10 Tips to Get a Discount on Bike Insurance
The most important and mandatory rules to ride a bike in India are to have a valid driving license and a valid insurance policy. The Government of India has mandated the possession of at least the basic third-party liability insurance by all the vehicle owners on the road. This rule has not only enabled our riders to have a safety net but also avail the basic policy at an affordable price. But, if you are planning on getting a comprehensive policy with add-ons, how can you get your insurer to give you a discount on the bike insurance price? Here are ten tips that will help you with that.
Tips to Get Discount on Bike Insurance:
The bike insurance premium amount depends on a variety of factors like the deductible, driving history, risk factors involved, etc. By factoring in these components, you can lower your insurance policy premium significantly. Read further to know more.
- Compare: When you set out to buy a bike insurance policy, the first thing to do is to go online and compare the price, features, coverage, etc., of policies from different insurers with similar offerings as the one you’re interested in. With this, you can end up with a better policy at a lower price.
- No Small Claims: If the damage or loss is something that can be handled by you, do not go to your insurer to make a claim. This will not just help you retain your no-claim bonus (NCB), but also save up quite a lot of money during your next policy renewal.
- Driving Records: While good driving skills are rewarded by the insurer in case of a claim-free year, you can also get some discount on your driving behavior like following the traffic rules, maintaining the right speed, etc. Your insurer tracks these and will reward you if you maintain a good record.
- Choose the Right Deductible: The insurance policy is an agreement policy. So, it is only fair that both parties are expected to pay up in case of a claim. This is set by the policyholder at the time of policy purchase. So, choosing a higher deductible will leave you with a lower premium policy.
- Buy the Right and Necessary Add-Ons: If you are a first-time insurance policy buyer, you
might go slightly off-budget and splurge on your policy by purchasing all the add-ons available. While the add-ons are totally worth it, it might not be a wise idea. So, when it comes to add-ons, buy only the ones you think are absolutely necessary like roadside assistance or zero-depreciation cover, if you have an old vehicle.
- Pay On Time: While we have quite a lot of payments to handle at all times of the month, credit cards and insurance policies are two things where it is highly crucial we pay on time to avoid having to pay more. And, your discipline will be rewarded in the form of a lower premium.
- Install Anti-Theft Devices: Insurance premiums rely highly on the risk factors involved. By minimizing these factors, you could enjoy a policy at a lower premium. One of the ways to do that is to install anti-theft devices like alarms, authorized by the Automotive Research Association of India (ARAI).
- Join a Club: If you are a biker and love to go on long road trips join a recognized touring and bike club. While this might be the right place to geek out on your passion, these clubs also offer member discounts to insure their beloved travel partner.
- Buy all Policies from the Same Insurer: If you have multiple policies like health, car, bike, etc., it is better to avail all of them from the same insurer to get loyalty points and better rates. Further, this will also reduce the hassle of having to deal with multiple insurers.
- Just Ask for It: The best and easiest way to avail a discount on your bike insurance premium is to just ask for it. This is why the beautiful Oprah said “You get in life what you have the courage to ask for”. Insurers may have loyalty renewal schemes or specific offers running which could provide a benefit or savings to you.