Saving money is synonymous with contributing to wealth accumulation in the long run. Whether you’re buying a new mobile phone or that favorite pair of jeans you wanted, making purchases at the right time gives you adequate opportunities to save a handful of money. Online shopping has become a new trend since it offers substantial price savings. This helps you get the same products at an affordable cost.
This is true even when shopping for bike insurance plans. Two-wheeler insurance is a legal requirement that all bike owners must comply with. However, the law only stipulates the condition of a third-party two-wheeler insurance cover. Since third-party bike insurance offers limited coverage, many prefer the comprehensive plan. However, that increases premiums due to a complete policy’s broad scope. This article mentions some different ways to avoid paying hefty sums for your bike insurance policy. Let’s have a look:
Compare before you shop.
The essential step in saving money on bike insurance premiums is to compare before you shop. There are various bike insurance plans to choose from. Comparing these numerous alternatives will help you arrive at a policy that fits your budget and checks all the right boxes in terms of coverage. You must avoid selecting the cheapest policy, leading to inadequate coverage or lacking crucial policy features. Instead, look for policy features that matter in your approach and then compare them with insurance companies offering a similar product to be light on your wallet.
Look for concessions offered.
Many insurance companies offer concessions in premiums for being part of an automobile association. If you are one member, you can look up the rebate provided and ensure your policy premium stays within the check. Some insurance policies are exclusively offered online, while others are affordable. Hence, shopping online provides convenience and premium concessions. *The insurer provides all savings per the IRDAI-approved insurance plan.
Make use of the no-claim bonus.
A no-claim bonus, popularly referred to as NCB, is a reduction in premium offered by the insurance company for not making any claims during the previous policy tenure. This bonus facility starts at 20% and increases to 50% for every claim-free policy tenure. However, such a rebate is only available for the damage component in a comprehensive policy. So, do not miss out on the benefits of NCB during the two-wheeler insurance renewal. Also, ensuring timely renewal ensures you can help the NCB benefits, as they are valid only for 90 days after the expiry of their coverage. You can visit the official website of IRDAI for further details.
Smartly use the voluntary deductibles in your policy.
When you raise a claim under your bike insurance policy, there are deductibles that you need to pay. These are compulsory deductibles. However, you can also opt for voluntary deductibles over and above mandatory ones. Since these voluntary deductibles increase out-of-pocket expenses at the claim, they reduce premium costs. * Standard T&C Apply
These are ways to ensure two-wheeler insurance premiums are within your budget. When buying a policy, remember that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
