A bike insurance policy is the minimum requirement for all two-wheeler owners. There are two types of bike insurance plans you can buy- third-party and comprehensive covers. While a third-party cover is the bare minimum that every bike owner must have, a comprehensive plan can be an optional upgrade. When you purchase a comprehensive policy there are add-ons that increase the premiums. At times buying these comprehensive bike insurance
can prove to be extensive. Not only the initial purchase but also the consequent renewals can be expensive. So, this article lists some tips that can help you reduce the bike insurance renewal price for your old as well as new vehicle. Let’s have a look -
Buying a long-term two-wheeler insurance cover
A handy tip to reduce your bike insurance renewal price is to opt for a long-term policy. A long-term policy is the one that provides coverage for more than one year. When compared to a standard policy, the two-wheeler insurance renewal price for such plans is affordable. Moreover, you need not worry about the changing two-wheeler insurance premiums when buying a long-term cover.
Smart selection of add-ons
Add-ons are additional features that enhance your comprehensive insurance policy coverage. Since it provides additional coverage, the add-ons undoubtedly increase the bike insurance renewal price but at the same time help to save future repair costs. When selecting a bike insurance add-on, it is a prudent choice to evaluate each add-on based on the benefits it provides vis-à-vis its cost. Say, after a policy tenure you feel an add-on is unnecessary, you can choose to not add it to your policy and save more during two wheeler insurance renewal
Avoiding raising claims for minor repairs
When no claim is made during the policy tenure, the insurance company offers a No-Claim Bonus or NCB. This feature provides you with a discount on your insurance premium thereby reducing the bike insurance renewal price. Such discounts play a critical role to keep your premiums in checks. When you raise a claim for repairs, you lose these policy benefits. Thus, if the cost of repairs is small, you can choose to pay for it to protect your no-claim bonus.
Choosing a higher deductible
All motor insurance plans have a compulsory deductible that you must pay at the time of claim. It is also known as the standard deductible of the insurance cover. The regulator, IRDA
prescribes this nominal amount. But apart from the compulsory or standard deductible, you can also opt for a voluntary deductible. It is an additional amount that you agree to pay at the time of claim. Choosing a higher voluntary deductible reduces your insurance premiums thereby lowering the two-wheeler insurance renewal price. When you combine the above no-claim bonus and voluntary deductible, any cost of repairs in aggregate of these two amounts will ensure the claim benefits you.
Ensuring the renewal of your policy before the due date will not only help you avoid legal liabilities but also continue the policy benefits. Some perks are linked to the timely renewal of your two-wheeler insurance policy. While insurance companies send reminders for a timely renewal, take advantage of these benefits and buy an insurance cover within a few clicks.
Use the above-mentioned tips to not only lower the bike insurance renewal cost, but also have an adequate coverage to insure your vehicle. Make smart use of these tips and ensure the two-wheeler insurance renewal price is within your budget.