Two wheelers are the preferred medium of transport when it comes to road travels. The savings in time while manoeuvring through the traffic is unfathomable, especially in urban conditions. Thus, it is essential to safeguard your two wheeler. Bike insurance
is the perfect way to ensure the safety of the vehicle as well as security for the rider against unpredictable accidents.
At times, it can bewilder you in selecting the right plan with the right set of features. This can often result in sky-high premiums thereby making you reconsider the coverage for your bike. This article mentions seven such tips that will help your premium to be within affordable limits depending on your budget.
#1 Compare insurance policies
The first and foremost step is to compare two wheeler insurance
policies available in the market. Comparing the available options will help you spot bike insurance offers that might get overlooked. Finding bike insurance plans online will help even avail two wheeler insurance discount. The coverage of your policy, additional features are some things to consider when finding a suitable bike insurance policy. This process of comparison should not only be done at the initial purchase but also at each renewal date. This way new bike insurance renewal offers can help you further lower your premium.
#2 Skip making small claims
Another tip that will help you reduce the burden of the premium is not making claims for small repairs. When you make a bike insurance claim, two things should be considered, the deductible and the no-claim benefits at the renewal date. Considering both these factors together, it can help to decide whether a claim should be raised or not. Bike insurance offers no-claim benefits at the renewal date.
#3 Not selecting excessive add-ons
Comprehensive bike insurance plans have the option of increasing their coverage using the facility of add-ons. This coverage can be purchased over and above the base policy and is available at an additional premium. When you select unnecessary add-ons, they not only increase the premium significantly, but also offer no real advantage. Thus, make sure the add-ons will have some value addition to your policy coverage and then opt for them accordingly.
#4 Renewal of policy on time
Renewing your policy on time is equally important as it is to select the right coverage and review it periodically. Timely bike insurance renewal
offers the advantage of continued policy benefits over subsequent periods. Moreover, the no-claim bonus that you earn for not making any claims is valid only for 90 days after the due date of the policy after which it lapses. Thus, to avoid increased premiums, make sure you renew your policy at the right time.
#5 Opt for a voluntary deductible
Another nifty trick to save premium is to opt for a voluntary deductible. Voluntary deductible, as the name suggests, is the amount over and above the compulsory deductible. Using this optional feature, your premium can be kept in check. But when you opt for a voluntary deductible, bike insurance offers a lower pay-out. It is because you need to pay higher out-of-pocket expenses as per the voluntary deductible of your policy.
#6 Installation of anti-theft devices
Often bike insurance offers a reduction in the premium if you choose to enhance the safety of your bike using anti-theft devices. This reflects your intent to protect your vehicle and thereby increasing the safety of your vehicle. Moreover, these devices are approved by the Automotive Research Association of India (ARAI) and thus help in reducing the premium burden.
#7 No-claim bonus
Whether you are renewing your insurance policy with the same insurer or shifting to a different insurance company, do not forget to take advantage of the no-claim bonus (NCB) facility. Using the NCB features, your insurer offers a concession in the premium at the renewal date. However, this concession is subject to no claims being made during the policy tenure. Further, this NCB can also be transferred to a different insurance company in case of a change of insurer. Thus, always take advantage of the NCB feature and watch your premium stay affordable.
Using the above tips, avail two wheeler insurance concessions and keep your premiums in check. After all, a bike insurance policy is the best way to protect you as well as your bike.