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Renewing a bike insurance policy at the best price is a science, not an art. Most bike-owners don't pay attention to the insurance policy and end up with either an inferior policy or one that is expensive. However, you can buy the best policy that suits you at the lowest cost if you understand the factors that help reduce the price of the policy without compromising on the cover. Here are seven such factors that you must remember.
- Buy the Policy on the Web Insurance companies offer good discounts on premiums of policies bought online. With reduced overheads and agents commissions, the benefit is passed on to the policy buyers making it often cheaper than the policies bought through agents. Moreover, buying online lets you compare various plans and buy the best policy at the most competitive price.
- Leave out the Unnecessary Riders Two-wheeler insurance policies come with various riders that provide additional benefits to policyholders such as on-road assistance, zero depreciation cover, engine protection cover, and so on. These riders can be availed only by paying extra premiums. Hence, go in only for the riders that you absolutely need and leave out the rest.
- Opt for a Long-term Policy Bike insurance policies with 2-3 year tenures are often cheaper than plans that offer cover for one year. Most insurance companies offer discounts on own-damage premium for long-term policies. Moreover, it comes with the added advantage of not going through the renewal process every year.
- Increase the Voluntary Deductible Voluntary deductible is the amount a policyholder will pay from his own pocket, at the time of filing a claim. Higher the voluntary deductible, lower the premium and vice-versa. However, do keep in mind that it may increase your financial burden at the time of filing a claim.
- Opt for Lump – sum Payment Instead of EMIs Most insurance companies let you pay your insurance premiums through EMIs as well. However, the cost of such a policy may increase slightly. Thus, while EMIs give you temporary relief, a lump-sum payment can bring down the insurance premium.
- evices D nti-theft A InstallYou can get some discounts on premium, if you install some anti-theft devices in your two-wheeler. However, make sure the devices are certified by the Automotive Research Association of India (ARAI).
- Avail No Claim Bonuses (NCBs) You can claim NCB discount on the insurance premium, for every year you don't file a claim. It starts with 20% for the first claim-free year and can go up to 50%. Availing this NCB discount can enable you to insure your bike at a lower cost .
While you can opt for a third-party policy also to reduce your insurance premium, it reduces your coverage and limits your options. However, you don’t have to compromise on the coverage to buy a policy at the lowest price. All you need is some prudent research and intelligent buying. Use these tips and get the best policy at the lowest price for your two-wheeler.
DISCLAIMER
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
