Saving money is synonymous with contributing to wealth accumulation in the long run. Be it for a new mobile phone or those favorite pair of jeans that you wanted. Making purchases at the right time gives you adequate opportunities for saving a handful of money. Online shopping has become the new trend for this reason since it offers substantial savings in prices. This helps you get the same products at an affordable cost.
This is true even in the case of shopping for bike insurance plans. Two-wheeler insurance is a legal requirement that all bike owners need to comply with. But the law only stipulates the condition of a third-party two-wheeler insurance cover. Since third-party bike insurance offers limited coverage, many prefer to opt for the comprehensive plan. However, that results in an increased premium due to the broad scope a complete policy provides. This article mentions some of the 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 not only fits your budget but also checks all the right boxes in terms of coverage. You must avoid selecting the cheapest policy, leading to inadequate coverage or even a lack of crucial policy features. Instead, look for policy features that matter in your approach and then compare with insurance companies offering a similar product to be light on your wallet.
Look for concessions offered.
Many insurance companies offer concessions in premium for being part of an automobile association. If you are a member of one, 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 if purchased online. Hence, shopping online that only provides convenience but also a concession in premium. *All savings are provided by the insurer as per the IRDAI approved insurance plan.
Make use of the no-claim bonus.
No-claim bonus, popularly referred to as NCB, is the reduction in premium offered by the insurance company for not making any claims during the previous policy tenure. However, such rebate is only available for the own-damage component in a comprehensive policy. This bonus facility starts at 20% and increases to reach 50% for every claim-free policy tenure. So, do not miss on availing of the benefits of NCB at two-wheeler insurance renewal. Also, ensuring timely renewal makes sure you can help the NCB benefits as they are valid only for 90 days after the expiry of its 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 that are over and above the mandatory deductibles. Since these voluntary deductibles increase out-of-pocket expenses at the claim, it offers a reduction in premium costs. * Standard T&C Apply
These are some of the 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.