In a country like India, bikes are preferred as a daily mode of transport for a major section of the community. Some of the reasons why bikes are so popular form of transport in India include relatively low maintenance cost and fuel efficiency. As per law established in India, if you own a bike, you have to get it insured.
When it comes to selecting a bike insurance that can save your money, there are two alternatives:
1. The buyer of the policy can opt for a basic policy, it offers the bare minimum coverage.
2. The buyer of the policy can choose a more comprehensive insurance policy, pay a high premium that can lower and save money in the long run.
Following Tips that can cut down the two-wheeler Insurance Premium
1. Choose Your Bike Well – Selection of a bike is truly an important point in order to decide insurance premium. If you select an expensive bike (bike with a powerful engine or a bike which may be considered exotic by current market standards), you may end up paying a high insurance premium. On the contrary, if you select a standard bike, a slightly older model or a used bike, insurers are likely to offer you competitive insurance premium rates by considering the fact that repair, maintenance and replacement costs will be significantly lower in such cases.
2. Compare insurance plans: Prior to your purchase of an insurance plan, it is very much important that you compare various insurance plans offered by leading insurers in the country. This comparison can be done either by using online third-party insurance comparison portals or by visiting respective insurer websites. While comparing insurance policies make sure to read the benefits, features, claims procedure, premium payment channels and incurred claim ratio of the company. Furthermore, you must ensure to request for premium quotes and choose for a plan that gives you enough coverage at a competitive price.
3. Opt for long policy tenure: Unlike car insurance which is renewable on yearly basis, bike insurance plans can be purchased for a longer tenure. Therefore, with bike insurance, you can choose an insurance policy with tenure of 1 year, 2 years, or 3 years. Selecting a long-term insurance policy will help you in saving insurance premium as it remains locked for the duration of the policy tenure. Therefore, long-term insurance policies do not attract hike in premium as in annual policies where the premium amount keeps increasing on an annual basis,
4. Ask for discounts: Before opting for any bike insurance plan, one should make sure to ask the representative or the insurance agent for discounts. There are many insurers that offer age-related discounts to the buyer of the policy. Similarly, certain insurance providers offer gender-related discounts, discounts for purchasing for a long tenure plan, etc. Thus, it is advisable to check if the insurer offers any discounts that can lower the premium amount.
5. Don’t Make Small Claims – No-claim bonuses are given to drivers who haven’t made any claim during a defined period. If policyholder makes claims against small damages, he won’t be able to avail the no-claim discount for that particular year.
6. Boost Bike’s Security -The more secure the bike is against vandalism, incidental damage and theft, the more likely the insurers are to offer the policy buyer a lower premium rate. Since security measures and safety equipment (generally ARAI approved) minimize the risk posed to the insured property, insurers are more likely to offer lower premium or discount.
