Scooters are extremely popular on Indian roads…with good reason! They are affordable to purchase and comparatively low on maintenance. Above all, they help zip through crowded streets with so much ease!
As a scooter owner, you are probably aware that you need to cover your vehicle with at least third-party two-wheeler insurance. However, like most, you might have gone a step further and purchased comprehensive coverage so that your scooter enjoys added protection against own damages and natural and man-made calamities too. And, that is a wise decision indeed.
Now, did you know that with the help of a few smart tips you can actually end up saving money on your two-wheeler insurance premium? Interested to know more?
Read on to find out a few tips that will help you save your hard-earned rupees while renewing your two-wheeler insurance policy.
Renew your coverage online
These days, you can easily buy or renew your scooter’s insurance policy online with a few clicks of the mouse. Apart from the ease and convenience of the entire process, the online mode of buying two-wheeler insurance is also cheaper. This is because when you buy coverage online, you save on insurance agent commission which you might have otherwise have had to pay.
Opt for a higher deductible
The deductible is the portion of the cost that is borne by you during a claim. If you opt in for a higher deductible, your premium will decrease. Do make a careful assessment of how much of a deductible you are comfortable paying and set it accordingly.
Don’t let your policy lapse
Make sure to always renew your two-wheeler insurance on time. You can renew the coverage before the old policy lapses, or during the grace period given by the insurer. Making renewals on time will ensure that you do not miss out on the no-claims bonus (NCB) that can see you get a sizeable discount on your premium cost (provided you made no claims in the preceding policy year). If you let your policy and grace period lapse, your insurer might have to regard your coverage as an entirely new account and you might thus, not get the no claims bonus.
Stick with the same insurer for multiple policies
Generally, insurers offer you a discount on your coverage if you have multiple policies with the same company. For instance, if your spouse too has a scooter or bike, you might want to purchase coverage for both these two-wheelers from the same insurance provider. By bundling policies, you generally get a good discount on your premium.
And remember, if nothing else, you can always be upfront about things and ask your insurer for a discount. The insurance industry is highly competitive and insurers are generally eager to retain their policyholders. Just put in a call to your insurer on their toll-free number or walk in to a branch and inquire about discounts on your two-wheeler insurance. You might get a discount if you buy coverage for more than a single year at a stretch.
Do keep these tips in mind when renewing insurance for your scooter.
Wear a helmet and ride safely!