A bike is one of the most comfortable and user-friendly transports across the globe. While passing from the narrow lanes, avoiding traffic chaos, and living up to the time is the best thing that drives everyone to buy a two-wheeler. It is economical and much affordable. So if you are an owner of a two-wheeler then knowing about Bike Insurance Policy and its insurance premium is a very much regular talking topic. Especially, to avoid legal issues, a comprehensive plan is required. It’s definite to go for the add-on covers for the extensive coverage. To avoid the burden of extra pay and the premium amount we have figured out some innovative ways to reduce your premium insurance.
How can you save your Bike Insurance Premium Policy?
Naturally, you are looking for a lower cost when you are searching for a Bike Insurance Policy in the market. It is easy to achieve as you just require to plan out how to pay a lower insurance policy while receiving maximum coverage. Several elements of the premium need to be clearly understood. You need to understand the components of the premium policy so that you can make an informed decision before you buy or renew two-wheeler insurance.
Tricks and tips to reduce Two-wheeler Insurance premium
With so many insurance policies out there in the market, you need to be aware of the factors that influence the insurance rate. It helps in getting the lowest bike insurance price. Here are some important tips that will reduce the bike insurance premium at a large.
1: Compare the Insurance Policies
Before settling with one insurance policy make sure that you compare the other bike insurance made available online. The internet will help you to connect with the insurance companies and understand how much they are quoting and offering bike insurance. Have a minute to look at the offerings and coverage of the insurance place. It will be best suited for your bike insurance. The comparison of the insurance will reveal the policy that offers higher coverage and lower insurance premium is ideal for you.
2. Try and Avoid the raising of small claims
When you are renewing your Bike Insurance Policy, the insurers will offer a No Claim Bonus (NCB). It happens if you do now raise the claim during the policy period. It increases up to 50% of the amount. The raising of the small or a significant amount of claims will simply avoid the discount in the form of the NCB which happens while renewing the policy. You will be paying a much higher amount of discount in the form of the NCB when the policy is renewed. Thus, a higher range of premium is covered in the situation where you take the advantage of NCB as a discount measure.
3: Choose a policy suitable for you with Add-on coverage
If you glance and research well, many policies offer good amounts of add-on coverages. It is the standard of any comprehensive policy coverage. While choosing the redundant add-ons you will be able to increase the bike insurance rate and the bike insurance premium won’t be reduced.
4: Renewal of the Bike Insurance Policy on time
Ensuring that fact that the renewal of the bike insurance must be done on a stipulated due date. Never let the policy lapse as the entire investment will go in vain. Make sure that you shart looking for the renewal before 90 days of the insurance lapse date. The NCB benefit is valid for 90 days from the due day and it lapses on the following date. This is imperative that your bike insurance renewal will be done before the lapse to avoid any sort of higher premium.
5: You need to install an Anti-Theft Device
The insurance companies will offer a lower bike insurance premium. If you secure your two-wheeler with security devices like an Anti-theft alarm then the risk is reduced. It reflects your intent to simply secure your bike and avoid any unnecessary damage or loss. It ensures security devices that need to be approved by the Automotive Research Association of India (ARAI) to avail of the discounts on the two-wheeler insurance premiums.
6: Try not to change the Insurance company
If you already have an insurance policy try not to change to a company even if you want insurance for the health, travel, or other related policy. The insurance company will offer a loyalty point to your policy, which is of larger benefit in the long run. This leads to a good amount/percentage of discount on the bike insurance premium policy.
7: Know No Claim Bonus (NCB)
Whether you are renewing the insurance with the same insurer or a new insurance company, make sure that you use the NCB to enjoy a percentage of discount on the premium. If you are renewing your bike insurance with the same insurer, then notice the fact that you do not raise small claims and you do not lose out on the NCB discounts. If you wish to transfer the insurance you’ll get the NCB certificate from the current policy insurer to avail the NCB along with the new policy and new insurer.
8: Talk about the discounts on Bike Policy
There is no harm in asking various questions, especially related to discounts while renewing the new insurance or buying a policy for your two-wheeler. Often the insurer may offer various discounts to promote and sell the policy, but you should look in detail whether it will benefit you or not! It is crucial to get discounts for reducing bike insurance premiums.
9: Have a Driving Record
The track of your driving habits is important as this also determines the policy. While you are awarded the NCB for driving safety, there is no raising of any claims in the old policy; whereas, in the new plans and age of digitalization the companies are tracking the driving habits for the determination of the Bike Insurance Policy. Significantly, you ensure and maintain a good track record when it comes to your habits in driving or driving skills.
10: Closely associate yourself with recognized Moto riding organizations
There are some motorcycle organizations, if you are associated with them as a member there are significant discounts and benefits you’ll get in the Bike Insurance Policy. Be a part of these clubs as it will increase your knowledge and get a substantial discount on your bike premium.
Why are the online Bike insurance policies so cheaper?
This is a very desirable question for many commoners like you and me. NCB claimed while renewing the policy helps to act in discounts for not raising the claims during the policy period. In the new digitalization age, the insurance company offers direct measures and benefits to the customers without any agent. Online you will get quick discounts, determine the price and compare the insurance policy with others before buying one of your choices.
So now you know the simple ways to get in the process of paying a reduced amount of premium for your two-wheeler insurance. Follow these tips for the Bike Insurance Policy. If you are planning to buy a used bike from India’s most trusted CredR then go for it. These Bike Insurance Policy tips will surely help you in the long run.
