Having a two wheeler insurance policy is mandatory in India. Irrespective if you just have third-party insurance or a comprehensive bike insurance policy, safeguarding the health of your bike comes at regular premium costs.
In the current pandemic, where jobs are unstable and finances move up and down like evening tides, one looks to continuously save money on various expenses. Don’t worry, we are not telling you not to have a bike insurance policy. Instead, we would like to help you reduce the amount of premium being paid by you.
Yes, that is possible. Below are some tips you can implement to reduce your two wheeler insurance premium:
1. Choose the Right Plan
When it comes to making any kind of investment, here being your two wheeler insurance policy, it is important to compare the various policies available in the market with your needs. If you are someone who rides every day to work or college, you may require higher coverage for your vehicle. Choosing the one on your budget is a smart option. But if you ride occasionally, it is rather better to opt for third-party bike insurance.
2. Choose a Bike According to Your Budget
Yes, even we like those solid-looking bikes but do you know the make and model of your bike have a direct impact on your bike insurance premium? The more expensive your bike, the higher your premium will be. If you like expensive bikes, that’s fine but you must be prepared to pay a hefty sum of premium for the same. Hence, it is recommended to buy a less expensive bike to save a considerable amount on your premium.
3. Clear Driving Record
Well, maintaining a good driving record not only keeps you away from legal problems but also saves you money. You’ll save money on your bike insurance premium if you have a clean driving record. Having a good driving record tells the insurance company that you’re not going to meet an accident soon and make a short-term claim in a short time. Two wheeler insurance premium goes down as you become less of a liability to the insurance provider.
4. Avail Add-Ons
You can customize your bike insurance policy with available add-ons. Daily cash allowance, roadside assistance, personal accident coverage for the pillion rider, and no-claim bonus retention for the pillion rider are just some of the valuable add-ons for your bike insurance you may choose to supplement the coverage provided by the two wheeler insurance policy.
However, removing such add-ons that are not providing any specific benefits so you can reduce your bike insurance premium. Eliminating add-ons that are not needed shall save you money.
5. Compare Plans
When you compare bike insurance plans, you can assess which plan is best suited for you. You can compare bike insurance online and choose the one that fits your requirement. Choosing good bike insurance only happens after you have conducted thorough research. To make it easy, you can compare the best bike insurance plans online in no time.
Finding the one which fits your monetary scale will help you keep your premium amount in check.
6. Ask for Discounts
A discount on your bike insurance rate can be negotiated with your insurance company when obtaining or renewing your policy. Bike insurance companies offer discounts based on your age, a discount for long-term plans, and more.
7. Increase Your Deductibles
The deductible can be customized to meet your specific insurance needs. In the case of a claim, the deductible is the amount of money that the policyholder is responsible for paying out of his or her own pocket.
A high deductible translates into a lower monthly premium payment. If you believe you will be able to handle your bills following the accident, you may want to consider increasing your deductible.
8. Don’t Make Small Claims
It is preferable to make claims only in case of a major accident. Avoiding small claims is a smart option. Small claims for a broken clutch, lever or a minor dent, can be avoided if the cost of repair/replacement is not too high. This will help you in utilizing the NCB (No-Claim Bonus) offered by the insurer at the time of policy renewal, which can be rather substantial.
9. Select Longer Policy Tenure
The tenure of your bike insurance policy is directly related to your insurance premium. If you choose a long-term bike insurance policy, the insurance company will give you a discount.
10. Renew Your Policy on Time
Bike insurance policy can be renewed online and offline. However, it is advisable to get a bike insurance renewal online. It’s usually a good idea to renew your policy before it expires so that you enjoy a continuous cover and don’t have to pay for any further inspection fees after your policy expires. By not doing so, you may miss out on the particular renewal discounts that the insurance provider offers.
You May Read: Reduce Car Insurance Renewal Premium
These were some of the strategic ways in which you can save a considerable amount on your two wheeler insurance premium. Today, buying a bike insurance policy, renewing it or making bike insurance claims has become very easy. All of it can be done online, without you having to pay an additional fee to any agent. You can simply look up for bike insurance plans online and select the best suited plan for your bike. You will have your insurance policy in no time.