A two-wheeler insurance policy provides coverage against several risks. A comprehensive two-wheeler insurance policy covers all risks involved, whether the vehicle is parked or playing on the road.
India is one of the largest producers and consumers of two-wheelers, and a significant increase in the number of bike users implies that there will be more road accidents. Considering the risk factors, it would be wise to apply for 2 wheeler insurance online.
However, you may make mistakes and pay more in premium if you are applying for the first time. Therefore, we have prepared some helpful tips from the experts to help you cut down the insurance premium substantially.
– Always purchase or renew 2 wheeler insurance online.
If you apply to purchase or renew 2 wheeler insurance online, you will get your insurance policy at lower costs. The low operational costs and the absence of a middleman/agent enable the insurance company to offers better prices directly to the policyholder.
So, the golden advice would be to purchase your two-wheeler insurance policy through online mode than offline mode and avail of a much lesser price. Another advantage of 2 wheeler insurance online is that it allows you to compare bike insurance online and choose a plan that offers the most affordable rate of premium. It is how bike insurance online can save you money.
– Choose a long-term insurance plan.
Policyholders have the flexibility to purchase bike insurance plans for both short-term and long-term periods. New bike owners are compelled to opt for the long-term period in case of owning third-party two-wheeler insurance.
However, in the case of standalone own-damage bike insurance plans, you can choose the policy term as per your choice. In such a case, it is advisable to select a long-term bike insurance policy to save money. Furthermore, choosing long-term insurance eradicates the hassle of yearly renewal of insurance plans without any delay.
– Utilize from No Claim Bonus (NCB)
No Claim Bonus (NCB) is an incremental benefit provided only to policyholders who do not raise a claim throughout the policy term. The NCB benefit is subject to the number of years you choose to not raise a claim. For example, the value of NCB can go up to 50% if you don’t raise any claim for five consecutive years.
You may have to bear minor burdens by not raising any claim. It allows you to avail of an economical price through an instant discount on the premium amount. Moreover, if you have accumulated NCB, you are eligible to receive a bonus while renewing your two-wheeler insurance policy.
– Installation of security devices in your bike
Most insurance companies offer discounts to policyholders who install security devices on their bikes. Installing security devices on your bike reduces any chance of theft. Enhanced protection further lessens the risk of insurance companies paying any compensation to policyholders.
The discounted rates depend on the installed security devices approved by the Automotive Research Associations of India (ARAI). So, if you have an IRAI approved security device on your two-wheeler, it means that you will get a two-wheeler insurance policy at a lower price.
– Insurance policy tenure
The bike insurance policy tenure also influences the premium amount. You have the option to buy or renew your existing insurance plan for one year, two years, or three years. However, if you choose a long-term insurance policy, the insurance company will offer a discount on the premium amount to help you save money.
– Compare bike insurance plans
It would be wise to compare bike insurance online to understand the important features and premiums of the various plans. You can get quotes from different insurance providers and choose a policy that offers the maximum insurance coverage at the best insurance premium.
– Avoid accidents
While riding your bikes, it is your responsibility to ensure your safety and the safety of others. Most bike insurance plans offer both third-party insurance cover and a standalone own-damage insurance policy, which means that they will cover the cost of damages and losses incurred to your bike and the third party.
However, if you meet with an accident and raise a claim within the policy duration, you will likely lose the NCB benefit. So, driving your bike responsibly can save you money through claim-free years and get plans at a discounted price during renewals as well.
– In a nutshell
It is possible to decrease your 2 wheeler insurance online premium based on the aforesaid factors. They influence insurance companies to offer insurance plans at lower premiums.