• Tips to Save Money on Bike Insurance Renewal

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    Having your bike insured is mandatory by law in India. It is important that as a rider you take certain responsibilities which goes a long way in you getting to save on your premiums.

    Some of the ways in which you can save on insurance premiums are given below.

    1. Choose the right plan

      2. When it comes to purchasing insurance of any kind, the most important thing is to properly research and compare before purchasing a plan for yourself. The same theory applies when you are buying a two-wheeler insurance policy. For example, if you own a bike and ride it on a daily basis, then your coverage should be higher. If you are someone who uses your vehicle occasionally, you can then purchase a third-party liability insurance plan and save on your premiums.

    2. Choose a bike as per your budget

      3. This goes without saying that more expensive your bike, higher the premiums. If you are ready to shell out a huge amount of money to purchase an exotic ride for yourself, you should surely be prepared to pay higher premiums for it as well. Hence, it is recommended that you always purchase a ride for which you can afford the payment of premiums.

    3. Do not make small claims

      4. Avoid filing claims for small vehicle repairs.If your bike needs some kind of repair or servicing which you can afford to pay from your own pocket, it is recommended that you do so. Many companies offer their customers with the No-Claim Bonus (NBC) if he/she has not filed for any claims for a considerable period of time, and which ultimately helps in the individual saving on his/her premiums. Making small claims means that you as a customer are missing out on those benefits.

    4. A clean driving record is a must

      5. Follow traffic rules to maintain a clean driving record as well as to ensure your safety and the safety of your co-passenger.This can help you in getting certain discounts on your premiums and ultimately saving money.

    5. Increase your deductibles

      6. Deductibles are the amount that you pay for the repair or servicing of your vehicle. For example, if you can afford the cost of repairing your vehicle, you can do so which will ultimately help you as higher deductibles mean lower premiums payable. It is also important to take care that if the cost runs too high then spending from your pocket defeats the very purpose of having insurance in the first place. Hence, regulate your deductibles accordingly.

    6. Do ask for discounts

      7. While purchasing or renewing your plan, you can actually ask your agent for discounts. Insurers do offer discounts on your premiums based on your age.

    7. Pay your premiums annually

      8. Some insurers are known to bill less if you pay your premiums annually rather than pay it on a monthly basis. Hence, pay your dues at the end of the year and also it is hassle-free as you don’t have to worry about paying your premiums every month.

    8. Installing security systems in your bike

      9. If you are installing a security system in your bike so as to protect it from theft, vandalism, or damage of any kind, the insurance company may offer you a discount on your premiums. It is always appreciated if you are making an extra effort to take care of your vehicle which ultimately means that the chances of you filing for a claim decreases considerably which makes the insurers offer you a discount on your premiums.

    9. Joining a riding association

      10. Some insurance companies may offer you a discount on your premiums if you are a member of some automobile association, riding course, or touring organisation.

    10. Renew before the expiry date

      11. It is always recommended that you renew your policy before the expiry date as it ensures that there is continuous coverage and allows you to save on additional charges that you may incur due to the inspection of your vehicle post the lapsing of your policy.

    11. Go for a longer policy term

      12. You can purchase a policy with a longer tenure and thus save on your premiums as it remains locked-in for the time period during which the plan will be in force.

    Hence, as a rider, you must properly research before purchasing a plan for yourself. It is equally important that you take good care of your bike, and provide proper security to it as well. You must also follow the traffic rules at all times and adhere to it. Following these simple methods can go a long way in helping you save on your insurance premiums.

     

    • Top 5 Tips to Save Money When Purchasing Two-Wheeler Insurance this Diwali

      1. Purchase the Right Type of Two-Wheeler Insurance Policy: You can either purchase a third-party liability-only insurance policy or a two-wheeler insurance policy with an own damage cover. Due to the limited coverage offered, third-party liability insurance policies are more affordable than comprehensive two-wheeler insurance policies. Therefore, it is necessary to carefully assess your coverage needs and pick the right type of insurance policy. However, you shouldn’t compromise on the coverage of the policy to avail a lower premium.
      2. Install ARAI-approved Anti-Theft Devices: Installing security/anti-theft devices that have been approved by the Automotive and Research Association of India (ARAI) can help you get a discount from your insurer. Thus, before you purchase a two-wheeler insurance policy, make sure to install ARAI-approved anti-theft devices on your two-wheeler.
      3. Choose Add-Ons Carefully: While add-ons can give you enhanced coverage, they can also cause your premium to increase. Thus, it is advisable to only purchase add-ons that you really require.
      4. Opt for a Voluntary Deductible: A voluntary deductible is that part of the claim amount that you will have to bear out-of-your pocket. Thus, opting for a voluntary deductible will fetch you a discount. That being said, make sure to only opt for a voluntary deductible if you are sure that you can pay for the expenses in the event of an accident or vehicular damage.
      5. Compare Policies Online: Since premiums for third-party liability insurance policies are decided by the IRDAI, they remain the same across insurance companies. However, premiums for comprehensive two-wheeler insurance policies usually vary from insurer to insurer since insurance companies consider different factors when calculating the premium quote. Thus, it is necessary to compare policies and their premium quotes online before opting for a particular policy.

       

      A two-wheeler insurance policy is a must since it provides much-needed coverage against a number of financial risks. Thus, make sure to keep the tips mentioned above in mind to secure a competitive premium rate.

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