If you are a two-wheeler owner, by now, you must be aware that it is necessary to have an insurance policy in the list of mandatory documents for your two-wheeler. Although there are two types of plans you can invest in, third-party or comprehensive, a third-party insurance for bike has limited scope. This is when buying a comprehensive vehicle insurance online has an upper hand. But, comprehensive plans with its various add-ons can at time prove to be heavy on your pocket. Since a bike insurance policy is not an investment tool, there are no returns. All money paid for premiums is lost if no claim is made, which makes it necessary to keep the premiums within your budget. This article enlists some tips to manage the premiums for an uncertain event like accident or injury.
#1 Comparing insurance plans
The first and foremost tips in managing the two wheeler insurance rate is comparison. There are myriad options to choose from. Fine tuning the policy to fit your needs like the coverage, bonus offered, and other requirements will help to secure an adequate coverage at a pocket-friendly price. For instance, you purchase a comprehensive policy for bike that you rarely ride will cost more than a third-party cover.
#2 Avoiding raising small claims
When you raise an insurance claim, you need to pay for the cost of deductibles. These deductibles are mandatory for all motor insurance policies by the regulator, Insurance Regulatory and Development Authority of India (IRDAI). If you raise claims for a small amount, then you end up losing the no-claim benefits as well are required to pay for the deductibles. Saving the no-claim bonus helps to reduce the premium significantly. But remember this no-claim bonus is available only for comprehensive policies and not third party insurance for bike. So, it is advisable to preserve your bonus by bearing the cost of minor repairs and reduce your insurance premium amount.
#3 Buying the right add-ons
Comprehensive policies can be accompanied with add-ons that significantly enhance the policy coverage at a nominal cost. While some add-ons are useful, not all add-ons are necessary for your requirement. Thus, you need to select only those additional riders that add value to your insurance coverage and not just increase the premium.
#4 Timely renewal of your policy
Ensuring timely policy renewal will help save all the accrued policy benefits. Moreover, ensuring renewal before due date in reduced paperwork and quicker renewal. All you need to do is provide details of the policy to be renewed and the payment for the same. You can also make use of the reminders sent out by the insurer to not miss this renewal date.
#5 Buying policies from the same insurance company
While a general insurance company does not only sell motor insurance policy, other plans for your home and business can also be bought from the same insurer. This way, you become eligible to receive loyalty benefits which can be in form of concession in premium too.
These are a few nifty tricks to keep your premiums at an affordable level while ensuring a comprehensive coverage is available to ensure your bike’s safety.