9 Things You Must Know Before Renewing Your Vehicle Insurance Policy

Bike insurance renewal is a crucial responsibility every vehicle owner must undertake. It not only keeps you compliant with the law but also ensures financial protection in case of unfortunate events.

At Liberty General Insurance, we provide customers with the flexibility to choose between two types of two wheeler insurance policies. The first option is a standard annual policy, while the second option is a multi-year plan. Know about them in detail here—Two Wheeler Insurance: What are the types of Bike insurance in India?

However, before you proceed with the two wheeler insurance renewal online or bike insurance renewal, here are ten essential things you must know:

• Policy Expiry Date:

  Mark the expiration date of your current insurance policy. Renew your two-wheeler insurance before it lapses to avoid any penalties and loss of No Claim Bonus (NCB).

• Policy Coverage:

  Assess your current policy coverage. Determine if it meets your requirements or if you need to enhance it. For example, consider adding add-ons like zero depreciation or roadside assistance for better protection.

• No Claim Bonus (NCB):

  Check the accumulated NCB on your existing policy. NCB is a reward for not making any claims during the policy period. It can significantly reduce your premium during renewal, so ensure you do not lose it.

• Online Renewal Benefits:

  Opt for two wheeler insurance renewal online as it offers convenience, speed, and often additional discounts. Most insurance providers have user-friendly websites that make renewal a breeze. You can renew your Liberty General Insurance two wheeler policy online.

• Insured Declared Value (IDV):

  Verify the insured declared value (IDV) of your bike, which represents the maximum sum assured in case of theft or total loss. Ensure the IDV is appropriate for your bike's current market value.

• Add-On Covers:

  Understand the available add-on covers and their benefits. Choose add-ons that align with your needs and provide comprehensive coverage. With Liberty General Insurance you have access to multiple add-on covers.

• Previous Claims:

  Disclose previous claims, if any, honestly during renewal. Providing accurate information ensures a smooth claims process in the future.

• Policy Terms and Conditions:

  Thoroughly read and comprehend the policy's terms and conditions. Be aware of what's covered, what's excluded, and any specific claim procedures.

• Renewal Reminder:

  Set a renewal reminder well in advance to avoid last-minute rushes. Missing the renewal date can lead to a break in coverage, which may lead to financial risks.

The motor insurance policy provided by Liberty General Insurance offers multiple features, including hassle-free claims, easy policy transfer, availability of additional protection and a seamless, paperless process.

Two wheeler insurance renewal or bike insurance renewal online is a simple yet vital process that demands attention and understanding. Take the time to review your policy, compare options and make informed decisions to enjoy a worry-free ride on the roads.

Remember, renewing your two wheeler insurance is not just a legal obligation, but a safety net that safeguards you and your bike from unforeseen events. By staying informed and making the right choices during the renewal process, you can ensure that you have the best possible coverage for your beloved two wheeler.