Paying high premiums for two-wheeler insurance can be a frustrating experience for anyone. If individuals wish to reduce their bike insurance premium without compromising on coverage, there are effective tips available that can help them save money. As owning a two-wheeler comes with the responsibility of securing it with insurance, it’s essential to strike a balance between affordability and adequate coverage. By reading on, individuals can gain valuable tips on how to reduce their two-wheeler insurance premiums and save money in the long run.
Tips to Reduce Your Two-Wheeler Insurance Premium
Comparing All Available Options
While purchasing bike insurance online, it is essential to compare all available options before making a decision. Most insurance companies list their insurance plans and features on their websites, making it easy to compare the costs and features of different plans. Choosing the least expensive plan that meets the policyholder’s requirements can help reduce bike insurance premiums.
Bundling Insurance Policies
Insurers often provide discounts on premiums to customers who buy more than one policy from them. For instance, policyholders who have a home insurance policy with an insurer may receive a discounted premium if they also purchase their two-wheeler insurance policy from the same insurer.
Avoiding Making Small Claims and Getting NCB Benefits
Insurers offer a No Claim Bonus (NCB) discount on premiums to policyholders who drive responsibly and do not file claims during a particular year. If a policyholder makes small claims, they risk losing their NCB benefit for that year. Therefore, paying for small damages such as dents or scratches from the pocket can result in a bigger discount on two-wheeler insurance premiums in the future.
Choosing the Right Bike/Scooter
The cost of a two-wheeler and its insurance policy are directly related. Opting for a standard or older model can result in lower insurance premiums since replacement and repair costs are typically lower. On the other hand, purchasing an expensive bike with a high CC engine may lead to higher premiums due to the increased risk factor, as these types of bikes are often driven at high speeds. It is essential to strike a balance between affordability and adequate coverage when selecting a two-wheeler insurance policy.
Using an Anti-Theft Device
Insurers may lower two-wheeler insurance premiums if policyholders secure their vehicles with an anti-theft device approved by the Automotive Research Association of India (ARAI). Anti-theft devices reduce the chances of vehicle theft, which results in lower risk for insurers.
Driving Record
Insurers consider policyholders’ past driving records when determining premiums. Policyholders with a clean driving record and no history of traffic violations or accidents are eligible for lower premiums than those with multiple accidents in the past.
Choosing Riders Carefully
Comprehensive insurance policies may offer several add-on covers for increased protection. However, policyholders may not require all of the extra riders. Carefully selecting necessary riders and leaving out the ones that are not can help save on insurance premiums.
Joining a Bike Riding Association
Insurers may offer small-to-medium discounts to policyholders who belong to touring, riding or automobile associations. Avid bike riders can take advantage of these discounts by joining local biking groups in their areas.
Paying Premiums Annually and Buying a Long-Term Plan
Insurers offer better prices for policyholders who choose long-term insurance plans for their two-wheelers. For instance, a 3-year insurance plan may be cheaper than a 1-year insurance plan. Additionally, insurers may offer discounts to policyholders who pay their premiums annually instead of making monthly payments.
Buying Policies Online
When it comes to purchasing a two-wheeler insurance policy, it is recommended to explore all available insurance options online. Buying policies online is not only a convenient option but it is also more cost-effective as there are no agent commission costs involved. Online bike insurance payment can also offer customers a hassle-free experience with instant policy issuance and renewal options. Therefore, individuals should consider buying their two-wheeler insurance policy online to save on costs and enjoy the convenience of the process.
Conclusion
In conclusion, reducing the cost of two-wheeler insurance premiums is a matter of making informed decisions as a responsible driver. Choosing the right bike, bundling policies, avoiding minor claims, comparing options and selecting riders carefully can lead to significant savings. Anti-theft devices, a clean driving record, annual premium payments and online policy purchases are additional methods to save money. While ensuring adequate coverage for your two-wheeler is vital, it need not be a financial burden. By following these tips, riders can enjoy a seamless and stress-free experience with their insured bikes while making online bike insurance payments.Looking for a reliable and affordable two-wheeler insurance policy? Look no further than Tata Capital. Our comprehensive coverage options protect individuals and their bikes from unforeseen events while keeping the premiums low. With convenient online policy purchase and renewal options, one can get the coverage they need with just a few clicks. Plus, a dedicated customer service team is always available to assist customers with any questions or concerns.
12 May 2023
5 mins read
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