Whenever you are buying something, you always try to compare among its alternatives and save a few bucks. It is one of the reasons why e-commerce sales have soared in the recent past with it being easy for you to compare. Similar to other products, you can also save money while purchasing bike insurance.
It isn’t always necessary that you pay a hefty premium to protect your bike from various perils. You can save a significant amount if you are a smart shopper. Let us look at the tips that can ensure affordable deals on your two wheeler insurance policy.
#1 Compare
The most important tip is to compare. There are a plethora of plans that you can buy. Every policy has a slight difference but more or less are similar to its counterparts. Say, for example, you are purchasing comprehensive bike insurance, most policies will have similar features. It is for you to decide the preferred insurance company analysing your specific requirements. A thorough comparison will allow you to purchase these policies at a pocket-friendly price.
#2 Look for discounts
There are various discounts that your insurer offers. It is for you to look for them. Affiliations to an automobile association by being its member are honoured by offering by subsidising your premium. Further, online two wheeler insurance renewal or purchase helps you avail discounts that are not available otherwise. Lastly, any safety devices installed on your bike help further lower the premium of your policy.
#3 Make use of no-claim bonus
Not every year you need to make a claim. Thus, the insurance company offers a no-claim bonus which is in the form of a concession to your renewal premium. This percentage of NCB starts from 20% and goes all the way up to 50% for consecutive claim-free policy years. But note that this concession is applicable only for the own damage component of your comprehensive policy.
#4 Ensure timely renewal
Timely renewal always benefits in the form of no-claim bonus as well as other policy benefits. Moreover, if there is a delay in renewal beyond 90 days after expiry, you lose out the accumulated NCB. So always make sure you ensure the timely renewal of your policy.
#5 Select voluntary deductibles
All motor insurance plans have a compulsory deductible. It is that amount which you, the policyholder is required to pay at each claim before the insurance coverage kicks in. It is also called compulsory excess. Apart from the compulsory deductible, you can opt to pay the voluntary deductible. This voluntary amount further to keep your premiums in check. So if you are looking for ways to make your policy more affordable, a voluntary deductible is a handy option.
The above-mentioned tips are some nifty ways that can help you save big on your bike insurance premium, be it a comprehensive plan or third party insurance for bike. Pick one or combine them to get the best policy coverage at some of the lowest premiums. Happy saving!
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