While everyone knows the importance of buying a bike insurance policy, not everyone knows how to get maximum coverage at an affordable price. Here are a few tried and tested tips that will help you get the best coverage without making a hole in your pocket.
The Motor Vehicles Act 1988 makes it mandatory for all bike owners in India to have a valid third-party insurance policy. However, you can also consider buying a comprehensive plan as it allows you to enhance coverage benefits. A comprehensive policy provides coverage against third-party damages, co-passengers, and damage to your vehicle.
With a plethora of options available in the market, finding the right bike insurance plan can be overwhelming, especially if you are a first-time buyer. Here are a few tips that you can consider while finding the best bike insurance policy at a competitive price.
Choose your bike carefully
Buying a bike insurance policy at an affordable rate starts with being wise about the choice of bike. You may want to ride a high-speed motorcycle with the best technological specifications, but, remember, expensive bikes that have powerful engines attract a higher premium. The insurers charge a higher premium for such bikes to offset the risk, as claims for such bikes are generally high.
Compare different options
One of the definitive ways to buy a bike insurance policy at an affordable price is to compare online insurance for bike. Today, there are plenty of comparison sites that allow you to compare two or more plans from different insurers simultaneously. But, while you compare the policies online, you must not just look at the premium; you must also consider the benefits offered, inclusions, and other terms and conditions. It is better to buy a cost-efficient policy rather than buy a cheap policy that does not provide sufficient coverage.
Enhance the bike’s safety features
Enhancing your bike’s safety features not only gives you a sense of security that you are less likely to meet with an accident but also allows you to get insurance coverage at a lower premium rate. The liability of the insurance company is lower if your bike is secured against accidental damages and theft. So, if you have installed any security enhancing devices in your bike approved by the Automotive Research Association of India, you are sure to get a discount on insurance premium.
Be careful with the add-ons you choose
Add-ons or riders are additional coverage options that enhance the scope of your regular policy. But, remember, these additional coverage options come with an additional cost. So, when you buy bike insurance online, it is paramount that you are prudent with the choice of add-ons and choose only the ones that are necessary for you. If you already have a few add-ons but are not using it, you can drop the same while you renew the policy, and your premium will automatically reduce.
Maintain a good riding history
If you have a good driving history, the insurers may perceive you as a safe and low-risk customer and may provide you a discount on the premium. Hence, you must maintain a good driving history, i.e., devoid of tickets for over speeding or accidents.
So, now that you are aware of the various tips, use them to purchase bike insurance at an affordable premium, and remain protected from accidental damages.
