How to Find the Best Deals When Planning to Buy Two-Wheeler Insurance
Buying a two-wheeler insurance policy with an affordable premium is easy if you know the right tips. Read on to know how to get the best deal on two-wheeler insurance.
If you are a bike owner, you must have bike insurance. It is not only a legal requirement but also a must-have investment to get protection against accidents risks. While there are plenty of insurance companies that offer a plethora of plans, getting the best deal can be challenging, especially if you don't understand the know how of two-wheeler insurance. If you are a first-time insurance buyer, the following tips can help you get the best deal.
Buy Online
The most definitive way to get the best deal on two-wheeler insurance is to purchase a policy online. Today, with most insurance companies in India offering online services, buying a two-wheeler insurance policy is easier than ever before; you can buy the policy of your choice with just a click of a button.
Purchasing insurance online assures double savings. Firstly, you can compare the different plans, and choose the one that has an affordable premium. And, secondly, many insurance companies offer a discount for online buyers.
Choose a long-term policy
Recently, the IRDA (Insurance Regulatory and Development Authority of India) amended the laws relating to two-wheeler insurance to allow customers to buy plans of longer duration. Today, with the amendment in effect, you can purchase two-wheeler insurance for two-three years, which attracts a premium discount.
If you buy policies for a longer duration, the insurance companies offer 10%-15%, which means you can get the insurance at a lower price. Additionally, if you buy a long-term policy, you need not go through the hassles of renewal every year.
Enhance the safety features of your bike
This is another useful and definitive way to get the best deal on your two-wheeler insurance policy. Every time you file a claim, the compensation paid to you is a liability for the company. If you enhance the safety features of your bike, it is beneficial for the insurance company too as you are less likely to file a claim, and you may be rewarded with a discount on the premium.
Claim NCB
NCB or No Claim Bonus is the reward offered by insurance companies to policyholders who do not file for a claim in a policy year. The reward offered is in terms of reducing the premium amount upon renewal or increasing the sum insured. The reward percentage increases for each successive claim-free year. The maximum discount you can get on your premium is up to 50% after five years of claim-free period. So, when you renew the policy, make sure to claim the NCB to reduce the premium and get the best.
Choose voluntary deductible
Deductibles are the part of the claim that you must pay from your pocket. Every bike insurance policy has two deductible components – compulsory deductible and voluntary deductible. The compulsory deductible, as the name suggests, is mandatory and you do not have any control over it. It is a fixed amount that you must bear every time you file a claim.
The voluntary deductible is the amount that you can voluntarily choose to pay at every claim instance. This would be over and above the compulsory deductible that as mentioned in the policy document. When you select a voluntary deductible, you reduce the insurer’s liability, and since the company benefits from paying a lower claim, they reward you with a discount on the premium.
For instance, if your policy has a voluntary deductible of Rs. 500, and you opt for a voluntary deductible of Rs. 2000 against the claim of Rs. 10,000, you must pay Rs. 2500 for the repairs. The insurance company will pay the remaining amount (Rs. 7,500).
Thus, there are more than one ways to get the best deals on your bike insurance.
(No Asian Age journalist was involved in creating this content. The group also takes no responsibility for this content.)
