Two-wheeler lovers have their own community in India. There are numerous people who love their bikes and take care of it just like a family member. Also, those who ride regularly for routine purposes ensure that they take good care of their bike by investing in two-wheeler insurance. In this topic we will look at some of the important tips to reduce the two-wheeler insurance premium.
You can learn about what is insurance premium before proceed further. But a good coverage comes with an increased insurance premium. What if we told you there was some way you could reduce your bike insurance premium? If you possess a two-wheeler, the best course of action is to purchase comprehensive two-wheeler insurance. As a result, you should look around for the most affordable and comprehensive two-wheeler insurance policy.
Tips to Reduce the Two-Wheeler Insurance Premium
The following recommendations will assist you in lowering your two-wheeler insurance premium:
Compare Different Plans
It is crucial that you compare amongst the best plans when you buy bike insurance online or when you go for a two-wheeler insurance renewal. You should consider the policy’s coverage and perks, as well as its ability to customize it to your specific needs. You can save money on your insurance premiums this way. It is not necessary to purchase as much coverage for a bike that is used infrequently as it is for a bike that is used frequently.
Selecting a Long Tenure
A multi-year bike insurance policy expanding for over 3 years offers a lower line insurance premium as compared to your standard insurance policy. Also, you do not have to renew bike insurance every year and can focus on other important tasks. A longer insurance policy can save you a good amount of premium and hence becomes worth investing in if you want the best for your bike.
Opt for Add-On Covers
When you change from third-party bike insurance to a comprehensive bike insurance policy, you get the option of additional benefits called add ons. These add ons include personal accident cover, depreciation cover and many more. With these additional benefits come the additional cost of the premium. One should be aware of the importance of insurance and add-ons as they are highly useful in individuals life. It is essential that you choose only those add-ons which are absolutely necessary. Stripping away add-ons that are not useful to you will save you a lot on premium.
Avoid Making Small Claims
The No-Claim Bonus (NCB) in bike insurance is a discount that one gets from the insurer for not making any claim during the year. One becomes eligible for or if they have not filed a claim during the year. Over time the NCB grows and hence significantly reduces your premium by up to 50%. Hence, at the time of bike insurance renewal online, you should claim your NCB.
Install Anti-Theft Device
Another way to cut your two-wheeler insurance premium is to install an anti-theft device, which reduces the risk of theft. You may be entitled to a discount on your two-wheeler insurance rate as now your vehicle is safer and is a lesser liability for the insurer.
Renew Policy on Time
Not renewing the policy within 90 days of the date of expiry can lead you to some fines and you shall have to re-do the entire process of buying your bike insurance. Hence it is recommended to do your bike insurance renewal online to save time and gets benefits.
Go for a Multi-Year Policy
As mentioned, a multi-year policy allows you longer coverage with a lower two-wheeler insurance premium. Sounds like a good deal right? So why not invest in a policy which gives both, better coverage and affordable insurance premium. You can save money and avoid the hassles of regular policy renewals by purchasing long-term coverage for up to three years instead of an annual policy. This will lower your insurance premiums.
Pay Higher Deductibles
When a vehicle is damaged or stolen, the insurance company does not pay for all of the repairs and recovery costs. A certain percentage of the costs is borne by the policyholder. This amount is known as a deductible amount. A policyholder’s insurance rate will be reduced if you choose a higher deductible.
Ask for Discounts
When obtaining or renewing your bike insurance policy, you can negotiate a discount with your insurance agent. There are a variety of discounts available, including discounts based on age and discounts for extended tenure plans.
Buying bike insurance online allows you to compare various bike insurance plans and customize your own plans in many cases. The online medium gives you the much-deserved freedom to choose your plans as per your needs and reap benefits from them. When you buy two-wheeler insurance online, you get full coverage over your choice and are more informed for all the later procedures including renewing two-wheeler insurance online.
Now a days it is extremely important to understand the need of insurance across companies and individual life. These tips to reduce the two-wheeler insurance premium can also be applied to other types of insurance as well. Hope this information has added value to your knowledge.
Author Bio: Smriti Gala works as a Digital Marketing Manager with Coverfox. As her life turned upside down when COVID severely afflicted her family members, Smriti decided to dedicate her expertise towards informing and educating the masses about the importance of health insurance. When she is not actively writing enlightening content, our ‘monk marketer’ likes to meditate, meet new people and explore less travelled territories.