Here’s How to Get an Affordable Bike Insurance Policy

Handy Tips to Get Affordable Bike Insurance Quotes - Graetgossip

Saving money is synonymous to the signs of smart buyer. Whenever you head out to buy any commodity or request a service, you want to get it at the best price. This way you do not just save money, but also apply it in different and other productive avenues. Online channel is one such medium where retailers offer deep concessions on their products due to elimination of middlemen and other operational costs. 

While you apply these money-saving tactics to everything you purchase, then why not when buying a two wheeler insurance online? Here are some nifty tricks that can help you avail affordable bike insurance coverage. Let’s have a look:

  • Comparison is the critical

The first step to ensure your insurance policy is not heavy on your wallet is comparing it with other insurance plans. There are myriad insurance policies to choose from and comparison helps to narrow down the selection based on criteria that is essential to your bike’s coverage needs. For instance, you own an expensive superbike whose repairs are not cheap. That’s when a comprehensive policy is crucial to cover these steep repair costs. Moreover, comparison of different policies head-to-head helps to select not just a pocket-friendly plan, but also the one that offers maximum coverage. *

  • Make use of the no-claim bonus

Once you have compared the different plans to select a policy which is light on your wallet, you can also make use of the no claim bonus (NCB). This NCB facility allows you to further lower insurance premium by offering a concession on the own-damage premium. The NCB benefits begin from 20% and scale all the way to 50% for every consecutive claim-free policy periods. In addition to these benefits, the no-claim bonus can also be transferred to your new vehicle since it is linked to the policyholder, i.e., you and not the vehicle. However, such bonus is only offered based on the claim history during its previous policy period. *

  • Ensure timely renewal

Renewing your policy on time has its benefits of saving you money. In case of delays in renewal in your insurance plan, you end up losing all your accumulated renewal benefits including the no-claim bonus. Thus, delays in renewal restore the bike insurance price to its original and thus costing you more money. For instance, the regulator, Insurance Regulatory and Development Authority of India (IRDAI) allows you to avail the NCB benefits 90 days after the expiry of the policy coverage. Delay beyond such period will cost you a steeper premium. Hence, to save on premium, it is best to renew your policy in advance. You can visit the official website of IRDAI for further details. *

  • Opt for voluntary deductible

Every bike insurance policy has a mandatory deductible which requires you to pay a specified amount before the insurance coverage kicks in. While it is compulsory in nature, you can also opt for a voluntary deductible. Such voluntary deductible, also known as voluntary excess, is over and above the compulsory deductible and increases the out-of-pocket expenditure at the time of claim. Thus, it has the effect of lowering the insurance premium as premiums and deductibles are inversely related. *

* Standard T&C Apply

With these tips discussed, you can avail a comprehensive coverage, yet at a pocket-friendly price. In case you are hard on finances, a third party bike insurance is a handy alternative that ensures legal compliance with the Motor Vehicles Act and offers protection for third-party liabilities. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.