The Motor Vehicles Act makes it mandatory for every vehicle to have a motor insurance policy. The policy tenure may vary depending on a long term or a short term policy. Your dealership guides your first policy purchase, but what is it you should look at the time of renewal?
While this may bewilder you, here are five tips to renew your two wheeler insurance online at affordable deals-
1 Comparison is the key
While there are myriad choices of different plans, it is essential you research. Each policy has different features, and the premiums also vary. To check for the affordable premiums, you must compare the plans when you renew expired two wheeler insurance online. Online is an easy way to compare different policies. You can make use of a two-wheeler insurance calculator to check for premium changes as per the various add-ons. These calculators are available for free with almost all leading insurance companies.
A key thing to note is that you can switch your insurers at renewal date. So you need not worry about looking for options with the same insurance company. Moreover, any accrued benefits can be carried forward to your new insurance company. This way, you can opt for better coverage without losing out on any policy benefits.
2 Make use of No Claim Bonus (NCB)
Making use of the no claim bonus facility at the time of two wheeler insurance renewal can be handy to keep the premium figures in check. A no claim bonus is a concession at the time of insurance renewal. The amount of concession increases for each claim-free year starting from 20% up to 50%.
3 Select an adequate amount of deductible
The deductible is that portion which the policyholder bears at the time of claim. The percentage of the deductible is pre-decided at the beginning of the policy tenure. Deductibles are of two types – compulsory and voluntary deductible. The right amount of voluntary deductible will help to influence the premium amount. A higher deductible limits the risk for the insurance company. But when you opt for a voluntary deductible, remember the claim amount will be reduced by such portion that you opt voluntarily.
4 Look out for concessions
The insurance companies allow concession in premium in case you are a member of a registered automotive association. You can check with your insurer which organisation memberships are eligible for a benefit. When renewing, you can keep this in mind to reduce your premium.
5 Check for online options
When buying or renewing your policy, you primarily can opt either of the two modes – online or offline. While the latter is a traditional way of purchasing insurance policies, online plans are affordable. Moreover, there are no middlemen in the online route, and you can directly purchase from the insurance company. This keeps the premiums accessible with the ease of renewal for your two-wheeler insurance policy.
Making use of these nifty tips, you can avail suitable coverage that is reasonably priced. But most important is to compare before renewing your policy. A comparison will help you get the best deals that are suited to your requirements. Insure wisely!
