Top #5 ways to get discounts on Bike Insurance in 2021
Sale, discounts, offers – who doesn’t love the sound of these words. It actually makes us alive and kicking. Do you know why? It is because these beautiful words imply cost saving. You can purchase the required essentials and still make your pockets happy. When it comes to bike insurance policies, discounts actually make us smile. Since you cannot dispense with a two-wheeler insurance policy, earning discounts on the premium is the only silver lining. Do you know how?
Two-wheeler insurance policies promise different types of discounts which bring down the premium cost. Here are top 5 ways to get discounts on your bike insurance policy –
Do you know why online marketplaces have become a rage in modern times? They save money, that’s why. Bike insurance policies are also available online and if you buy online you get double savings. One, you can compare between the different available bike insurance policies and choose one which has the best rate of premium. Two, many insurance companies offer you a premium discount if you buy online. So, when you choose the online medium of buying a two-wheeler insurance policy, you can save on two fronts. Isn’t it sweet?
Go for a long-term policy
Thanks to IRDAI’s amendments with respect to two-wheeler insurance policies, you can now get policies of longer tenures. Contrary to one-year insurance policies, two-wheeler plans are being offered for 2-3 years. These long-term policies attract premium discounts. Insurance companies offer 10% to 15% discount in premiums if you choose a 2 or 3 year policy tenure.
Ref article: https://www.business-standard.com/article/finance/irda-launches-comprehensive-two-wheeler-insurance-with-3-year-policy-term-114081201036_1.html
NCB stands for No Claim Bonus. In any policy year if you do not make any claim, you get a No Claim discount in the subsequent year’s premium. This discount rate increases for each successive claim-free year. The rate is 20% after the first claim-free year which increases to 25% after 2 years, 35% after 3 years, 45% after 4 years and 50% after 5 claim-free years. So, when you are renewing your bike insurance policy, pay heed to your accumulated discount rate. This discount rate can be claimed on renewal to reduce the premium.
Read more about two-wheeler insurance policies in india
As beloved your bike is to you, it is the same for the insurance company. The insurance company faces the liability of paying for any damages sustained by your bike. That is why, if you enhance the safety features of your bike, it comforts the insurance company too. The company rewards you in the form of premium discounts. So, if you install security devices in your bike, you can claim a premium discount.
Opt for voluntary deductibles
Every bike insurance policy has two components of deductibles. Deductibles are that portion of the claim which you are required to pay from your pockets. The first one is compulsory deductible over which you do not have any choice. At every instance of claim you would have to pay the compulsory deductible amount from your own pockets. The other part is voluntary deductible. As the name suggests, voluntary deductible is the amount of money which you, voluntarily, choose to pay from your pockets at every incident of claim. This would be over and above the amount of compulsory deductible already mentioned in the policy. For instance, in your bike insurance policy there is a compulsory deductible of Rs.500. You choose a voluntary deductible of Rs.2000. If there is a claim for Rs.10, 000, you would have to pay Rs.2500 (Rs.500 compulsory deductible + Rs.2000 voluntary deductible) yourself. The insurance company would then pay the rest Rs.7500. When you choose voluntary deductibles, you lower the company’s liability towards the claim. Since the company benefits from paying a lower claim, it gives you a discount.
Read this article if you are buying your first bike
Who said a bike insurance policy has to be a routine affair? You can explore these discounts and enjoy great savings. So, the next time you go shopping for bike insurance, be a smart buyer. Look for these discounts and save your hard-earned money. Happy shopping!
Also, check the video below to know the top 5 ways to get discount on bike insurance
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