If you own a motorcycle, you must be aware that the Motor Vehicles Act makes it mandatory to procure basic third-party insurance cover. This insurance offers you protection against any liability that may arise due to third-party injury or damages to their property.
However, this insurance does not cover any loss arising due to damage to your bike or injuries suffered by you. If you want such coverage, you need to opt for comprehensive two wheeler insurance. Because these types of policies offer wider coverage, you need to pay a higher premium.
Does that mean you must not opt for comprehensive coverage? Not really, here are five tips that will help you find the most competitive two-wheeler insurance rate.
1. Choose Necessary Add-ons
Insurance companies provide multiple add-ons such as zero depreciation, roadside assistance and others with your basic motor insurance. These riders enhance the scope of total coverage under the comprehensive plan. However, you need to pay a higher premium to procure these riders. Therefore, it is recommended you need to choose only those riders that are necessary.
2. Maintain a Clean Record
It is important that you maintain a clean record by riding your bike safely to avoid accidents. This ensures you have to file a lesser number of claims. When you do not file too many claims, you are able to enjoy a higher No Claim Bonus (NCB).
Additionally, your insurer perceives you as low risk. This helps in reducing the premium on the two wheeler insurance policy.
3. Timely Policy Renewal
Motorcycle plans are available for a period between one and three years. You should renew the policy in a timely manner to avoid lapse. This also ensures your financial security in case of an accident.
Moreover, you will have to renew your policy by comparing various plans offered by Bajaj Allianz. Therefore, it is crucial that you are zealous and ensure timely payment of your motorcycle insurance. To get the uninterrupted coverage, it is recommended you renew the policy on time.
4. NCB is Very Beneficial
The insurance companies offer a reward when you do not file a claim during the year in the form of NCB. This accumulated bonus is beneficial in availing of a discount on the renewal premium amount. This benefit is progressive, which means the savings increases for every no claim year.
The NCB often starts from 20% and may increase up to 50% if you do not make a claim for five consecutive years. To avail of the best bike insurance quote, it is recommended that you use the accumulated NCB at the time of bike insurance renewal to enjoy a discount on the premium.
5. Compare Policies Before You Choose
Today, you may choose among different policies offered by the various insurance companies. Each of these policies offers beneficial features. It is recommended that you compare the different policies before making your decision. Comparing online is the quickest and most convenient option.
Bajaj Allianz allow you to easily compare different policies. You may compare the inclusions and exclusions, premium and other terms and conditions to make an informed decision.
An important thing to remember is that you should not compromise on the insurance coverage to avail cheap bike insurance. Opt for a policy that offers the most beneficial features for self and your bike to enjoy complete peace of mind.
Remember the aforementioned tips to reduce the premium and save money on comprehensive insurance for your dream bike.