As per Motor Vehicles Act, third party insurance is a mandate. Yet, it is always advisable to choose a comprehensive two wheeler insurance policy. Moreover, one should ensure that the insurance policy is renewed timely. In case the bike insurance policy lapses, you will not be provided any coverage in case of any untoward accident or mishap.
Today, renewing the bike insurance policy is no more a tedious task. It is hassle-free, easy and convenient both online and offline. While renewing the bike insurance policy, you can also save some money.
Wondering, how? Read ahead to know the tips that help to save money on bike insurance renewal
Important Tips to Remember While Bike Insurance Renewal
Here is a rundown of some of the key steps that one should keep in mind while renewing the bike insurance policy:
*Standard T&C apply
- Avoid Small Claims: Having a two wheeler insurance policy is a smart decision, yet you should avoid making claims for small damage such as a small dent or broken clutch lever. This should be done if the replacement or repair cost is not high. Doing this will help you save through the No Claim Bonus. The NCB is offered by the insurance company while renewing the policy and is a substantial amount.
- Increasing Voluntary Excess: This is the percentage of share in the insurance claim when a situation like it occurs. Here, you agree to fix the share in a claim at or during renewal. The key advantage of doing so is that you obtain a substantial reduction in the bike insurance premium. Before the policy expires, get in touch with the motor insurance company and understand the mechanics related to voluntary excess.
- Review the Add-ons: While renewing the policy, review the policy carefully. Read the policy document carefully. Check whether the add-ons you chose in the past are required and if you wish to continue with it further. The add ons usually come at paying an extra premium amount and are added to the base plan. Choose the add-on covers wisely.
- Install Anti-theft Devices: You may not be aware but insurance companies offer low premiums if you protect your bike with security devices like an anti-theft alarm. It shows your intent to protect the vehicle and avoid any unwanted loss or damage. Make certain that security devices are approved by ARAI to avail cost-effective bike insurance premium.
Wrapping it Up
To make a smart and informed decision it is recommended to compare insurance quotes online. Choose a plan that fits your requirement.
Hope the above-mentioned tricks help you save money while the bike insurance renewal
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.