When you purchase a bike insurance policy, the insurance company gives you the policy document. It is a legal paper that contains all the policy terms and conditions. It is an intangible promise made by the insurance company to provide you with financial protection during an unfortunate event covered under the policy. Thus, as a responsible insurance buyer, you must check if the details mentioned in your two-wheeler insurance document are correct.
Let us look at the critical things you must check.
Personal details
When you get the policy documents on email or by post, you must immediately go through them. First and foremost, check if your name, middle name, and last name are spelt correctly per your official records and government-issued documents.
In some cases, the insurer may also mention the address. Please check the same to ensure that everything is mentioned correctly. If you notice any mistake, immediately report it to the insurer and get it rectified. This is paramount to avoid facing any issues during claim settlement.
Vehicle details
Like personal details, you must verify the vehicle details in your comprehensive two-wheeler insurance policy document. Ensure that the chassis number, engine number, and vehicle registration number are mentioned correctly. This is vital to avoid hassles in the future while filing a claim.
Premium charged
Generally, the premium charged by the insurance company is inclusive of the taxes and it is mentioned in the policy papers. Cross-check if the amount you initially paid while buying the policy and the amount mentioned in the document is the same and there are no discrepancies.
IDV (Insured Declared Value)
Buying a bike insurance policy is not a one-time activity. You must renew it annually to continue getting coverage and policy benefits. Also, the premium you pay greatly depends on your bike’s IDV. So, while you review your policy documents, check the value, as the premium calculation for bike renewal shall be based on the IDV. If the IDV is mentioned incorrectly, you may end up paying a higher premium than necessary.
NCB (No Claim Bonus)
If you don’t raise a single during a policy period, you are eligible to get a discount on the premium during policy renewal. This discount offered by the insurer is called NCB. So, while renewing your comprehensive bike insurance policy, you must check if your policy documents clearly mention the NCB component so that calculations are done accurately in the future.
Insurance company’s contact details
When you review your bike insurance policy papers, make sure that the documents clearly state the insurance company’s contact details, including contact number and email ID. You can contact the company’s representative if there are any issues or if you have queries regarding the policy features and benefits.
Policy number
When you file a claim, the first thing your insurance company will ask you is the policy number. The insurer will save your personal and vehicle details against this policy number in their database. So, check the policy number and keep a note of it. For any insurance-related issue, you will need it.
Final Word
Now that you have a complete checklist of things you must check in your comprehensive two-wheeler insurance policy, verify these details to avoid any trouble in the future.
