In India, the utility of owning a motorbike is unparalleled. Be it the fuel efficiency or the ease of navigating through the busiest of roads, a 2-wheeler is a necessity. However, owning a motorbike isn’t the end of the road, both literally and figuratively; the law of the land is that you have to get your bike insurance. Considering the northward shift in prices of almost every commodity in the market, it might be a bother finding the most comprehensive two wheeler insurance at a competitive premium.
While you look to save big on the insurance premium, know that you can do it two ways – either get yourself the most basic 2-wheeler insurance policy that doesn’t have to show for great features, or go for a high-end plan that is stacked with benefits and add-ons but allows you the provision of optimizing and lowering the premium over time, thus saving up in the long run. Whether you are a fresher still testing the waters or thinking about a policy renewal, these 5 top tips can help you get the best quotes on your bike insurance:
- Choose the bike wisely
For starters, you need to be careful with your choice of motorbike. With a more expensive model that packs a powerful engine or one that is considered vintage by the current market standards, chances are you’d be shelling out a heftier premium. Conversely, should you be happy with a more standard, regular model (or a second-hand one, for that matter), it will significantly better your two wheeler insurance discount. This is based on the rationale that maintenance and repair costs tend to be lower in the latter’s case.
- Pay annual premiums
Paying the premiums on your two wheeler insurance as an annual lump sum will cost you lower compared to monthly installments. Most leading insurers generally offer a range of discounts when you opt for annual premiums.
- Consider the No Claim Bonus (NCB)
An NCB is usually given as a reward by the insurance provider if you don’t make a single claim over the two wheeler insurance policy term. This translates to reduced premiums over a certain number of years. Therefore, small scratches should either be ignored or taken care of by paying out of your own pockets. This will make sure you are claim-free, thereby making room for reduced premium and subsequently, cheaper insurance quotes.
- Beef up the two wheeler’s security
With additional security features on your bike, the quotes get lower on your bike insurance. Make sure your bike is guarded against vandalism, theft or any sort of principal damage. This is because safety equipment bring down the risks that there are to the insured vehicle, thereby allowing the insurer extra space for offering discounts on the premium.
- Bundle your bike insurance policy
Insurers are likely to offer you their most competitive quotes on the premium with a packaged policy arrangement. For instance, if you already have an ongoing life insurance policy with a leading insurer, chances of sealing a good deal on the 2-wheeler insurance increase manifold.
The following tips can also be vital and help you get the cheapest bike insurance quotes:
- Shop around for better terms before you buy the two wheeler insurance policy
- Join a bike riding club for formal training
- Limit the number of miles you drive your bike every year
- Choose an experienced rider for your bike
- Choose the type of cover depending on circumstances: a third party two wheeler insurance can fit if your bike is old and isn’t not worth much
With Bajaj Finserv, you can now buy bike insurance online. Furnish your personal and vehicular information and get the best quotes instantly. You can also share a few basic details about yourself and get your pre-approved offers on home, personal and business loans, only from Bajaj Finserv.