Smart ways to save money on your bike insurance renewal

One of the legal requirements, along with a driving license, to ride a two-wheeler on Indian roads is insurance. Third-party insurance is compulsory, however, you can opt for comprehensive insurance for better protection. If you want to maintain the protection, at a reasonable cost, there are a few ways you can ensure you get the maximum value for money and you do not end up overpaying for the renewal.

Purchasing and renewing bike insurance online is the easier and more comfortable option. You do it within a few minutes by entering the details of your vehicle and making the payment online. The renewal is a convenient process as well. You can simply put in your policy ID and that’s enough to make all your details come up. After that, all you need to do is pay!

Who does not like cost-efficient options? There are some ways to save money on your bike insurance premium payment at the time of renewing your policy. Let’s explore the most helpful options that can help you in paying a lower premium on your bike insurance policy.

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Ways to save money on bike insurance renewal

1. Renew before expiry – Most companies send you reminder messages, calls, and emails when your policy is about to expire. If you renew it before it expires, then the bonus related to the continuity of the cover is lost. This is particularly important for older vehicles as the companies may insist on inspection and there may be a difference in the IDV.
2. Research about various companies and policies – Sometimes, when you buy an insurance policy you might buy the most basic one due to lack of awareness or a lesser budget. If you wish to switch to another company or a better insurance policy, it is best to read and identify the suitable one.

The easiest way to determine the best deal you can get is by using the bike insurance calculator. It can give you an idea of the premium you will be paying in an instant. While you are researching, don’t forget to look for discounts and other offers like cashbacks.

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3. Consider add-ons and their benefits – Weigh the pros and cons of the add-ons you may have opted for. It is also important to read the policy carefully and understand the inclusions to decide which add-ons you need. This way, you can also eliminate any add-ons that are a part of the policy, but not useful to you. Certain add-ons like accident cover for the rider and pillion rider may be worth considering from the first day itself.

The add-ons can also be bought based on your usage. If you are using your bike as a hobby and not for your daily commute, then you may not want to purchase add-ons.

4. Aim for the No-Claim Bonus – You are eligible for a no-claim bonus when you don’t claim any amount during the tenure of the policy. A certain percentage of IDV gets added to your policy for the next year. Which means you get better coverage at the same premium. Your premium also fluctuates based on how many claims you have filed with the company.

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5. Increase Voluntary Excess – When you are claiming the assured sum, there is a certain percentage you need to pay for yourself. This is determined when you are renewing the policy. The impact, process, and determination of this amount should be done before you renew the policy.
6. Policy duration – Companies often offer lesser premiums on longer plans. While renewing you can consider your usage and future plans to decide the duration of the policy.
7. Zero-depreciation cover – Two-wheelers and their parts depreciate in value. Getting the zero depreciation cover ensures you get the full value for the parts of your two-wheeler during repairs and replacements. This cover is ideal for bikes that are no longer under the warranty of the company or are older than 2 years.

Bike insurance renewal should be done keeping in mind the age of the bike and the condition of the bike. If the bike has suffered damages due to flood or other such natural calamities, the cost of maintaining can be high as the parts may need to be replaced or repaired from time to time. Make your life easier by making an informed decision!

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