Overview
In India, it is compulsory to insure your motorcycle. A typical bike insurance policy’s coverage lasts for one year from the moment it is enabled. To ensure continuity of coverage, the insured member must amend the policy before it expires. It is now much easier to renew the policy online and across offline networks, thanks to rapid technological advancement.
There are a variety of ways to save money on your premium rate when it comes time to renew your policy. Let’s look at the most feasible choices for lowering your bike insurance premium.
- Smaller Claims Should Be Avoided.
Small claims for things like a broken clutch lever or a small dent can be avoided if the repair/replacement costs aren’t too high. You can save money by taking advantage of the No-Claim Bonus (NCB) provided by the insurer at the time of policy renewal, which can be important.
- Consider Renewing The Contract Before It Expires.
Keep track of the expiration date and make sure to renew until it passes. You’ll not only ensure coverage longevity, but you’ll also avoid extra costs including vehicle re-inspection when the cover expires. Charges of this nature can be around hundreds of rupees.
- Voluntary Excess Should Be Increased.
If a claim circumstance arises, this is the percentage share of the claim. You consent to correct the claim share at the time of renewal or during the renewal process. The advantage of doing so is that you can save a lot of money on your premiums. Contact the insurer just before the policy expires to clarify the knowledge of voluntary excess and consider it for a lower rate.
- Think And Incorporate On The Subject Of Cover Options
Read the policy document carefully to see whether there are any active add-on covers in the current policy, and consider the utility of each one before deciding whether or not to keep them. Most of these options come with an extra cost on top of the base premium, but removing them will help you save money.
- Compare Plans Online Using Bike Insurance Calculator
Comparing plans provided by different insurers online is one of the simplest ways to save money on renewal. You may even come across a few offers that provide financial incentives for moving from your current insurer. The most convenient way to do so is to use a neutral website such as Finserv MARKETS to learn about the policy and compare prices from different insurance firms using a bike insurance calculator.
Wrapping Up
Consider the points above to reduce your bike insurance premiums. Also, to make a safer and more informed decision, consider purchasing bike insurance online from Finserv MARKETS. Read the policy wordings carefully to grasp the policy coverage, exclusions, and other information.
