Tips To Save Money On Bike Insurance
Published on July 26, 2019. EST READ TIME: 5 MIN
Bike insurance provides you coverage in case of unfortunate events such as injury, death or damage caused to vehicle as well as third person or property; it acts as a shield protecting you from financial as and legal trouble. Very often, you may prefer opting for third party insurance as it costs you less premium in comparison to a comprehensive insurance cover. However, if you plan to do this, then you are not just putting your bike at risk, but also your financial future at stake. One can easily save on two wheeler insurance if he is aware of the below tips that can help save money on the two wheeler insurance purchase.
Do not make claim for minor repairs: Sure, you may think that since you are paying the policy for the premium, you should initiate the claim to the insurance company to bear the costs of the damages, irrespective its nature. Though the insurance company may honor your minor claim even it’s a small dent, but claiming for the same, you lose out on the no claim bonus that can offer you discount of up to 50% on two wheeler insurance renewal premium.
Opt for long-term two wheeler insurance: To save big on premium, you can opt for a long term two wheeler that offers coverage to your bike for 2-3 years and this cover can be bought by greater than 1 years old two wheeler owners. This type of policy also saves you from the hassles of renewal and also from the yearly third-party insurance premium hikes. , As per a Supreme Court ruling, from September 1, 2018, 5 years third party cover is mandatory for brand new vehicle .
Buy online: One of the best ways to save on money as well as time is to buy the two wheeler insurance policy online. Buying two-wheeler insurance policy online and even offline helps you get discounts of up to 70%. Additionally, the policy is instantly delivered in your inbox and you can access it at any point in time.
Ride safely: Ensure that you ride safely to avoid putting your as well as anyone else’s life at stake. Do not get involved in doing any activities or stunts that could damage your bike as well. This would not only result in a claim but also make you lose out on the no claim bonus. Due to this, your bike insurance renewal premium could rise as you would miss out on the NCB.
Avoid doing any modifications: Though you may think that the modifications can make your bike look good, but they can certainly lead to an increase in the premium as the cost of insuring such modified parts is higher.
The above factors can surely help you save money on two wheeler insurance purchase, thereby providing you extra protection at affordable cost. Additionally, to receive the desired coverage it is also important that you go through the policy documents carefully and understand its inclusions and exclusions to ensure you make the right purchase.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
This blog has been written by
Mukesh Kumar | Motor Insurance Expert | 36+ years of experience in insurance industry
A veteran in the insurance industry, Mukesh Kumar has the expertise of handling various functions like Business Development, Underwriting, Claims, Human Resources, Quality Management and Marketing. With rich knowledge of the industry, he loves to share his views on topics of insurance sector and takes special interest in educating people on advantages of having insurance.
Mr. Mukesh Kumar recommends "getting your two wheeler insured from HDFC ERGO, a brand serving more than 1 crore+ customers. With overnight repair services and more than 6,800+ network garages, you can be assured of help in event of any damage to your vehicle
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