Sunday, December 5

How to Avail Saving When You Buy Two Wheeler Insurance in 2021?

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Among the different vehicles available, bikes are the most convenient ones. They allow easy manoeuvre through heavy traffic and quick parking. Many individuals are wholly dependent on their two-wheelers for daily commutes and short-distance drives. Unpredictable events on the road can damage the vehicle and disrupt an individual’s daily routine. However, bike owners can protect their vehicles from unfortunate events by getting an insurance policy for the bike.

What is Bike Insurance?

Bike insurance is an insurance policy for your two-wheeler. With an insurance policy for your bike, you will get financial coverage for your vehicle in the event something happens to it. It is an excellent way to protect your bike from unfortunate events.

With bike insurance plans, you will be financially compensated if something unfortunate happens to your prized possession. You can get protection from the insurance plan on payment of a premium. While the cost of your insurance plan will depend on several factors, you can reduce the amount you pay by following certain tips.

Is it Necessary to Renew Bike Insurance?

Yes, it is important to renew your bike insurance plan. When you renew your bike insurance plan, your coverage will stay in effect and your bike will be protected. When you renew your plan on time, you won’t have to find a new plan when it expires and you will be able to benefit from the NCB.

Five Ways to Save Money When Buying Two-Wheeler Insurance in 2021:

Purchase or Renew Your Bike Insurance Online:

You can purchase two wheeler insurance offline. However, many insurance companies have launched their websites to make buying two-wheeler insurance plans simpler. Buying the bike insurance plan offline may involve dealing with the insurance agent, who may pressure you to buy a two-wheeler insurance plan that doesn’t suit your requirements.

However, when you purchase a bike insurance plan online, you can purchase a plan according to your preferences. Along with this, the bike insurance plan purchased online comes at discounted rates and includes low operational costs as there is no agent involved. A lot of companies like TATA AIG have made the renewal process easy as well.

For example, the TATA AIG two wheeler insurance renewal process is quite easy and simple to conduct online. Therefore, individuals can purchase and renew their bike insurance plans online with only a few simple clicks.

What is the Importance of Third-Party Insurance?

Research and Compare Bike Insurance Prices:

Purchasing the bike insurance plan online will help you make better and informed decisions. It will help you understand the policy you are purchasing. Along with this, buying the plan online helps you research the different plans available. It also helps you compare the plans to make a suitable decision.

When you are planning to purchase insurance for your bike, you may face many doubts and questions regarding the purchase. Comparing the different plans and their features will help you get clarity. Insurance companies have also provided the bike insurance premium calculator to help the customers compare the different plans. Using the bike insurance calculator will help you purchase an affordable bike insurance policy without compromising the coverage.

Follow the Rules Diligently and Drive Safely:

While driving at top speeds is quite thrilling, it can be harmful or lead to accidents or injuries. Your life is precious. Further, driving safely can also help you save on your insurance premiums. If you drive safely you won’t file a claim for any injuries sustained by your vehicle.

To encourage this, insurers offer a ‘No-Claim Bonus’ through which policyholders will get a discount on the premium amount. If you don’t file a claim for a single year, you are eligible to get around a 10% discount on the premium amount.

Along with this, if you accumulate the NCB discount for five years, you can get around a 50% discount on the premium amount.

Opt for Anti-Theft Devices:

In the event your two-wheeler is stolen, it can be quite draining emotionally and financially. Therefore, you must take extra steps to protect your vehicle by installing different anti-theft devices on your vehicle. They not only protect your bike but can also help you reduce the premium on the insurance policy.

You must instal only such anti-theft devices that are approved by the Automotive Research Association of India. Along with this, you must also speak to a mechanic or an expert to get better devices.

Choose Long-Term Comprehensive Bike Insurance:

When it comes to choosing a bike insurance plan for your bike, you have the option of purchasing a short-term or long term plan. Opting for a long-term comprehensive insurance plan can be beneficial, as you will not have to think about renewing the policy annually, and you will save significantly.

Summing Up

If you’re purchasing a bike insurance plan, you must ensure that you fully understand the terms and conditions of the plan you are buying. Once you know what your purchase covers, you can follow certain steps and methods to reduce the insurance policy cost. To reduce your bike insurance cost, you can compare the different insurance plans available, avoid filing small claims, opt for suitable add-ons, renew the policy on time, install anti-theft devices, make use of the No-Claim Bonus and ask for discounts on the plan.

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