FreeCurrencyRates.com

इंडियन आवाज़     16 May 2022 04:42:13      انڈین آواز

5 Smart Ways to Avail Discounts While Buying a Bike Insurance Policy

While buying bike insurance, you are sure to look for options that are best for you and your bike. Everyone likes to save money and ensure they get the best deal. A good deal would involve good coverage, great IDV, lesser deductible, and a reasonable premium. Sometimes the policy you want, along with add-ons, may be out of your budget. At such times what do you do to ensure you get the right insurance policy and end up paying less?

Also Read – How to calculate a two-wheeler insurance premium?

Why Is Bike Insurance Unavoidable?

To understand why you should be on the lookout for good deals, you need to know why you cannot avoid buying bike insurance. According to the Motor Vehicles Act of 1988, all vehicles must have at least third-party insurance. This insurance covers the insured against any financial liability towards the third party in case of an accident. Damage or losses caused due to the accident are covered by third-party insurance. Whether you choose third-party insurance or comprehensive insurance, there is no escaping room for this particular expense.

Smart ways to avail of discounts while buying a bike insurance policy

Since buying bike insurance is unavoidable, the best way to ensure you get a good deal is to look for discounts and places where you can save money. Here are some ways you can avail of discounts.

Also Read – Importance of Life Insurance Schemes

  1. Manage the policy tenure – When you invest in a policy, you can think ahead and see what the requirement would be like after 3 years. If you feel it is going to remain constant, you can think of buying bike insurance for a longer tenure. If you purchase for more than a year, then you are sure to get some discount on the premium. However, it is advisable to remember that you cannot modify your policy in the middle of your tenure. This long-term commitment should be made after considering the usage of the bike in the upcoming years as well.
  2. Buy insurance online – When you choose to buy bike insurance online, you are sure to get a better deal than offline options as you end up cutting down on a lot of costs. The cost of paperwork, agents, offices, are reduced, and you automatically get a better deal. If you choose to buy online bike insurance, you can also compare policies and choose the best one for you. Filing a claim, processing reimbursement, buying the policy, renewing the policy, and support from the insurance company are easier processes for you.

Also Read – Ultimate Guide to Choose Health Insurance Plans for Family

  1. File a claim only when required – All insurers provide the perk of No Claim Bonus with every policy. If you do not file a claim for a policy tenure, you are eligible for a certain percentage of the assured sum to be carried forward to the following year. The sum assured increases, and you do not have to pay any extra amount. It is only possible when you do not place a claim for the entire tenure. For example, if the repair costs you 2000 INR and NCB is 7000 INR, it is wise to pay for the damage yourself and keep the NCB intact. Moreover, if you file claims frequently, your premium will be higher for the next year as you will be seen as a risk.
  2. Install anti-theft devices – When you increase the security equipment, your premiums automatically reduce. For this, always buy your bike equipment from an authorized dealer. If you install extra security equipment, you are sure to get a better deal on your premium, as you are less of a risk.
  3. Enquire about discounts –  One of the best ways to get the maximum out of your deal is to inquire about discounts. Bike insurance premiums depend on your age as well. If you are between 32 years to 60 years, you qualify as a responsible and healthy rider. Insurance companies give a good deal to responsible riders. Insurance companies may offer special discounts on special days to a particular group of people during the year.

Also Read – CM Kejriwal flags off First Ever Bike Ambulance Service

There are many other ways for you to save on the premium. Smaller amounts can lead to a big total over time. If you wish to see how each factor affects your premium and wish to calculate the premium while rearranging the factors, you can use the bike insurance calculator. It will give you a fair idea of what you should expect in terms of premium. You can further use the calculator to determine how add-ons, policy tenure, and other factors affect your premium and what you should do to get the best deal.

Apart from this, you can save on insurance premiums by avoiding modifications, reevaluating the need for add-ons, maintaining a clean driving record, not adopting unlawful practices, and so on. You can also purchase multiple insurance policies from the same company and look for bundle discounts. You should also manage your deductibles and voluntary excess. Another way to ensure you get a decent deal while buying a bike insurance policy is to maintain a good credit score.

Also Read – Only motorbikes, with adequate safety features for pillion riders will be allowed on roads: SC

Sponsored post

Leave a Reply

Your email address will not be published.

SPORTS

History Created: India beat Indonesia 3-0 to lift maiden Thomas Cup trophy

AMN Indian Men's Badminton team on Sunday scripted history by winning the Thomas Cup for the first time eve ...

Thomas Cup Badminton: India to face Indonesia in summit clash

India play first-ever final in 73-year-history BangkoKIn Badminton, rejuvenated Indian male shuttlers s ...

Thomas Cup: Srikanth wins second singles, India leads 2-1

In Thomas Cup Badminton Tournament in Bangkok, India's ace shuttler Kidambi Srikanth registered a thumping win ...

MARQUEE

National Museum to celebrate International Museum Day 2022 from 16th-20th May

By SUDHIR KUMAR National Museum New Delhi will celebrate International Museum Day 2022 for five day from to ...

Indian Railways introduces separate seats for newly-born children in trains

AMN Indian Railways has introduced separate seats for newly-born children in trains. The facility has been ...

Finland tops world’s happiest country for fifth straight year

A family tests the water at Pyynikki Beach, just a short walk from downtown Tampere. Photo: Laura Vanzo/Visit ...

@Powered By: Logicsart