How to Save More on Two-Wheeler Insurance?
Updated On Aug 06, 2021
Here are some tips with which you can save more money on your bike insurance.
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Who does not want to save more money? Everyone looks to crack a profitable deal and find an insurance product that is comprehensive as well as cost-effective. However, saving does not mean to be coming with some compromise on the quality. Third-party bike insurance is mandatory to hold and available at a fixed price with every insurance company.
Ways To Save More on Two-Wheeler Insurance
To save on a comprehensive two-wheeler insurance policy without losing out on coverage or benefit, here are some tips which you can follow:
1. Buy or Renew Bike Insurance Online
Buying two-wheeler insurance offline is an obsolete method now. It is recommended to buy a comprehensive bike insurance plan online to get it easily, quickly, and hassle-free. Besides, renewing bike insurance online is also much easier than renewing it offline. The offline method involves different middlemen like brokers, insurance agents, etc, due to which the premium of the policy increases and you need to pay more. The insurers are able to offer you the insurance product at a discounted rate as the operational cost is low in the absence of any broker or insurance agents. Hence, to save big on insurance, buying and renewing bike insurance online is the best way out.
2. Research, Analyse and Compare Quotes
When you purchase a bike insurance policy online, it helps you get a plethora of detailed information and a range of options to make better decisions. To find an ideal plan for you, it is always recommended to compare different types of two-wheeler insurance quotes online based on coverage, benefits, premium, and other related options. You can compute the policy premium quotes using a two-wheeler insurance premium calculator at a click. Analysing and comparing the policies on the different aspects can get you a plan at a discounted cost without losing out on benefits. In simple terms, research, examination and comparison of two-wheeler insurance quotes help you get a plan with maximum coverage at an optimal cost.
3. Drive Safely and Responsibly
Most of the insurance companies offer No Claim Bonus (NCB) benefits to their policyholders for making no claim in the policy year, which makes you eligible to get a discount on your next year premium. Driving safely will enhance your chances of being not involved in any collision and you can have a claim-free year that lets you earn No Claim Bonus two-wheeler insurance. With every claim-free year, the discount will increase between the range of 20% up to 50%, till you do not make a claim. Therefore, drive safely and responsibly can help you save more money on your two-wheeler insurance.
You may also like to read:- How To Renew Bike Insurance Online?
4. Install Anti-Theft Device
Many two-wheeler theft cases are registered in India every year. So many bike owners take extra care and install anti-theft devices on their vehicles. The installation of such devices not only safeguard the bikes from getting stolen or help owners in finding them but also lead your insurer to offer you savings on your policy premium for installing the security device as it lowers their burden to provide compensation. However, the discount on premium is offered only on the installation of anti-theft devices approved by the Automotive Research Association of India. Hence, you should research devices to get a proper understanding that can help you get a better buying deal.
5. Select Long Term Bike Insurance
During the purchase of a two-wheeler insurance policy, you can either select short-term or long-term bike insurance policy. Buying a third-party bike insurance policy is mandatory but opting for own-damage insurance or comprehensive insurance is your choice. Duration of these plans can be selected by you as per your needs and budget but it is always beneficial to choose a long-term comprehensive bike insurance policy. It will protect you from yearly premium price hikes or inflation and from remembering the expiry date to renew the policy on time to save it from getting lapsed. In such ways, buying a long term two-wheeler insurance policy saves your money.
Before purchasing a two-wheeler insurance plan, you should get a clear understanding of some super-saver tips which could help you save more money. This will help you make an informed decision to save more on your two-wheeler insurance.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.