Two-wheelers are a preferred mode of commuting, considering their nimble and agile nature that helps save time by avoiding traffic snarls. This makes them a more sought alternative to public transport (that does not provide the flexibility of travelling according to personal schedules) or cars that are often expensive and get stuck in traffic jams. But as a vehicle owner, it is imperative to know that insurance is mandatory compliance, along with the registration and PUC requirements for your vehicle.
However, legal coverage isn’t the only benefit a two-wheeler insurance policy provides. You can also get protection from the different perils that your bike might face, such as the risk of damages due to natural calamities like cyclones, earthquakes, etc. and even man-made perils like riots, vandalism, and even theft. To opt for a plan that provides broad coverage would mean spending big bucks. However, that isn’t the truth. You can even buy a policy that not only offers comprehensive protection but also an affordable price tag. This article mentions some of the ways you can save money on bike insurance
plans. *All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
Continue reading to know more about it.
Selecting the right insurance cover
The first step in saving money on two-wheeler insurance premiums is to choose the right insurance cover. There are two types of policies that can be bought—a third-party cover or a comprehensive insurance plan. Based on your bike’s usage, you can opt for a policy that not only is right for you but also saves money in the process. A handy tip is to compare the available plans using a bike insurance calculator for the different benefits that it provides. *
Avoiding claims for minor repair costs
When you purchase a comprehensive bike insurance plan, the insurance companies offer a no-claim bonus (NCB) when no claims are raised during the policy period. This no-claim bonus helps lower the insurance premiums at the time of renewal by offering a concession in the own-damage premium of a comprehensive policy. Now, if a claim for minor repair is made, you end up foregoing any accumulated benefits that otherwise would lower the burden of bike insurance renewal
. Thus, if the amount of damage is affordable, it would be advisable to bear it from your own pocket. *
Opting for voluntary deductibles
Every insurance policy’s terms include deductibles, which are nominal amounts that a policyholder is required to pay when a claim is raised. Since all policies include a mandatory deductible as standard, a voluntary deductible can be opted for in addition to the standard deductible. When opted for one, an amount over and above the standard deductible must be paid by you at each insurance claim. Since it reduces the insurance company’s liability, it helps lower the premium for the policyholder, thereby establishing an inverse relationship with the premium of the insurance plan. *
Excluding unnecessary add-ons
Add-ons are optional policy features that can be purchased with a comprehensive insurance cover. Different types of add-ons are available, and they help enhance the policy’s scope significantly. While there are various add-ons that are available to buy, you must remember to only select the ones that add value to your insurance coverage. Doing so helps limit the two wheeler insurance price,
as they are additional insurance covers over and above the standard comprehensive plan. *
* Standard T&C Apply
With these nifty tips on how to save on premiums during bike insurance renewal, you can not only save money but also benefit from the protection of a robust insurance cover. 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.