Bike insurance is made mandatory by the Indian government. This type of insurance covers all the damage caused to the bike during an unfortunate accident. However, the policy comes with an expiry date, and the owner is required to renew the insurance.
The bike insurance renewal is extremely important if you don’t want to bear those accidental damages repair cost. And with the growth in the technologies, there are multiple ways to make the renewal process stress free and cost-effective at the same time.
This article has all the possible ways through which you can keep the money under control while renewing your bike insurance.
- Be aware of the expiry date
First of all, it is extremely necessary that you keep yourself aware of the expiry date of the original insurance. This way, you can easily renew the insurance before the insurance expires and avoid the disruption in the continuity.
- Claim wisely
The claims should be availed of only when needed during the cover. There are insurance policies, under which, you obtain bonuses for not claiming. So, if possible, it would be wise to avoid claiming for small issues such as a minor dent or a broken clutch. If you can bear the cost of such repair work, it will help in saving money at the time of insurance renewal.
- Fix voluntary deductible
During the renewal, you can fix the amount of voluntary deductible. This way, you get to reduce the premium amount to a pretty good extent.
It would be wise to understand the policy before doing so. Hence, you should talk to the insurer about such policies before the expiry date arrives. This will help in lowering the overall premium at the time of renewal of the policy.
- Keep your options open
The online world allows you to have a wide range of options on everything. This also includes the availability of insurance renewal options for your bike. There are various insurance companies offering different policies with different deals over a single platform. So, you should compare multiple options in order to find the one that suits your requirements. The more you read, the better. Also, talk to the aggregator or drop an email and ask your questions. After that, you can pick one that offers you the best possible deal.
- Understand the additional cost
Before you renew the insurance policy, it is recommended to read through the policy carefully to understand the additional or hidden costs in the policy cover. Look for any unwanted or additional covers that increase the overall premium, and strike them off at the time of renewal. This way, the premium gets reduced.
So, that is how you can reduce the cost and save money when renewing your bike insurance.