Bike insurance is compulsory in India to protect the driver and the sufferer from any mishap. Besides, it may not always be possible to pay for the damages incurred by you to a third party. Bike insurance companies play a vital role thereby.But often bike insurance premium could go heavy on your pockets if not calculated well.
Tips to Reduce Bike Insurance Premium
You can reduce your bike insurance premium by taking into account the following factors:-
- When you chose a bike, avoid any modified or imported bikes as their repairs and spare parts are way too costly. Also, expensive bikes with powerful engines or custom made bikes attract higher premium rates. It is advisable to go for a standard two-wheeler. If you plan to purchase of an old and used two–wheeler, bike insurance premium costs significantly drop owing to the depreciation value, repairs and maintenance etc.
- You could be eligible for a lower insurance premium if your track record is good and you are a safe driver who has no history of accidents.
- Get associated with any Riders Association, clubs which arerecognized by IRDAI.You get a discount on your two wheeler insurance premium. What happens is you come into good books of the insurance companies when they find a clean track record name under the books of the club or riders association, and you get heavy discounts on your premiums.
- Your experience as a rider counts a lot. More the experience, less the risks rates. You will notice that new drivers’ insurance premiums are much higher, as the experience is low and risks are high.
- A great scope of reducing your bike insurance premium is by paying the entire amount of your premium yearly rather than in installments.
- Get smart and take the advantage of being a loyal customer. If you have taken other insurance policies from that same insurer, insist on discounts and you are ought to get one.
- Transferring up to 50% of your existing NCB (No claim Bonus) from any bike insurance provider is a good option. In addition, if you haven’t made any claim for a good amount of time, you are eligible for no-claim bonuses as rewards. But all could go futile if you make small claims and lose out on such bonuses and discounts. Therefore, use this feature prudently.
- You must also be vigilant during the renewal period of your two -wheeler insurance, if it lapse, you start from the scratch by paying inspection fees and more. To avoid such occurrences, renew your insurance policy before time.
- There are a number of insurance companies willing to offer their services to you. Five minutes from your regular routine can help you save a lot on your bike insurance premium. Go to the internet and look for plans that offer and meet your demands. Look if there‘s any mid-term cancellation refund, what are the policies of a premium hike during the policy period, renewal frequency etc.compare and get your requirements met.