|
Getting your Trinity Audio player ready...
|
Long story short: Here, we will discuss the tips or techniques to reduce your yearly bike insurance premium.
Bike insurance or motorcycle insurance is mandatory as mandated by the law in India. Every motorcycle or two-wheeler owner in India should buy or must have motorcycle insurance as per the Motor Vehicles Act 1988. To learn more about buying and selecting two-wheeler insurance, check out this article. Most bike owners have minimal knowledge about insurance and buy for the sake of it. Insurance companies in India are coming with several benefits and features that are very useful for owners. But the reality is that many do not know them and fully take the words from insurance or showroom agents.
Do you know that your motorcycle driving behaviour is considered in the insurance premium? Yes, this fact is 100% correct. Other factors are also considered, and we will discuss them in-depth throughout this article. Also, several destructive tendencies and misconceptions among two-wheeler owners are discussed here. So, let’s start digging deep and get rid of your doubts.
Compare insurance policies before buying.
Several websites can do the same and make your process hassle-free. But as a motorcycle owner, you must do an in-depth study. Focus on more than just the insurance premium; check the features and renewal amount in the upcoming year. The first-year premium might be low to attract customers, but the renewal premium will be high, so take care of that.
Maximise use of NCB (No Claim Bonus).
Suppose your bike has had no claims for a year. In that case, the insurance company will reward you with NCB, which means a 20-50% deduction in the year premium, which benefits both the vehicle owner and the insurance company. Also, if you want to transfer the insurance, get the NCB certificate from your current insurer to avail of the NCB with the new insurer.
Renew your insurance policy before expiry.
Renewing your policy before expiry helps avoid unnecessary paperwork, like taking photographs of the vehicle, other documentation, etc., and your NCB (No-Claim Bonus) benefits will not be lost.
Avoid doing minor repairs on claims.
Most showrooms insist you claim for minor repairs and damages so that no amount is spent from your side. Cool thing, right? But you will have to pay a higher premium in the upcoming year. That amount might be negligible, but when you do repairs frequently in this manner, the premium will be very high.
Purchase an insurance policy from the same company.
Renewing your motorcycle insurance with the same company for several years increases your chances of getting rewards, discounts or loyalty points for being a loyal customer for several years, which all companies love to have.
Always ask for discounts.
Some motorcycle insurance companies might be hesitant to provide discounts. So it would be best to ask for the same; there is no need to be ashamed. Some insurance personnel might not tell you anything about discounts because of inexperience or other company agenda.
Choose Add-on covers wisely.
Most insurance companies offer several good add-on covers, but you must ensure it is worth it for your bike. Add-on covers will only increase your insurance rate and premium and will never decrease it. Also, avoid getting lured by the words of sales personnel and think wisely before making a choice.
Install Anti-theft devices.
Motorcycle insurance companies offer lower insurance premiums if you secure your two-wheeler with security devices such as anti-theft alarms. Ensure the anti-theft device you install is approved by the Automotive Research Association of India (ARAI) to avail of the discount on the bike insurance premium.
Have a neat and disciplined driving record.
The new-age insurance companies also consider your driving habits and histories. A good driving record means no extra premium, and you might get rewards or discounts for the same, depending upon the insurance company.
Buy insurance policies online if you know.
Another effective way to reduce that bike insurance premium is as agent commission costs are not there. But if you have little or no insurance basics, opting offline is better as there are chances of creating mistakes and taking the wrong plan.
Take a long-term plan if possible.
Instead of paying a premium for one year, try to take the policy for 3-5 years at a time, as there will be a considerable discount. But one thing to note here is that you do not have the flexibility to change the policy. If any issue occurs with the insurance company, your amount will be lost while trying to change the policy. Again, you must be very sure of the insurance company’s performance, the benefits they provide, etc., while selecting.
Become a member of a recognized automobile association or organization.
Some motorcycle organizations or clubs offer their members discounts towards vehicle insurance. If you are part of these organizations, such as a touring club or an automobile association, avail of the deal to reduce the bike insurance premium. Please note that only a few insurance companies provide the same.
Conclusion
I hope you understand all the tips and tricks to reduce your bike insurance premium. So let’s summarize what all they are right here.
- Compare insurance policies before buying.
- Maximise use of NCB (No Claim Bonus).
- Renew your insurance policy before expiry.
- Avoid doing minor repairs on claims.
- Purchase an insurance policy from the same company.
- Always ask for discounts.
- Choose Add-on covers wisely.
- Install Anti-theft devices.
- Have a neat and disciplined driving record.
- Buy insurance policies online if you know.
- Take a long-term plan if possible.
- Become a member of a recognized automobile association or organization.
If you have any other doubts or queries, email us at bikeleague2017@gmail.com. We are always eager to help and assist you. Also, here are several social media platforms of Bikeleague India to raise your suspicions.
