In a country like India, where road accident figures are always on the rise, having a two-wheeler insurance policy is a must. While third-party insurance is mandated by the law, a comprehensive two-wheeler insurance policy also helps protect your bike against several kinds of financial damages and liabilities.
Irrespective of whether you get bike insurance online or through offline means, it is essential that you make an informed decision. Here are a few strategies that can help you get the best out of your two-wheeler insurance.
How to get the best out of your bike insurance?
- Compare different policies
According to figures released by the Insurance Regulatory and Development Authority of India (IRDAI), there are over 28 insurance companies in India. Since most of these companies offer two-wheelers insurance, you should always compare the available two-wheeler policies before finally choosing one.
You can make a quick online comparison based on factors like premium, coverage, inclusions, exclusions, etc. The internet can help you get quotes from various insurance companies in a matter of minutes. So, do your research beforehand and make the right choice when you get bike insurance online.
- Choose suitable add-ons
Add-on covers, or riders, help extend and enhance the coverage of your two-wheeler insurance policy. However, they also require additional premiums. So, when choosing add-on covers, be wise and only choose those add-ons that are either necessary for your two-wheeler, or provide you with cost-effective benefits.
Some of the common add-ons worth considering include zero depreciation cover, NCB protector, emergency roadside assistance and return to invoice benefit, amongst many others.
- Use Your Accumulated NCB
The No Claim Bonus (NCB) is a reward that you receive for each claim-free policy year. It is in the form of a percentage discount on your premium amount and can be availed during each policy renewal. The NCB discount is progressive in nature and increases for every year that goes by without any claims.
To get the best two-wheeler insurance premium quotes, use your accumulated NCB whenever you renew your policy. Generally, the NCB discount starts at 20% but can go as high as 50% if you don’t make any claims for 5 consecutive years. So, don’t lose out on your NCB by raising small claims. Also, if you change insurance providers, remember to transfer your NCB certificate too.
- Make renewals on time
Generally, two-wheeler insurance policies are offered for a period of 1 to 3 years, following which they need to be renewed. If you let your policy lapse, you might have to pay a higher premium for subsequent renewals. To avoid such a scenario, ensure to renew your two-wheeler insurance within the stipulated time frame.
When it comes to two-wheelers insurance, the NCB discount is only valid for a grace period of 90 days after your policy has lapsed. So, you stand to lose out on its benefit unless your policy is renewed on time.
- Opt for higher deductibles
When settling claims, the insurance company does not bear the entire cost of repairs undergone by your two-wheeler. You are required to pay a certain percentage too, which is commonly known as your deductible. As a thumb rule, if you opt for higher deductibles while buying your policy, your insurance provider will acknowledge it by offering a lower premium rate.
So, raise your deductible amount if you count yourself as a safe rider and are relatively confident that you won’t make too many claims. Higher deductibles can help lower your two-wheeler insurance premium by as much as 30%.
- Look for discounts and bargains
Owing to the highly competitive two-wheeler insurance market in India, most insurance companies offer various kinds of discounts and limited-time offers to woo potential customers. Always be on the lookout for such discounts, especially around major festivals.
Some insurance providers also offer discounts to members of recognized two-wheeler clubs and associations. Others might offer a lower premium rate if you’ve installed approved anti-theft devices on your two-wheeler. So, don’t hesitate to ask for any available discounts while purchasing or renewing your insurance policy.
- Maintain a good driving record
In the digitally-connected world of today, insurance providers might review your driving habits while determining your premium amount. A safe two-wheeler rider is usually considered a ‘low-risk’ liability by insurance companies while an accident-prone rider who makes many claims is considered as ‘high-risk’.
Ensure that you maintain a good driving record if you want to reduce your two-wheeler insurance premium.
Besides providing financial protection against damages and losses, two-wheelers insurance can also help you achieve peace of mind. There are many benefits of two-wheeler insurance that can enable you to ride your bike without any cause for worries. Therefore, you shouldn’t think twice before opting for comprehensive insurance for your two-wheeler. Make use of the aforementioned strategies to get maximum coverage for your two-wheeler at the lowest possible premium rate.