According to Insurance Regulatory Development Authority of India (IRDAI), approximately 75% two wheelers are not insured but are still plying on the road. This statistic is despite the fact that motor insurance is mandatory in India. During the purchase of a new two wheeler, it is compulsory to get it insured, but the actual problem arises when we have to renew two wheeler insurance. Once this renewal date is missed, we have to bear high charges of repair in case of any damage or theft, lose on the no claim bonus, run behind the insurer for inspection of the bike, and many other hassles. So, don’t put yourself under financial risk and check how you can renew your two wheeler insurance at the lowest price.
Renew Your Two Wheeler Insurance at the Lowest Price!
Most people don’t renew their two-wheeler insurance sometimes because of high premium or simply because they feel lazy to get it done! However, the truth is, you can easily renew your insurance at the lowest price.
Here are some ways of reducing the cost of your two wheeler insurance:
1. Compare different policies
The technology has given us an amazing option to compare policies online in minutes and yet most of us never consider it. This is the biggest mistake that we all make while renewing two wheeler insurance. Always compare different insurance policies on platforms like Coverfox.com and see if any other policy is offering low price and better features than the other. If so, then go for a different policy than the previous one.
2. Check the policy features
Another thing that we almost never check is policy features. For instance, if your two wheeler insurance covers personal accident up to some amount it doesn’t make sense to include this feature if you already hold a separate personal accident cover. Hence, always check and add features only as per your requirement. It will help in reducing the amount of your premium.
3. Renew before it expires
It is advisable to renew your two wheeler insurance before it expires, as once you let your claim expire, you will have to start the process again. This process will include re-inspection and other activities carried out the first time costing you extra money. Additionally, if you renew the policy in advance and the price is increased during this time, you won’t have to pay the increased amount as your price is already locked.
4. Read the terms and conditions
Reading the policy terms and conditions are important because we are ultimately looking for a good insurance cover. You should not opt for a policy that you first come across. Research and compare the different options available, weigh the benefits and features and only then zero down your two-wheeler insurance cover. Reading the policy terms and conditions will help you know the claim process, the inclusions, the exclusions and much more! So, don’t ever forget to read those fine lines on your insurance policy.
- Opt for a long-term two-wheeler insurance policy
If you are the one who usually forget things to do on time, there’s good news for you! Yes, you can opt for a long-term two-wheeler insurance policy to save you from the hassles of timely renewals and that too at a lower premium!
Benefits of Renewing Your Two Wheeler Insurance
1. No Claim Bonus discount
When you renew your two wheeler insurance on time, you are eligible for a No Claim Bonus (NCB). This means that if you have not made any claims in the previous policy term, you get a certain discount in the next term. If you let your insurance lapse, you can’t avail NCB. This NCB ranges from 20% to 50% for the first five years.
2. Zero financial stress
Renewing your two wheeler insurance keeps you away from the financial stress which comes along in case of damage to the vehicle, harm caused by the vehicle, or theft.
3. Avoid pre-inspection
Once your insurance policy expires, you have to start over again. It then becomes mandatory to get pre-inspection done which you can avoid by renewing your old policy before the expiry.
4. Personal accident cover
Most insurance policies cover personal accidents too. This means that the insured or covered amount is payable to you (or your family) if you suffer accidental death or permanent disability.
5. Stay legally protected
As already known, vehicle insurance is mandatory in India, and you won’t have to pay fine or face legal issues if you renew your two-wheeler insurance policy on time.
The Final Thought
Apart from the fact that the vehicle insurance is compulsory in India, it is necessary to keep you free from financial burden in case of any mishap. You can save yourself from various fines and add-on charges if you renew your insurance before it expires. So, never forget to renew your two wheeler insurance and follow these above mentioned tips to availing it at the lowest price.