7 Tips to reduce premium on your bike insurance
Purchasing the best bike insurance plan does not always require a substantial premium. Hence, prospective policy buyers can follow certain tips to reduce premiums and save considerable time to ensure maximum benefits at a competitive rate
When selecting the ideal bike insurance plan, various insurance providers are available in the market, offering affordable policies accompanied by exclusive benefits and substantial coverage.
When purchasing any insurance policy, the premium amount is one of the crucial factors to consider. This insurance premium relies on various factors, such as engine cubic capacity, residence, coverage type, etc. Nevertheless, purchasing the best bike insurance plan does not always require a substantial premium.
Hence, prospective policy buyers can follow certain tips to reduce premiums and save considerable time to ensure maximum benefits at a competitive rate.
Tips to save money on bike insurance premium
Given the availability of multiple insurance providers in the country, selecting the best bike insurance plan according to one’s requirements and budget often becomes difficult.
Let’s provide you with a brief overview of bike insurance policy with some effective bike insurance plans that will allow intending policy buyers to save substantially on insurance premiums:
- Do not make small insurance claims
While renewing a bike insurance plan, the insurance provider will offer a No Claim Bonus (NCB) if the policy buyer has not raised any claim during the policy tenor. This NCB percentage bonus can rise to 50%. Raising insignificant claims will exclude the discount in the form of NCB during policy renewal. Hence, customers pay a substantial premium if they do not take advantage of NCB as a discount.
- Compare insurance policies
One of the most effective tips to reduce the premium of a bike insurance policy is comparing the insurance policies available in the market. The ideal way to do that is by comparing bike insurance policies online.
In this regard, intending policy buyers can approach a diversified online marketplace named Bajaj Finance, where they can explore and compare different policies extended by reputed insurance companies at affordable premium rates and select the one that suits their requirements. Moreover, customers can also explore the benefits and coverage of ACKO bike insurance, which comes with a premium starting at Rs.588*.
The online purchase process is simple and hassle-free with minimal documentation. Such insurance providers enable customers to conveniently purchase insurance through their website or mobile app.
Apart from helping to select the most suitable insurance product, this comparison will allow the customers to find the policy that extends considerable coverage at a minimal premium.
- Select suitable additional covers
These add-ons offer additional coverage to the standard comprehensive bike insurance policy. However, for this, consumers need to pay an additional premium. Selecting inessential add-ons will only increase the insurance rate and not reduce premiums.
- Renew policy on time
Customers must renew their bike insurance plans within the specified date and not let them expire. When the motor insurance plan expires, the NCB benefit is valid only for 90 days from the due date and lapses later. Thus, it is essential to renew the bike insurance plan before the due date to avoid paying a substantial premium.
- Install anti-theft devices
Usually, insurance companies proffer lower premium rates if individuals install a two-wheeler with security devices, such as anti-theft alarms. It defines one’s intent to secure his/her vehicle and avoid unanticipated damage or losses. However, one must ensure that the security devices are certified by the Automotive Research Association of India (ARAI) to obtain a discount on a two-wheeler insurance premium.
- Select higher deductible
In case of any damage or loss to the vehicle, the insurance companies do not bear the entire expense of repair or retrieval of the affected vehicle. There is a specific percentage of expenses that respective insurance providers bear. This amount is termed deductible. By selecting a higher deductible, the bike insurance premium reduces.
- Seek discounts
There is no issue in asking for discounts while renewing or purchasing a new insurance plan for your two-wheeler. Moreover, to promote insurance products, insurers often offer discounts. These discounts can comprise age, long tenor plan etc. Policy buyers can get , discounts to reduce their premium amount.
Why choose Bajaj Finance for purchasing a bike insurance plan?
The intending policy buyers are aware of the tips to reduce the insurance premium; let’s know the reasons to choose Bajaj Finance Limited for purchasing the bike insurance plan:
- Round-the-clock assistance
With a robust customer support team, customers can avail of necessary assistance regarding the policy purchase or renewal anytime. All they have to do is connect with the customer support team and explain the issue.
- Personalised insurance plans
Intending policy buyers can explore a range of plans or get tailor-made plans with an array of add-on covers. Moreover, with a direct-to-customer model, intending policyholders can pay their premiums directly without any requirement of a third-party or agent, thereby making the insurance premium affordable.
- Prompt claim settlement
The motor insurance policies available on the website of Bajaj Finance Limited entail prompt claim settlement. To raise a claim for any loss or damage, customers must visit the respective insurance provider’s website or mobile app and click on the ‘claim now’ option for registration. The insurance adviser will proceed to the claim settlement process.
- Hassle-free renewal/purchase process
With the availability of digital transactions, the ACKO bike insurance and renewal process is convenient and ensures a hassle-free process.
To sum it up, everyone enjoys discounts for an affordable bike insurance premium. However, it should not be done at the expense of bike insurance coverage. Thus, it is essential to go through the comprehensive bike insurance policies online and their benefits before making an informed decision.
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