How to save money on Bike Insurance Renewal?

Paying electricity, mobile and other bills is a monthly grind. There are lesser chances of missing these when everything can be done online. But, generally, renewing a Two Wheeler Insurance is an annual task and chances are that you may skip the date of renewal. Right?

Driving a vehicle needs fuel but for legal accomplishments, you should have an insurance policy. As per the Motor Vehicle Act, no one is allowed to drive without an insurance policy. Insurance renewal may irk your mind on shelling money. It may look troublesome to you as:

1. You may not know the worth of an insurance cover and have no idea on how it may help you to recover the cost of bike repairs.

2. The premium may look higher as your agent suggests you. Also, the third-party premium has increased over the years.



To quench your disquieted mind, this is what you can do to save money at least at the time of renewal:

1. Own a very old bike? Go for stand-alone third-party insurance: If the age of your vehicle is more than 10 years old, it will be wise if you buy the third-party cover only. Because third-party insurance is mandatory which you cannot skip. Also, as your bike gets old, the value of spare parts depreciates gradually. It reaches a point when you can easily afford the cost of repairs if there arises any claim.

2. Enjoy a discount on the premium by claiming NCB: Every claim-free year fetches you a No Claim Bonus which happens to increase with years. Make sure your insurer offers you the bonus which in turn will reduce your bike insurance premium.

3. Check for different offerings from different insurers: The world now is digital and everything or anything is available online. It will be intelligent if you compare the quotations offered by different insurers. But remember to do this well in advance when the renewal is due and not after it.

4. Use Bike insurance calculator: You can use the Bike Insurance Calculator yourself to calculate the exact premium amount with different add-on coverage. There will be no middlemen involved and hence you can take unbiased decisions. You are free to decide the types of add-on covers you want.

5. Buy your policy online: Renewing your Bike Insurance policy online will also help you save a percentage of the premium as no middlemen are involved. When you buy through insurance agents, they pile up their percentage of commission. It casts an impact on your premium directly.

6. Renew on time: Avoid delays in the renewal of the bike insurance policy. In case of undue delay, you will have to pay for survey fees and you may also lose the benefit of No Claim Bonus.

7. Buy necessary add-ons only: You should choose wisely from the add-on covers. Don't buy all if you think they are not relevant. Like if you are planning to sell your bike then you can avoid the add-on covers like Engine and Gearbox Protection. It will help to reduce the renewal premium.
If you are planning to do roadtrips or living in a metro city, go for zero depreciation bike insurance as you don't have to pay for any depreciation in case you meet with an accident which ends up damaging your bike.

8. Customize your IDV: Choose low Insured’s Declared Value if you have an old vehicle or planning to sell it soon. A low IDV will reduce the premium for you.

Other than what you just read above, some indirect ways in which you can save burden on your renewal premium may include:

9. Save yourself from heavy fines: Owning bike insurance is mandatory but if you fail or forget to buy a renewal and caught driving, you are bound to pay a fine of Rs.2000/-. Getting a bike insurance renewal is better rather than adding such indirect added cost to your insurance premium bucket.

10. Third-party liability is taken care of by the insurer: If you happen to damage a third-party’s property or injure somebody, then immediately intimate your insurer. Do not pay from your pocket as it will be just a pile on for you when your insurer is liable to pay for the damages.

11. No need to pay for own damages if you have insurance: In case, you meet an accident then intimate your insurer for the loss. They will help you recover the cost liable. It will prevent you from spending extra other than the premium you paid.