When choosing bike insurance, aim for maximum coverage at a lower premium. Understand the cost factors that ensure an informed decision during purchase or renewal.
Ways To Lower The Cost Of Your Two-Wheeler Insurance:
You must be aware of the variables influencing the insurance rate to maximise the benefits of your policy. This will assist you in obtaining the ideal deal on bike insurance.
A few crucial pointers to lower your motorbike insurance premium are listed below:
- Compare Insurance Plans
Start by comparing the insurance plans offered in the market for your two-wheeler. Online bike insurance comparison is the most effective way to accomplish that. You can find insurance companies online that can provide you with quotes for two-wheeler insurance. Additionally, comparing insurance will show you which policy offers more coverage for less money.
- Do Not Raise Small Claims
If you have yet to file a Bajaj Allianz bike insurance claim during the policy period, the insurer will offer a No Claim Bonus (NCB) when you renew your bike insurance policy. This may increase by 50%. Small or insignificant claims will not be eligible for the NCB concession when renewing the policy. As a result, your premium will be higher than it would be if you were to benefit from the NCB’s concession.
- Select Suitable Add-on Covers
In addition to the standard comprehensive insurance policy, add-on covers offer additional coverage. You must, however, pay an extra premium. Selecting unnecessary or superfluous add-ons won’t lower the cost of your bike insurance; instead, it will only raise it.
- Set Up Anti-Theft Devices
If you install anti-theft alarms or other security devices on your two-wheeled vehicle, insurance companies will reduce your bike insurance premiums. It conveys your intention to safeguard your bike and prevent unintentional loss or damage. To receive a concession on the two-wheeler insurance premium, ensure the security devices have been approved by the Automotive Research Association of India (ARAI).
- Renew Your Insurance Policy On Time
Keep the bike insurance from lapsing by renewing motorcycle insurance before the deadline. The NCB benefit is only valid for ninety days following the due date and then lapses when the motor insurance expires. It would help to renew your motorbike insurance before the deadline to prevent paying a higher rate.
- Higher Deductible
The insurance company will not pay for all repairs while settling the claim. There will be a deductible—a predetermined percentage—that you must pay. One way to lower the cost of two-wheeler insurance is to choose a higher deductible.
- Purchase From The Same Provider Of Insurance
Purchase your insurance of a scooty policy from the same provider if you have previously purchased other insurance products, such as health, travel, etc. Loyalty points from the insurance provider may be applied to lower the cost of bike insurance.
- Request Concessions
Asking for a concession when purchasing or renewing your two-wheeler insurance is harmless. Insurance companies may provide concessions to advertise their policies. To lower the cost of your bike insurance, get concessions.
Get insured anytime, anywhere! Check out Bajaj Allianz General Insurance website to learn more and download the app now.
Claims are subject to terms and conditions set forth under motor insurance policy.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.