Having valid two-wheeler insurance is important for your bike before you play it on roads. As per the Motor Vehicles Act, 2019, it is mandatory to have two-wheeler and four-wheeler insurance, in absence of which the fine can go up to Rs. 5000.
All of this makes it critical for bike owners to get and renew their insurance on a regular basis. If, on the other hand, the cost is your top concern when purchasing bike insurance, continue reading to learn how to save money on bike insurance.
Is It Expensive To Buy Bike Insurance?
No, it is not expensive to buy bike insurance. Instead, you are likely to get maximum protection against any unforeseen circumstances like accidents, damage, theft, and fire, to name a few. The market is full of bike insurance providers who can provide you with coverage without putting much pressure on your wallet.
Tips To Purchase Cheaper Bike Insurance
If you are looking for bike insurance that does not break the bank in a long run, then you can follow the below-mentioned tips:
- Compare Plans
You can now choose from a variety of bike insurance policies offered by numerous insurance companies. These policies have their own sets of benefits and features. Before making a decision, it’s a good idea to examine the various policies.
Many insurance comparison websites allow you to evaluate multiple bike insurance companies’ plans and insurance products at the same time. You can enter your needs, such as bike specifications, required insurance features, and add-ons, and the portal will provide a range of plans. You can sort the list by price, from lowest to highest, and then pick the policy with the lowest premium.
- Timely Renewal
Motorcycle insurance plans are usually offered for one to three years. To avoid a lapse, you should renew the coverage as soon as possible. This also protects your finances in the event of an accident. It’s critical to renew your bike insurance on time if you want to keep your benefits. Many companies may give you a discount if you renew your policy on time. So, if you renew your two-wheeler insurance on time, you’ll save money on your premium.
- Buy Online
A plethora of insurance companies has begun to sell their products online in order to make the purchasing procedure easier for customers. Nowadays, policy buyers may receive all of their information, including policy details, features, inclusions, add-ons, premium prices, and so on.
Aside from such conveniences, purchasing bike insurance online eliminates agency commissions and other price factors. Therefore, when you get two-wheeler insurance online, you need to pay a lower premium price. Moreover, you can also use premium calculators while purchasing bike insurance online. This gives you a fair idea of how much you will have to pay. You can select a plan, add-ons, and other features, as well as check the current premium. You can tailor the policy to your budget and purchase bike insurance at a price that is affordable to you.
- No Claim Bonus
When you do not file a claim during the year, the insurance companies reward you with a No Claim Bonus (NCB). This accrued bonus can be used to receive a discount on the renewal premium. If you don’t file a claim for five years, the NCB will usually start at 20% and go up to 50%. To get the best bike insurance quote, it’s preferable to use your collected NCB at the time of bike insurance renewal to get a reduction on the rate.
- Select Necessary Add-Ons
Add-ons, also known as riders, are optional extras that you can add to your base insurance to enhance your coverage, such as zero depreciation and roadside assistance. These riders broaden the extent of the comprehensive plan’s total coverage. However, it is critical that you make an informed decision about which add-ons to purchase because you will have to pay a higher price to have these riders. As a result, it is recommended that you select just those riders that are required.
- Choose Longer Tenure
Bike insurance with a longer-term, such as a 2-year or 3-year term, is now available from various insurance companies. Purchasing bike insurance for a longer period of time protects you from premium price increases. Your insurance premium is fixed for the duration of your policy, saving you a significant amount of money.