Save Money on Bike Insurance Renewal

• Drive Safely: Probably, the best way to avail of a low premium bike insurance plan is to always ride your two-wheeler with extra precaution. Try not to get involved in activities that may injure you or damage your pillion rider. For, it may lead you to a claim in apropos of getting your bike repaired. Thus, you lose the chance of availing of the No Claim Bonus (NCB) discount, which consequently increases the premium cost of your insurance policy.

• Choose the Right Insurance Cover: Primarily, buy an insurance plan that perfectly fits your bills. There are mainly two types of insurance plans available in the market for two-wheelers- a third-party plan or a comprehensive insurance cover. It’s recommended to opt for a policy cover that not only matches your different requirements but also saves you bucks in the process. You may visit the Tata AIG website and compare all the available plans for your two-wheeler using our bike insurance calculator, and zero in on the one that does not let you bear the financial strain.

Avoid Minor Claims: If your bike is insured with a comprehensive insurance plan and you have not raised any claim during the policy tenure, then you become eligible for a No Claim Bonus (NCB) during the renewal of your insurance policy. This bonus helps you avail of a discount on the premium amount of a comprehensive policy. Hence, if you claim minor repairs, you end up losing accumulated benefits that would have otherwise helped you save money on the two-wheeler insurance premium amount during the renewal process.

Thus, if your bike faces any minor damages, such as a small dent or a broken clutch that is affordable, it is advisable to bear them from your own pocket. By doing so, you may avail of the NCB discount and save money on bike insurance renewal online.

• Reconsider Add-on Covers: Add-on covers lend you a 360-degree layer of protection. They might enhance the scope of a comprehensive policy, but at the same time, they increase the premium cost of the insurance cover. So, if you are trying to get a low premium two-wheeler insurance, you may have to sacrifice the add-ons. It is advisable to opt for the add-ons only when they are in accordance with your requirements and remove the ones that are of no use to you. It would help you limit the cost of the insurance for your two-wheeler and save you a few extra bucks.

• Opt for Voluntary Deductibles: Every insurance policy comprises a mandatory deductible, which is a standard amount that you need to pay when a claim is raised. And you may opt for a voluntary deductible in addition to the mandatory deductible. Since it shrinks the insurer’s liability, it decreases the premium cost for you but then it also reduces the claim amount to be received by the insurance company. So, always opt for the right amount of voluntary deductible at the time of policy renewal.

• Increase Your Policy Tenure: As mentioned above, usually, a comprehensive two-wheeler insurance plan is active only for a year. In consequence, you need to renew the policy cover before its expiry date every next year to keep it active. However, you may also opt for a bike insurance plan with a longer active tenure, such as a 3-year two-wheeler insurance policy. It would not only save you from the hassle of frequent renewals but it also feels lighter in your pocket in comparison to yearly plans.

• Avoid Expensive Modifications: Modifications are additional accessories that were not a part of your bike during the time of purchase. With modifications, you may have to enhance the bike insurance plan in order to insure the newly added accessories, which eventually increases the premium cost. So, avoid making modifications to your pillion if not necessary. It will help you get the lowest premium on your bike insurance renewal.

• Compare Products Online: If you want to get the lowest premium on your bike insurance policy, then it’s always recommended to compare the insurance policies offered by the different insurers online. If one insurer provides you with policies with low premium rates, then the other may come with some monetary benefits in order to make you switch from your existing insurer. However, the best insurance product must be the one that comes with an affordable premium rate and does not leave any strain on your monthly budget.

There are different types of insurance for two-wheelers — third-party insurance, comprehensive insurance, and standalone own damage cover. The amount of premiums in each case varies a lot. If you buy your insurance from Tata AIG, we recommend you compare two-wheeler insurance policies to see the best one suited for your needs.

Do consider these nifty tips on how to save money on bike insurance renewal online. Bearing the above-mentioned points, including avoiding minor claims, refusing to include add-on covers, opting for the right insurance plan, and others may not seem to have such an influence on your policy now, but they leave a major impact on your premium cost later during the process. Tata AIG always recommends you opt for a policy that does not leave you with a financial strain and helps you plan your budget efficiently. You may visit our website for more assistance in regards to availing of a low premium two-wheeler insurance through our quick online process.