Bike insurance is mandatory to have in India as per the rule of the motor vehicle act, 1988. And, at the same time don't forget to renew two-wheeler insurance annually as the policy is valid for one year. Before expiry the insured need to renew the policy to ensure continuity in cover. It has become easy now to renew the policy online and offline channels. Hence, there are several ways to save while renewing your two-wheeler insurance. Here we are going to assist you in how to lower the premium on your bike insurance.
Avoid tiny claims: Make sure you avoid making small claims until its necessary. Small claims lose the chance of getting NCB -no claim bonus discount. If you don't claim for small incidents, you will save through the NCB offered by the insurer.
Renew before expiry: Always remember to renew before expiry. Also, keep a track of the expiry date or follow the reminders of insurance renewal. This is how you can ensure continuity of the cover at the same time save additional charges for example - re-inspection.
Increase voluntary excess: Voluntary excess is a portion of shares that you fix from your side at the time of claim. And, for that, you get a substantial reduction in the premium amount. This is how voluntary excess helps in premium reduction.
Compare insurance online: It is beneficial to compare insurance policies online to get the best and most suitable insurance cover for your two-wheeler. One of the easiest ways to save money on a renewal is by way of comparing insurance policies offered by various insurers online.
In final words, now you have got precious information about different ways to save more when your bike insurance renewal.
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