Wednesday, June 23

7 Tips to Save Money While Buying Your Two-Wheeler Insurance

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Everyone who owns a bike in India needs to buy two-wheeler insurance as well. And since there is a vast number of bikes sold in the country each day, the number of bike insurance plans sold are also extremely high. If you have recently bought a bike or a scooter and are looking to buy a two-wheeler insurance plan, we are here to help you. Take a look at this article to know about the ways in which you can save money while buying your two-wheeler insurance plan. These tips apply to buying a brand new plan as well as renewing the policy. Read on and never pay extra!

Compare –

 Start off by comparing bike insurance. It is an extremely simple thing to do and hardly takes a few minutes. All you have to do is go online, visit an insurance aggregator, like Turtlemint’s website and enter your details, along with your bike insurance needs. You will then get to see all the available two-wheeler insurance plans. Scan through the features, covers and price of each plan and locate your ideal cover. You will surely be able to check Turtlemint and find the best plan at the best rate when you compare, and in the process, save a lot of money while buying two-wheeler insurance.

Calculate the NCB –

 You may be eligible for the no claim bonus if you did not make any claim in the previous policy years. The NCB will be offered as a discount on your bike insurance premium. Make sure the NCB is calculated properly and you get the discount you are entitled to. Also, if you have joined an automobile association, you will be eligible for a discount on your bike insurance premium. Ensure you get all the discounts as that will help lower your bike insurance costs. This can be applied to a new bike’s insurance plan as well as when you get a two-wheeler insurance renewal done.

Install Safety Devices –

 The next handy tip is for you to install some safety gadgets in your bike. When your bike is safe and less susceptible to thefts, the insurer offers a lower premium as the risk is low. Look to get some of these gadgets as not only will they protect your vehicle, they will also make your two-wheeler insurance premium a lot lower. These days, there are many innovative bike safety gadgets available in the market. Explore these devices and see which ones would be of best use to you.

Opt for a Long Term Cover –

 Many insurance providers offer long-term bike insurance plans. When you buy a two or three-year bike plan, the premium amount gets fixed for the entire duration, thereby protecting you from inflation. This is another smart way to save money on your bike insurance costs. Also, getting a long-term cover offers more peace of mind as you don’t have to worry about missed renewal dates, policy lapses and so on. Once you buy, you are at peace for the next three years.

Buy online –

 As is common knowledge, online plans are much cheaper than offline plans. The same rule applies to bike insurance plans as well. This is why you should always look to buy your two-wheeler insurance plan online. When buying online, you do not have to pay any brokerage amount. Then, the insurance provider also charges lower processing and administration fees as they save on manpower and resources. These further add to your savings. Check Turtlemint for the best plans and their prices.

Reject the Dealer Provided Insurance –

 When you buy a new bike from a showroom, the dealer offers a bike insurance plan along with the vehicle. Many people make the mistake of accepting the insurance cover. The plan offered by the dealer will not be the cheapest and the best option. You need to go online and compare the options to find the most economical plan. You have the full right to reject the plan offered by the dealer, so do not hesitate to do so. Buy your own bike plan and make an informed and unbiased choice.

Renew on Time –

And last but not the least, you must remember to renew your bile insurance policy on time. This is a very basic and simple way in which you can save money on bike insurance. When you allow your policy to lapse, you end up attracting unnecessary fees and penalties such as late charges. Avoid this by being disciplined and renewing your bike insurance plan on time.

Follow these simple tips and you will end up paying a much lower bike insurance premium. These are very easy to follow and there is no reason why you should pay more for your bike insurance plan when the cheaper alternatives are available.

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