Top Ways to Save Money on Bike Insurance Renewal
Updated On Aug 30, 2021
Read to know about some ways to save money on the renewal of bike insurance.
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The best two-wheeler insurance policy can be a little expensive, but you can also save money on its renewal. There are a few ways following which you can lessen the premium of your two-wheeler insurance plan and you can enjoy a great plan at affordable rates.
Ways to Save Money on the Renewal of Two-Wheeler Insurance
Here are some easy and common tricks with which you can get a discount on your premium cost at the time of bike insurance renewal:
Driving safely not only lessen the chances of any collision but, also reduces the premium amount of your bike insurance policy. Actually, insurance companies provide a No Claim Bonus (NCB) benefit, which is a reward in terms of a discount to reduce the premium of the next year, to policyholders who make no claim in a policy year, which is possible only by driving safely and responsibly.
Buy Add-ons Carefully
Add-on covers looks good to everybody as they provide additional coverage during unfortunate events, but they do not come for free. They increase the premium amount of your policy, so they should be purchased strictly in accordance with your requirements. Buy the add-on covers only you need and remove the ones from your policy during renewal that are of no use to you.
You may also like to read:- A First-Time Bike Insurance Buyer's Guide
Increase Your Policy Term
Usually, the bike insurance plans are available with the annual policy term. It means you have to get your policy renewed to keep them active every year before its expiry date. However, bike insurance plans with long term periods are also available such as a 3-year bike insurance policy. Buying such policies will secure you from the hassle of frequent renewals. In addition to this, long term plans are cheaper than yearly plans.
Install Anti-theft Devices
Insurance companies cover your risk of damage to your bike. Installation of an anti-theft device in your vehicle can secure it to some extent from getting stolen. Such measures lower the risk of theft of your bike and make your insurer give a discount on the policy premium. To get this discount, you must declare the installation of an anti-theft device in your bike during the renewal and must install only the Automobile Research Association of India (ARAI) approved safety devices.
Avoid Making Modifications
Modifications in bikes are referred to the addition of accessories that were not a part of the two-wheeler during its purchase. With modifications, you will have to insure the newly added parts too which will enhance your bike insurance policy premium cost. Therefore, avoid making any modifications to your bike, if not required.
Also Read:- How To Check Bike Insurance Expiry Online?
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.