Bikes are one of the most convenient and comfortable modes of transportation. People buy two-wheelers to avoid traffic, use restricted lanes, and save time. Plus, they’re also cost-effective. A bike insurance policy is integral if you own a two-wheeler, and comprehensive planning could help avoid legal difficulties.
How to save money on bike insurance premiums:
Everyone wants a low price when shopping for bike insurance. Plan how to pay less for more insurance coverage. Understand several premium aspects before buying or renewing two-wheeler insurance. It would help if you first grasped the workings of premiums and policies. ##
Bike insurance tips:
With so many insurance policies available, you need to know what factors affect insurance rates and can help you acquire low-cost bike insurance. These methods will significantly lower bike insurance premiums.
- Compare insurance policies: Compare bike insurance, check apps, and do online research on policies and quotes before choosing one. Find a policy with the highest coverage and lowest price.
- Avoid small claims: Bike insurance companies provide a No-Claim Bonus (NCB) when you renew your policy. If you do not raise a claim in the duration of your policy, the amount could increase by up to 50{cb6e9be972ab140c83127d207c03a6e4009c90034d22d7f2721640c7217d6238}. Submitting small or large claims will cause the NCB price reduction during policy renewal to be invalid. Renewing the policy will result in more significant NCB concessions, so they cover a higher premium range. *
- Select a suitable policy with an expansion: Many insurances have good add-on coverages. Comprehensive policies require it. Selecting unnecessary add-ons will raise your bike insurance rate.
- Do timely bike insurance renewal: Ensure that bike insurance is renewed on time. If your bike insurance has expired, the renewal process can be cumbersome. The entire investment will be lost if the policy lapses. Look for the renewal 90 days before the insurance lapses. NCB benefits expire 90 days from the due date. To prevent higher premiums, renew your motorcycle insurance before it lapses. *
- Install an anti-theft device: Bike insurance could become less expensive by doing so. Anti-theft alarms lessen the risk for two-wheelers. It shows your desire to protect your bike. It ensures ARAI-approved security devices for two-wheeler insurance premium savings. * ##
- Avoid switching insurers: Even if you desire health, travel, or other insurance, try to keep companies the same. Your insurance policy will receive loyalty points, which are more beneficial in the long term. This lowers bike insurance premiums. * ##
- Know the No-Claim Bonus (NCB): Use the NCB to get premium concessions while renewing with the same insurer or a new one. If you renew your bike insurance with the same insurer, you may not lose NCB price reductions or make small claims. To use the NCB with the new policy and insurer, you’ll need the NCB certificate from the current insurer. *
- Discuss bike policy concessions: Asking about reductions while renewing or obtaining a two-wheeler insurance coverage is acceptable. The insurer may provide reductions to sell the coverage, but you should check if they benefit you! Concessions are essential for bike insurance. * ##
- Track your driving records: Driving patterns affect policy. With the old policy, the NCB for safe driving did not raise any claims, but in the current plan and age of digitisation, corporations watch driving patterns to determine bike insurance policies. You keep a solid driving record. *
- Join reputable motorcycle clubs: The Bike Insurance Policy offers significant price cuts and benefits to members of several motorcycle clubs.
Why is online bike insurance more economical?
Many commoners want to know the answer to this question. NCB claimed that renewing the policy helps reduce premiums for not making claims. In the digital age, insurance firms provide direct customer benefits without agents. You may acquire concessions and price quotes and compare bike insurance, check apps and online before buying one. *
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
‘Insurance is the subject matter of solicitation.’ For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.‘
