A bike or two-wheeler is considered as one of the most important modes of transport in India. Also, bikes are economical and their insurance plans are also affordable. However, it is essential to get the best bike insurance policy in the market. To get out the best policy, you need to be aware of these tips:
Compare different insurance plans
Before you purchase bike insurance online, check the policies offered by the insurance companies. Shortlist a few of them and compare them. Check the add-on covers , inclusions, exclusions, benefits, premium payment channels, and more.
Choose suitable add-on covers
Add-on covers offers additional coverage to your comprehensive insurance policy. But, you need to pay an additional premium for it. By choosing unwanted ones will only increase your premium amount.
Avoid raising small claims
Raising small claims will prevent the discount that you can get from No Claim Bonus (NCB) while renewing your policy. While renewing bike insurance policy, the company can offer NCB discount up to 50 percent to those who have not raised any claim during the policy period.
Install anti-theft devices
Secure your bike with anti-theft devices such as gear clock, alarm, and other devices. It reflects your intent to keep your vehicle safe by installing these devices. However, ensure that the anti-theft devices are approved by Automotive Research Association of India (ARAI) to avail the discounts.
Remember to renew the policy on time
Always renew your insurance policy on time to avoid a higher premium amount. This keeps your accrued benefits intact and saves you from unnecessary struggle.
Pay higher deductibles
While settling the claim, your insurer pays a part of the bike repair cost and you have to pay a certain percentage, which is known as a deductible. If you opt to pay a higher deductible, the insurance premium amount reduces.
Ask for discounts
While purchasing or renewing your insurance policy, you can ask for discounts on the premium. These discounts can be an age-related discount, long period plan discount, and more.
So now you know these simple tips to reduce bike insurance premium. By following these tips can save you a lot of money.