Buying an insurance cover is mandatory by law for all vehicles registered in the country. The Motor Vehicles Act of 1988 prescribes all vehicle owners to have at least third-party insurance cover. With a limited scope offered by third-party plans, many choose to opt for comprehensive cover. Here the insurance policy not only includes third party injuries and property damage, but also pays for the cost of repairs required by your bike. Further, it also offers coverage against events like natural calamities or theft thereby providing additional peace of mind. Two wheeler insurance
plans can also be modified to provide additional coverage using the add-ons facility. Since a comprehensive plan offers far more coverage than its third-party counterpart, the two-wheeler insurance cost can exceed your budget. Here are some tips on how you can avoid the bike insurance costs going out of your budget while having an adequate insurance coverage for your bike -
Avoid filing unnecessary claims
An effective way to keep bike insurance cost in check is to avoid raising unnecessary claims. Since insurance provides financial support against the repair costs, people tend to take up every minor repair under their insurance policy. These frequent claims even for nominal repair costs results in loss of the No-Claim Bonus. The no-claim bonus is a concession offered in your renewal premium for not making any claims during the policy tenure thereby lowering the 2 wheeler insurance cost. When filing a claim with the insurance company, it should be checked whether the no-claim bonus combined with the deductible of your insurance policy is lower than the repair costs.
Managing the deductible
After considering the no-claim bonus, the next step is to understand the deductible clause of your insurance policy. Every motor insurance policy has a mandatory deductible known as the standard deductible. It is the amount which you (the policyholder) are required to pay from your pocket at the time of claim. Apart from the standard deductible, you can also opt for a voluntary deductible which works in a similar fashion, but here, you can decide the amount. The deductible and bike insurance cost have an inverse correlation where higher the deductible sum, lower is the premium. You can agree to pay a higher amount at the time of claim instead of paying for the premium upfront.
Comparing insurance plans
Another effective way to reduce the two-wheeler insurance cost is by comparing the available plans. Comparison of the various plans helps in selecting the right insurance policy depending on your requirement. Since different policies have different features, you can compare two wheeler insurance
them based on your needs and pick one that fits you the best.
Availing only the necessary add-ons
Add-ons are additional features that can be loaded on to your insurance cover. Since they are additional features, they end up increasing the bike insurance cost. Purchasing only the necessary add-ons ensures your two-wheeler insurance cost remains in check while you get an adequate insurance coverage.
Timely renewal of your policy
It is recommended to renew two-wheeler insurance plans before its expiry. With an online renewal facility, it is now even more convenient to renew your coverage at the convenience of your couch. Timely renewal ensures you do not miss out on the renewal benefits that may offer a lower premium. Further, timely renewal also ensures the no-claim bonus is available keeping your bike insurance cost in check.
These are some nifty ways to purchase or renew your insurance plan while keeping the premium levels within your budget. While various factors impact your bike insurance premium, the above tips will help you keep them in check. To conclude, make a note of these tips and evaluate your insurance policy periodically to check for its cost vis-à-vis the benefits offered under its coverage. Know how to renew two wheeler insurance
. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.