A two-wheeler insurance policy document is what you receive after paying the insurance premium to insure your bike. The other thing that you receive is an intangible promise to support you financially during an unfortunate event covered by the policy. The insurance document is the proof of the intangible. Thus, it is in your interest to check if the details mentioned in your two-wheeler insurance document are correct.
Whether you purchase bike insurance online or offline, you shall receive a policy document once the payment is processed. If you have purchased bike insurance online, your policy document can either be downloaded directly from your account on the insurer’s website or shall be sent to you via email. In case of an offline purchase, the policy document should reach you by courier or post.
Check 10 things in Comprehensive Bike Insurance Document
1 – Policy number
Your policy number is the first thing that shall be asked by the bike insurance company if and when you lodge a claim request. Your personal and vehicle details shall be stored against the policy number in the insurance company’s database.
2 – Personal details
Check if your name is spelt correctly in the policy document. In some cases, the address shall also be mentioned. Please verify the same as the bike insurance company might need it to send any necessary communication.
3 – Vehicle details
The bike insurance policy document should have crucial bike-related details such as chassis number, engine number, and the registration number. Verify them to avoid any future hassles.
4 – Policy validity
The policy validity period is the time frame during which your bike insurance policy will be considered as active.
The premium charged by the insurance company (inclusive of taxes) shall be mentioned in the policy document. Make sure to cross check the amount paid and the amount charged to ensure there are no discrepancies.
6 – Cover
Details about the Third-party component, Own damage cover, Personal Accident cover, etc. shall be mentioned in this section.
7 – Add-on
If you have chosen any additional covers along with the Comprehensive plan, make sure they are clearly mentioned in the policy.
8 – Insured Declared Value (IDV)
Insurance is not a one-time activity. Bike insurance needs to be renewed in a timely manner. The bike insurance premium is based on the two-wheeler’s IDV. Check the value as calculations pertaining to premium for bike insurance renewal shall be based on the IDV.
9 – No Claim Bonus (NCB)
If you do not raise a claim during the policy period, you are eligible for a discount of premium while going for renewal. This discount is termed as NCB. If you have renewed your policy, check if the NCB component has been mentioned clearly so that future calculations can be made accurately.
10 – Insurers Contact
The insurance company’s contact number and email will be mentioned in the policy document. You can contact the company if there are any issues regarding the details mentioned in the policy.
Making and Endorsement
The act of making changes in the policy document is termed as an endorsement. You can request the insurance company for an endorsement if you want to enhance the cover or change some details mentioned in the policy. If an endorsement is initiated, keep in mind to ask for a revised policy document. Your revised policy document should reflect the endorsement made along with the previously mentioned (correct) details.
It is a good practice to keep a printout of your insurance policy document in your bike. Also, it is suggested to keep a soft copy in your mobile phone or email for quick reference.
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