Minimize Your Effective Two Wheeler Insurance Premiums With These Simple Hacks
Everyone who has a bike must have at least a two-wheeler insurance third-party policy, as it is legally mandated. For those who require a more extensive and enhanced coverage, can opt for a comprehensive policy. This cover will benefit you, as it provides protection against own damage, along with third-party, and also covers your co-passengers. Although there are so many options available out there, it gets confusing to pick the right policy that offers you sufficient coverage at an affordable price. Many people avoid buying an insurance policy because of the high premiums one has to pay.
Here are a few ways by which you can lower your two-wheeler insurance policy premium amount:-
- Do not make small claims
For those who don’t make any claims during the policy period, you receive the benefit of No Claim Bonus (NCB) by your insurance provider. This is like a reward given to you for driving safely. But, if you claim even for a minor damage during the policy term, you won’t be qualified for receiving NCB during bike insurance renewal. Therefore, do not make claims if your two-wheeler suffers minor damage. In case there is a small dent or scratch, you can make the payment yourself as well.
- Go for a higher tenure
If you have the budget to do so, go for a longer tenure that will help you save money. You can choose to go for a2 or 3-year comprehensive policy tenure. The amount of premium to be paid will remain locked during this period. Under long-term policies, there is no hike in the premium rate, which allows you to enjoy a good deal.Also, the NCB, in that case, would reduce but not become null after making a claim.
- Renew your insurance policy before the expiry date
Renewing your bike insurance policy on time is necessary or you will be left with a lapsed policy. Most insurers also provide you with a grace period of 30 days as a second chance of renewing the policy. If you still fail to renew it, your policy will be terminated. And in case an unfortunate incident takes place during this time, you might lose on the benefits. After this, you will have to pay a higher premium amount on all instances of subsequent two wheeler insurance renewal.
- Compare various policies
Don’t settle on the first insurance plan that you come across. If you want to enjoy attractive premium rates, compare various bike insurance policies online. And while you’re doing so, check aspects like its features, policy benefits, payment process, add-on covers, claim procedure, etc. You can get quotes online by calculating its premium amount using the bike insurance premium calculator, to get adequate coverage at a convenient price.
- Do not purchase unnecessary add-ons
Additional covers (add-ons) are there to enhance your existing insurance coverage. In case you feel that the bike insurance plan that you already have is insufficient, you can always purchase from the following add-ons:- Zero Depreciation Cover, 24×7 Roadside Assistance, Consumables Expenses, Accident Shield, Lock & Key Replacement, and Engine Protector. However, remember that these covers require you to pay an additional premium amount. Therefore, choose only the ones that you need.
Keep the aforementioned tricks in mind and use them to enjoy a lower premium amount and can get the best deal on your comprehensive policy or third party insurance for bike.