In September 2019, the Indian Ministry of Road Transport and Highways issued an update regarding new fines and penalties enforced on traffic rule offenders. Fines for riding without bike insurance, or driving license, not following traffic rules, or not maintaining personal safety will now attract higher amounts of fines as compared to before.
In this article, we will shed light on how you can get discounts while buying two-wheeler insurance in 2019. Also remember that you can avoid paying hefty fines with the help of buying bike insurance. Read on to know more.
- Tips To Get A Discount On Bike Insurance In 2020:
- The Bottom Line:
Tips To Get A Discount On Bike Insurance In 2020:
1. Always Buy or Renew Online Two Wheeler Insurance:
Even in today’s world of smartphones and high levels of connectivity, people tend to call their insurance agents for buying or when they want to renew bike insurance. This might be a counter-productive move as buying your bike insurance policy through an agent could increase its cost. If you are looking to get a discount, you can go online and buy the policy yourself. Here, expertise is usually not required.
Nowadays, digital insurance companies offer bike insurance at a cheaper rate. Many factors come into play for them to offer policies at a discounted rate. One of these factors is low operational costs. They do not have to pay insurance agents to increase their sales of bike insurance policies. They prefer customers to come online and buy the most suitable plan available. And thus pass the discount directly to their policyholders. So, consider buying online two-wheeler insurance.
2. Compare Various Bike Insurance Policies Before Buying:
Another reason for buying a bike insurance policy online is that you get to use various unique tools. You can use comparison tools to find the best policy. You can use a bike insurance premium calculator to know the approximate cost of your policy and similar other online tools to find the best plan.
Comparing policies, gives you the advantage of buying a feature-rich policy at a discounted rate. Compare similar plans for their features and quotes side-by-side with the help of online bike insurance comparison tools. You will see that different insurance companies offer bike insurance at different rates. Simply select the one that suits you the best and then buy or renew bike insurance at the lowest price.
3. Drive Safely to Avoid Accidents:
This goes without saying. One should never risk their own or other’s lives while driving any vehicle. Follow traffic rules to ensure safety. Moreover, if you ride your bike safely and avoid mishaps, you decrease the chances of raising a claim. In-turn, your No Claim Bonus (NCB) will increase if you have a Comprehensive bike insurance policy.
As the name suggests, NCB is a discount for not raising a claim against your Comprehensive bike insurance policy. It is cumulative in nature and increases with each consecutive claim-free year. That is until you raise a claim. As soon as that happens, your NCB will drop down to zero percent. Remember that not raising claims for 5 years straight will give you a discount as high as 50% on your bike insurance premium. Thus, ride your bike safely.
4. Avoid Theft Claims by Installing Security Devices:
A high number of vehicles are subjected to theft each year in India. It is not only a huge loss for the owner of the vehicle but also for the insurance company. Bike theft can be avoided with the help of anti-theft devices. Many insurance companies will offer a discount if you have installed such a device on your bike.
Make sure that you are buying a genuine device that is approved by the Automotive Research Association of India. Simple research will help you find a genuine device at a decent price. Also, speak to your trusted mechanic about such devices. He/she will be able to guide you with the purchase.
5. Consider Buying Long-term Bike Insurance:
Two types of bike insurance policies are available in the market based on their validity. Long-term and short-term. As per the new rules, buying a long-term third-party liability insurance for a new bike is a must. However, you are given an option to choose the duration of own-damage cover as per your liking.
Opting for a long-term comprehensive policy will prove to be fruitful in the long run as it will shield you from annual price hikes or inflation. You do not have to worry about renewing your policy on an annual basis. Plus you get an additional discount for buying a long-term policy.
Following the above tips will surely help you get a decent discount while buying two-wheeler insurance. But make sure that you make a conscious decision and buy a policy that suits your needs. You may not need the entire coverage that is being offered. In this case, consider getting in touch with the bike insurance company and let the insurer help you with the purchase. Also, go through the policy document for its coverage, exclusions, terms and conditions, etc. before making the final payment.
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