Are you going to renew your bike insurance soon? Here are the top 5 tips that will help you get a good deal while renewing your bike insurance.
It is mandatory to get your vehicle insured in India and driving a bike without a valid insurance is an offence. Thus, timely renewal of the bike insurance is very important. We usually forget to keep track on the expiry date of our bike insurances, whereas being alert can help us in avoiding unnecessary expenses. However, you do not have to spend a lot in the process, and you can get a good deal by keeping the below mentioned tips in mind.
- Compare Policies Online: Most of the times people don’tdo any research and randomly renew the policy without any research. However, by putting some efforts in comparing the policies, you can surely find the best deals which fulfils your requirement within your budget. There are a lot of websites that help you to compare the policies, and you can end up saving a lot of money by investing some time in comparison.
- Skim out the Unnecessary Add-on Cover Option: You can check your existing policy for add-on cover options on the active policy. After checking the utility of the cover, you can decide whether you want to continue with it. Usually, there is an extra cost which is added to the premium which is really worth spending, but you can save money by excluding some of these which you think are not required.
- Renew within Time: The insurance policies come with a validity of usually one year or five years and have to be renewed after that. However, renewing the policy after its expiry date will incur additional costs. Your insurer will inspect your bike before the new policy is issued. If the number of days between the expiry and renewal of policy is more than 90, then you will lose the No Claim Bonus, and the cost of your policy will also increase. Thus, renewing the policy within time can help in saving money.
- Increase the Deductible: A deductible is an amount that you have to pay during the time of the claim. Majority of the contribution will be paid by your insurer, but as a policyholder, you have to pay the deductible. However, you can increase the deductible amount voluntarily which can decrease your premium amount. You can choose the right amount of deductible during your bike insurance renewal to get a good deal.
- No Claims Bonus: If you have not made any claims in the preceding year then you are awarded a No Claims Bonus. You can avail it if you are eligible for No Claim Bonus. This means that you have to pay fewer premiums. However, you cannot claim this discount if 90 days have passed after your policy has lapsed. To avoid this loss, you should be proactive in renewing your bike insurance policy on time.
With the tips mentioned above, you can get the best deal for renewing your bike insurance. You can also seek professional assistance to help you save money while renewing your bike insurance policy. There are experts in the market who can help you compare and find the perfect policy for you based on your specific requirements.