For those who own a vehicle are well aware that third party motor insurance is mandatory by law under the Motor Vehicles Act, 1988. This bike insurance covers you for all the third-party liabilities that may arise in due course of time.
However, third party bike insurance offers limited coverage. In other words, it does not cover you for damage caused to your vehicle. For extensive coverage, you will have to opt for comprehensive bike insurance. With comprehensive insurance, you will be covered for third-party liabilities as well as damage incurred by your vehicle in case of accidents.
But despite extensive coverage, most people are reluctant to buy comprehensive bike insurance. This is because the premiums are slightly higher than third party coverage. So, does this mean you should not buy comprehensive plans? Well, not really.
You can opt for a comprehensive two wheeler insurance at affordable premium rates. In this article, we are discussing how you can reduce premium charges during renewal.
Tips To Reduce Two Wheeler Insurance Renewal Prices
The first insurance policy purchase is without much background research and usually from the vehicle dealership. However, during the time of renewal, you can review your plan and customise it as per your needs. Moreover, you can also reduce the premium charges. Here’s how –
- Choose Only The Required Add-Ons
Your insurance provider will offer multiple add-on covers such as zero depreciation cover, roadside assistance cover, engine cover, and more. These riders help enhance the benefits of your basic bike insurance plan by providing extended coverage.
However, these plans come with nominal charges over your existing premium amount. Hence, it is recommended to choose only those add-on covers that you find are beneficial for your needs.
- Maintain A Clean Driving Record
You may not be a skilled rider, but you can definitely ensure that you ride your bike safely to avoid any mishaps. Further, this makes sure that you make fewer to no claims over the policy term.
If you do not file a single claim during your policy tenure, you can avail the benefits of the No Claim Bonus (NCB). Also, your insurer perceives you as a low-risk profile and offers lower premiums on the bike insurance plan.
- Renew Your Plan On Time
Bike insurance plans are made available to you for one to five years. This goes without saying that you need to renew your policy on time to enjoy the benefits offered under it. This also ensures that you are financially covered in case of unfortunate events.
- Use The No Claim Bonus (NCB)
The No Claim Bonus (NCB) is more like a reward offered to you (the policyholder) for not making a single claim during the policy term. This accumulated bonus can be utilised to avail discounts on premiums at the time of policy renewal. The NCB starts from 20% and can go up to 50% if you do not make a claim for five consecutive years.
It is crucial that you do not compromise on the bike insurance coverage you choose. The insurance plan you decide to go with should cover all your bike insurance-related needs. Also, it would help if you renewed bike insurance on time to avoid penalties or policy termination.
Bajaj Allianz two wheeler insurance renewal available on Finserv MARKETS is a hassle-free process. It does not take a lot of time, and you will receive the renewed plan in no time.