Renewing insurance for motorcycles annually can be quite stressful, especially when you have a lot of other financial commitments to attend to. More often than you think, bikers tend to counter many problems with insurance renewal.
These problems can be caused by a host of factors, all of which you should know if you own a bike. Here are the four things you should never do when renewing motor insurance for a hassle-free experience.
Last minute renewals
Many bikers tend to postpone their insurance renewals to the very end of the cycle for convenience. But this could only be worse for your financial planning as last-minute renewals can be troublesome. So, always plan your vehicle insurance renewal instead of doing it at the eleventh hour to avoid unexpected delays and potential fines from late renewals.
Start preparing for insurance renewal at least 2 or 3 months in advance. Since motorcycle insurance is expensive, renewal periods can be financially challenging for many people. So, avoiding last-minute renewals can save you a lot of trouble if you have budget constraints.
Not comparing policies
Another common mistake many bike owners make is not comparing policies when renewing insurance. Do not stick with the habit of going for the same policy every year. Always revise your plan by considering your situation, driving habits and needs that may change from time to time.
These factors should be taken into account before selecting any policy. If you move to a new place or city, consider the surroundings and potential threats that might also affect your vehicle’s safety. Customise your coverage based on what you need instead of a standard policy that may not address all your concerns.
Not considering alternatives
When it comes to insurance renewal, people either do it through offline agents or countered services. Not considering other alternatives, such as online platforms like Bjak, could mean missing out on exclusive deals and paying more than you should.
Insurance comparison sites often provide cheaper deals than most traditional methods, which can be very useful if you have a tight budget. So, when the road is rocky, always look for alternative ways, even if it means spending a little extra time.
Underestimating the cost
Never underestimate the cost of your annual insurance premium. Although vehicle insurance tends to get cheaper yearly due to No-Claim Discounts (NCDs), underestimating the cost can be inconvenient if you need to alter your policy depending on your situation and needs.
For example, your neighbourhood suddenly becomes flood-prone, necessitating additional special perils coverage. If you previously allocated a budget for insurance renewal, additional coverage, such as special perils, can be too expensive to afford if you do not have any spare cash left.
Bjak is one of Malaysia’s biggest insurance comparison websites, offering policies from over 10 brands. Get your free insurance quote from Bjak today!
Read more:
