Saving money is essential to having a prudent financial plan. These savings can come using various available offers or by making smart buying tips. The same is the case with bike insurance too. Bike insurance, at times, tend to exceed your budget if not carefully monitored.
A third-party cover or a liability plan has bare minimum coverage and is hence not preferred by many. However, a comprehensive plan with various ranges, including add-ons, can be expensive. This article compiles some nifty tips to avoid wallet-friendly bike insurance quotes to overcome these costly bike insurance prices. Let’s have a look:
Compare before you buy
Various bike insurance plans are available to buy. It often can confuse which is the best-suited plan for your requirements. For that reason, it is essential you compare these policies among themselves and then decide based on your need which policies can be shortlisted. Once you narrow to a handful of policies, it becomes easy to finalize the coverage you need that checks all the right boxes.
Ensure timely bike insurance renewal
Like other insurance plans, bike insurance covers are also available for a specified period. This is defined right from the start of the policy. To ensure continued coverage, it needs to be renewed on time. Any lapse in bike insurance renewal can lead to an expired insurance policy. In addition to that, any benefits accrued, like the no-claim bonus, if renewed beyond 90 days after the expiry are lost. You can visit the official website of IRDAI for further details. To avoid such loss of benefits that lower insurance premiums, it is best to renew your policy in advance. To facilitate such timely renewal, insurance companies send renewal reminders that, if adhered to, ensure continued coverage without any lapse.
Make use of no-claim benefits.
Insured events are future uncertain events that have a probability of occurrence. Thus, it isn’t always a claim shall be made with the insurance company. When there are no claims, the insurance company passes on the benefit in the form of a reduction in renewal premium by way of a no-claim bonus or NCB. This NCB is a substantial amount that starts at 20% and goes all the way up to 50% of the own-damage premium. Such an NCB facility can help lower your renewal premium, keeping tips in check. You can visit the official website of IRDAI for further details.
Select the add-ons wisely.
Add-on is an intelligent way to overcome your comprehensive bike insurance coverage limits. However, as they are over and above the standard policy cover, they increase the premium too. This is where you need to make a clever choice of selecting only those add-ons that increase the policy coverage significantly and add value. Cutting down on unnecessary add-ons helps lower the premium, ensuring the compensation stays within your budget. * Standard T&C Apply
Avail voluntary deductibles
Deductible in a bike insurance cover is that amount which you, the policyholder, needs to pay before the insurance coverage kicks in. All bike insurance plans have a mandatory deductible known as the compulsory deductible. But apart from that, you can also opt for a voluntary deductible. As the name suggests, it is optional to purchase such a deductible. Since it increases the out-of-pocket amount, it, in effect, lowers the premiums. * Standard T&C Apply. You can also assess your insurance premium amount with a nifty tool called two wheeler insurance premium calculator.
These are some clever ways to help lower your insurance premium and ensure affordable coverage is available. In the end, remember insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.