out of your bright future.
Wondering where to get the best online policy renewal tips? Leave your worries behind because Coverfox has got your back. Whether it’s about comparing insurance, buying insurance, filing claims, or renewing an insurance policy, we at Coverfox make sure to provide everything you require for your insurance. Our main goal is that you should have a great experience while comparing, buying, or renewing your insurance policy online on Coverfox. When it comes to renewing your two wheeler insurance policy, here are some great tips that you can consider.
Bike insurance renewal on time is important because if you don't, then you will be liable to pay Rs. 2000 as fine. Or you might also face 3-month imprisonment, which we are sure you want to keep out of your bright future. To renew bike insurance policy is mandatory as per the law in India.
Read the best tips to renew a two-wheeler insurance policy online:
- Check Insured Declared Value (IDV): As you enter your vehicle details, quotes from various insurers will display on your screen. Before renewal, make sure to compare the Insured Declared Value offered by different insurers.
- Assess your cover: Renewing also lets you evaluate the level of cover you have v/s other market plans. Browse thoroughly and pick one that matches your requirements best.
- Examine your add-ons carefully: Choose add-ons that are best suited to your needs and only then include them in your plan. The add-ons are an added expense, but eventually, they also enhance your policy benefits.
- Get full details: Before paying the premium, we recommend you to ensure that all the information about your vehicle and about you is correct. With these helpful tips available on Coverfox, we ensure that you will face no inconvenience while you proceed to renew a two-wheeler insurance policy.
Here are a few simple steps to follow while you renew two-wheeler insurance policy online at Coverfox
- Log-on to www.coverfox.com.
- Click on the 'Instant Renewal' button.
- Enter your policy number or mobile number.
- Verify your details through OTP.
- Review the details of the policy you want to renew.
- Make a payment towards premiums.
- Get confirmation of your policy renewal in your email.
And you are good to go!
Top five reasons to renew bike insurance on Coverfox
Bike insurance renewal is as important as buying a bike insurance policy in the first place. We have all the answers to your "why renew at Coverfox queries." Have a look:
No more high premiums to pay. You can pay lower premiums on your bike insurance policy by availing of a No-Claim Bonus discount accumulated on your plan.
In India, it's important as per Indian laws to at least have a third-party liability-only policy as per the Motor Vehicles Act, 1988.
High penalties to pay
If you are riding without a valid insurance policy, you will have to pay a penalty of INR 2000. And if you repeat the incident, you might even go behind bars. And my friend, this is why it is important to renew your bike insurance policy on time.
Full financial coverage
With bike insurance renewal, you protect yourself from the burden of the cost of repairs due to damages to the bike. And in the case of bike theft, you are eligible for the IDV of the insurance policy.
You get a personal accident coverage of Rs. 15 lakh with the policy. Just renew your insurance policy online that has a hassle-free process. It will only take less than two minutes.
Want to know more about online bike insurance renewal on Coverfox?
Coverfox offers great benefits for bike insurance renewal policy. The best four advantages are listed below:
1. No inspection - Coverfox helps you renew your policy, whether expired or active, without any inspections.
2. No extra payments - You will find full transparency in the cost section. There are no hidden costs.
3. Instant policy - We at Coverfox make sure that you receive your policy documents within minutes on your email without any inconvenience.
4. No previous details - You do not have to provide any previous policy information if the policy has expired for more than three months.
While you consider renewing your bike insurance policy, here are some things to keep in mind
- Choose the insurer wisely. Check their claims settlement ratio and customer care details. Make sure they are financially stable to offer a hassle-free claim settlement.
- Take proper time to understand add-on covers you would want to include in your plan while renewing your bike insurance.See that the bike insurance policy which is due for renewal still offers the best coverage.
- Go for the insurer that offers affordable premiums. Lapsed policies come with extra payments. While renewing your plan in time, you will get you a lower sum to be paid. The premium also depends on the age of your bike.
- The Insured Declared Value (IDV) is another important value to consider. Usually, the age of the bike decides how much IDV the insurer is willing to offer. IDVs are also determined by the make and model of the bike. So, it is recommended that you compare different policies online on IDV before choosing a plan.
- If you like to travel on your bike to the office on a daily basis, then it is important to have your two-wheeler insurance policy in advance. Cashless Garages help you get your vehicle repaired without you paying anything at the garage. It helps shift payment responsibility from you to the insurance company.
- Eventually, you need the utmost protection for your precious bike. However, you can't attach add-ons to your policy without thinking about the premium that you will end up paying. So, select your add-ons accordingly and then only attach them to your plan.
Note: If you renew a two-wheeler insurance policy on time, you can save up to 80%.
The above-mentioned tips are a must-read before you renew a two-wheeler insurance policy.
Know what is IDV in two-wheeler insurance
IDV is the Insured Declared Value of your two-wheeler. It is basically the:
- The maximum amount an insurer will compensate you for the complete total loss or theft of your bike.
- It is the current market value of your vehicle.
- It remains fixed during a given policy year.
- It is subjected to depreciation.
Why you should always consider comparing bike insurance policies online?
- Saves money.
- You get the best plan.
- Get Best IDV.
- Top add-on covers.
In short, To renew a two-wheeler insurance policy on time is the right step towards having a peaceful state of mind, and also it helps get the best benefits online. The above-mentioned tips from Coverfox can come to your aid while you renew a two-wheeler insurance policy. All you need to do is pay a visit to www.coverfox.com, and you will find all the answers to your insurance renewal queries. Renew now, worry never! Hassle-free process, quick access.