Most policyholders renew their bike insurance contract around the due date with the same conditions as the original contract. However, the renewal is not done unless you contact the insurer before the due date and maintain the payments.
When your bike insurance contract is about to expire you have several options: cancel your insurance policy, port your policy from one insurer to another or renew the policy with the existing insurer. If you opt for the latter, the ideal way is to assess or negotiate what your insurance company offers in-case they accept your bike insurance renewal request. Also, do not forget to analyze the below-mentioned factors before talking to your current insurance provider, as these scenarios can help you gain some extra benefit at the time of bike insurance renewal. The elements are:
#1 You did not have an accident during the contract.
#2 You want to continue with the same insurance provider for brand loyalty.
#3 The mileage of your bike is low.
#4 You have more than one bike with the same insurer.
Once you analyze the factors mentioned above, contact your insurer before renewing your bike insurance contract and talk to them openly about all what you need to know and what will be the benefit if you are in one or more of the reasons above.
Another element to consider if you plan for a bike insurance renewal is whether it suits your requirement. You should also rethink whether to increase the deductible since this can reduce the necessary costs between 15 to 30%.
Guide to Bike Insurance Renewal
The bike insurance renewal is also a time to analyze if you have the coverage you need, this depends on your budget, the services included or the times you have used the insurance during the effective year of your policy. In the process of bike insurance renewal here are some of the basic facts you must not ignore:
#1 What was your experience as a customer with your insurance provider in the previous years?
Before renewing your insurance, remember that you are also entitled to either cancel your bike insurance or change your current insurer. If the characteristics of the service, the response time and the features of your deductible do not convince you, look for another option.
#2 What discounts are offered at the time of bike insurance renewal?
Let me tell you that your insurance provider can reward you for being a good bike rider! Yes, you heard it right! Every bike insurer offers a discount named as no claim bonus that ranges from 20% to 50% for a period of five claim-free years. To explain it further, if you have one year of claim-free year, you get a discount of 20%, two claim-free years will get you a discount of 25%, 3 years will fetch you 35% NCB, 45% for the fourth year and finally 50% NCB for five claim-free years. Doesn’t this sound interesting? Therefore, inform your insurer about the NCB you have earned so far at the time of bike insurance renewal.
Some more factors to be considered before your bike insurance renewal are:
- Did the coverage you purchased work for you?
- Was the cost of the insurance worth it?
- If you had an accident or damage, were you convinced by the quality of the service offered by your insurer and the attention you received?
If were not convinced by the insurer or the services offered to you, try a new insurance company. But if you have had a positive experience and you are happy with the benefits provided by your insurance company, consider renewing it under the same company. However, we suggest you give yourself a time to compare at least three other insurers, to stay alert for any improvement in price and benefits. Experts recommend asking for at least five quotes of the same type of insurance you have, and review prices and benefits they offer. Only by making a comparison can you make the best decision.
Best Ways to Get Bike Insurance Renewal
Bike insurance can be renewed in two ways:
#1 Directly contact the insurance company
To do so, you need to visit the physical office of your insurance company and pay a fixed amount of premium to renew the policy. In return, they will give you a printed receipt and a copy of your renewed policy, as a document of proof.
#2 Renew your bike insurance online
Renewing your bike insurance online is the best way to complete the process. To do so, go online, log in to your insurer’s website and pay your renewal policy premium via, Debit card, Credit card, net-banking or other such legitimate transactional options offered by the insurer. The best part of doing it online is that within a few clicks you get your insurance policy renewed, from the comfort of your home. Today online bike insurance renewal is the most preferred and widely used option.
The duration of the insurance is determined in the policy itself. You also get timely renewal reminders before your bike insurance renewal due date.
In case you wish to cancel your bike insurance policy before the deadline, you must notify your insurer two months in advance, and the insurer must give an approval document. Otherwise, you could incur a breach of contract and receive some demand.
Remember that not paying the annual premium does not mean that you cancel your policy, and on the contrary, the insurer will not be obliged to indemnify you in case of requiring the insurance.