The adrenaline rush that the bikers get while zooming away is unmatchable. At the same time, there are thousands of bike owners who own bikes for the sake of convenience. In a populated country like India, it is not an easy task to drive cars on congested roads. Thus bikes are often considered a better mode of transport. That being said, a good insurance cover at an affordable price is something a bike owner thrives on finding. It is unfortunate that Indian roads are not that safe for bikers and having a comprehensive cover has become a must to ensure you get financial support in an unforeseen event.
Most of the bike-owners do not know that they can reduce the premium amount and keep getting higher cover by following simple hacks. Here are the top 7 hacks of getting cheap Two-Wheeler Insurance Plan.
- Choosing the right bike
Please keep in mind that the make and model of the bike play a huge role in deciding the premium for the insurance. Sports bike are considered riskier thus the insurance companies ask for a higher premium for such bikes. A cruising bike or a model that insurance companies consider a safer bet will be the wiser choice if your main aim is the convenience and not status symbol.
- Consider all insurance needs
There are a lot of factors that can affect the premium cost such as your location, age, bike model, driving record, occupation and more. The premium you have to pay might be different from someone who owns the same bike considering the other factors. Thus, to reduce the premium cost, the best bet for you will be researched. There are tons of options available in the market, and with little research, you can save a lot of money on premium. In fact, some companies offer special discounts owning several factors that may favor you. Based on your budget and requirement, you should do proper research.
- Keep your bike in a safe condition
You must keep your bike in a safe location. Ideally, it would help if you did not park it in unsecure locations where there is a chance of theft. Also, you can install anti-theft devices approved by the insurance companies. By using such devices, you can avail good discount on the premium.
- Compare different plans
When it comes to finalizing the insurance plan for your bike, trust only your own instinct. Going after a funny TV commercial or your neighbor is not a very good idea. It is better to compare plans side-by-side and choose the one that provides maximum coverage at an affordable price.
- Become a part of a club
It is not just about any random motorbike club out there. When we talk about a club, it is about the Automobile Association of India or AAI that is an organization powered by IRDAI. You can get a 5% discount on own-damage premium by joining the club. Even if you are not considering it as an option to reduce your premium based on membership, you should join it sharpen your bike riding skills. Such clubs offer a lot of options and experience in bike riding that will improve your chances of avoiding accidents on the road. By avoiding accidents, you will be able to get No-Claim Bonus or NCB that will eventually reduce your premium substantially.
- Understand the importance of deductible
Deductible is the part of monetary loss paid by the policyholder. There are two kinds of deductible that is compulsory and voluntary. Every insurer has a fixed amount of deductible that you have to pay to initiate the process of the claim. Voluntary deductible, as the name suggests, is optional. Higher voluntary deductible will reduce the premium cost. Please keep in mind that you should only choose voluntary deductible when you are sure that you will be able to pay for them.
- Take control of your mileage
On average, a rider drives his/her bike for approximately 3000 KMs per year. If you like hitting the road every once in a while, you might want to cap your mileage. Working on annual mileage can help in lowering the premiums. Understandably, you would want to ride the bike more often, but if you manage to control the urge, you can save premium cost.
Several factors affect the premium and it is not difficult to control them. All you need to do is concentrate on the few points and use the hacks mentioned above to lower down your premium cost. In the long run, the maintenance cost will also increase, and if you get to pay a lower premium, it will have a lesser effect on your finances. It does not matter if you are buying the bike to show-off or as a convenience. What matters is, how well you can maintain it and how you can save money on maintenance and insurance without compromising the coverage.
