Is it time for you to renew two-wheeler insurance? If you are not sure about the expiry date, you can confirm by checking your existing policy. You can call your insurance provider for the same as well. Buying two-wheeler insurance is not a one-time process, it is recurring activity. Therefore, it becomes necessary to renew bike insurance before expiry. An expired policy is worthless. Riding your bike without an active bike insurance policy is a punishable offense and can get you in trouble. If you have to ride your bike legally in India, you will have to renew bike insurance. Read ahead to know 7 money-saving tips to renew bike insurance.
1 – Renew two-wheeler insurance online
Whether you are renewing two-wheeler insurance or looking to buy two-wheeler insurance for the first time, doing it online is a convenient option. Online insurers usually offer two-wheeler insurance at a lower price as compared to the market price. They can manage to do so because of their business structure. Online insurers save money as they do not have retail stores. They do not spend much on operational cost. The role of intermediaries and their commission is also negated in an online transaction. Thus, you get extensive coverage at a low price when you buy two-wheeler insurance online.
2 – Pick the right cover
You can save a lot by picking the right insurance cover. A lot of people buy insurance directly from their bike dealer while purchasing the bike and go ahead with the insurance cover selected by the bike insurer. That cover might not be ideal for you. You should drop non-productive Add-ons from your policy. For example, if you ride your bike alone, there is no need for a pillion rider Add-on.
3 – Checkout different offers
Some online insurers bundle policies. This means, their comprehensive plan might include one or two Add-on covers also. They do it to distinguish themselves from other insurers available in the market. Their websites might also display some exclusive offers. Checkout different online insurer’s websites and grab the offers to save money.
4 – Install anti-theft device
Some insurers might offer a discount on bike insurance premium if you have installed certified anti-theft device on your bike. These devices need to be approved by the Automotive Research Association of India.
5 – Think about voluntary deductible
There is a provision for increasing your deductible when you renew two wheeler insurance. Apart from paying the compulsory deductible in case of a claim, you can also opt for voluntary deductible. This voluntary deductible will be over and above the compulsory deductible. If you opt for voluntary deductible, you convey to the insurance company that in case of a claim, you will be contributing a pre-decided amount from your pocket. As a result, the insurance company reduces your insurance premium. The disadvantage regarding voluntary deductibles is that you will receive a comparatively lower claim amount.
6 – Grab the No Claim Bonus
No Claim Bonus or NCB as it is commonly referred to, is a discount offered by an insurance company to policyholders who do not raise a claim during the policy period. It can go up to 50% if no claim is made for five consecutive years. Make it a point to ensure that the insurer has included the NCB in the quote.
7 – Choose long-term policy for long-term benefits
Instead of going for an annual policy, you can go for a long-term policy. It insures your bike for a period of three to five years. A long-term policy is available at a lower premium as compared to purchasing annual policies.
Renew your policy a week before your expiry date, follow traffic rules, and stay insured.