Two-wheelers are the most popular mode of private transportation in India. These smaller vehicles are convenient as they can maneuver easily on our congested roads. Moreover, two-wheelers tend to be more affordable than four-wheelers. One common factor between the two vehicle types is the necessity for auto insurance.
Here are five essential tips on how to lower your bike insurance policy premiums –
Premium rates can increase by as much as 10–15% annually. It may even go up by 20%. You should opt for long-term insurance coverage to avoid this hike. Auto insurance premium rates are frozen for three years. So you are assured of remaining insulated against premium hikes when you purchase a long-term cover.
Add-ons such as the zero depreciation cover and roadside assistance add-on are popular ways to enhance coverage on a bike insurance policy. But before blindly opting for any add-on, assess how relevant they are for you. If you use your two-wheeler extensively, the enhanced cover makes sense. But as an occasional user, too many unnecessary add-ons are just a drain on your wallet. Whatever be the case, be sure to choose your add-ons wisely. Unnecessary add-ons are just expensive ways to empty your pockets.
Deductibles are the out-of-pocket amount that policyholders pay when making an insurance claim. If you use your two-wheeler sparingly or if you are a safe and confident driver, your chances of meeting with an accident may be lesser than others. In such a case, you can choose a higher deductible. This would make your resulting premium amount lower.
The No-Claims Bonus (NCB) is accrued annually for every successive claim-free year. It can lower your two-wheeler insurance by up to 50%. It is wiser to pay for minor damages at a local garage, rather than make a petty claim and forego the NCB. Over time, your NCB will accrue and you will reap the benefits of lowered premiums.
Before you settle on a bike insurance policy, make sure to compare various insurance plans. Try to get premium quotes from at least three different insurance companies. You will find that some of the lowest premiums and best discounts are available on insurance policies offered online. Searching the web also helps you to compare insurance plans more easily. Aggregator sites can help you narrow down the features of various plans. Use online calculators may help you get an idea of the potential premium you would need to pay. So, keep your premiums low by buying online insurance and availing of a discount on the same.
When buying a bike insurance policy, remember–lower premiums should not come at the cost of inadequate coverage. Neither cheap nor expensive insurance equals best. The ideal insurance is one that fits your needs without breaking the bank. So, make sure to carefully compare insurance plans and then choose one that offers you the best bang for your buck.
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