Insuring your Bike is mandatory by law in India. The cover offered by a standard insurance policy is valid for one year from the time of activation. The insured member is required to renew the policy before expiry to ensure continuity in cover. Owing to rapid progression on the technological front, it's a lot more easier now to renew the policy online and through offline channels.
There are many ways to save on the premium payment at the time of renewing your policy. Let's explore the most viable options that can help you in paying a lower premium on your Bike insurance policy.
Avoid smaller claims
Meagre claims for reasons such as a broken clutch lever or a small dent can be avoided if the cost of repair/replacement is not high. By doing so, you’re saving through the NCB (No-Claim Bonus) offered by the insurer at the time of policy renewal which can be a substantial amount.
Consider renewing before expiry
Keep a track of the expiry date and be sure to renew before the actual expiration date. By doing so, you’re not only ensuring continuity in the cover, but also save additional charges such as re inspection for vehicles when the cover lapses. Such charges can run into a couple of hundred rupees.
Increase Voluntary Excess
This is your percentage of share in the claim should a claim situation occur. You agree to fix your share in the claim at the time of or during renewal. The benefit of doing so is that you get a substantial reduction in the premium amount. Just before the policy expires, contact the insurer to understand the mechanics on the Voluntary Excess front and consider it for a lower premium.
Reconsider Add On cover options
Read the policy document carefully to see if there are Add On covers active in the existing policy and revisit the utility of such cover to decide if you would like to continue with them. Most of such options come with an additional cost added to the base premium that can help you save money by excluding them.
Compare products online
One of the easiest ways to save money on renewal is by way of comparing products offered by various insurers online. You may also come across a few deals which offer monetary benefits for switching over from your existing insurer. The most preferred way to do so would be to use a neutral website such as Bankbazaar.com to read about the product information and to compare the quotes offered by various insurance companies.
There are many such little tricks that can help you save on premium payment for your Bike insurance. After all, saving money is important, isn't it?