Tricks That Can Help You Save Money While Buying Bike Insurance

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The first thing you need to have before riding your motorcycle out of the showroom is to get a bike insurance policy. Bike insurance can help protect you and your two-wheeler from many financial liabilities that may arise due to an accident.

However, many bike owners tend to buy the first insurance policy that comes their way. By doing so, you might limit yourself from getting the benefits that a proper bike insurance policy can offer you. Also, when you spend time and effort to buy a bike insurance policy, you might even get a better policy at a lower cost.

Many people give up on buying bike insurance properly because they consider it unnecessary and expensive. But, considering the coverage provided along with the premiums paid, buying the right insurance is worth the price. If you want to save money on buying bike insurance, here are a few things you can do:

Compare different insurances

You can get clarity on many aspects of bike insurance by comparing the various 2 wheeler insurance plans available online. With different insurances, you can compare the benefits and costs of different policies and choose the one that best suits your needs and budget.

Renew before the plan expires

When you renew your bike insurance before it expires, you ensure the continuity of your cover and avoid the risk of losing the added benefits in your policy such as the NCB, which can provide savings during renewal.

Avoid small price claims

Sometimes it costs close to nothing to repair things like a small dent. So, if you can avoid making claims for such things, you can save a lot of moneythrough NCB or other added benefits. Insurance companies offer significantconcessionson the premium through NCB.Please visit the official website of IRDAI for more details.

Remove the add-ons you do not need

Most motorcycle insurance policies come with add-on cover options. These add-ons allow you to refine your coverage to your preferences. Most of these add-on covers add an additional amount to the policy basic premium. By reviewing and removing what you do not need, you can significantly reduce your bike insurance price.

Increase your voluntary deductible

It refers to the amount you have to pay when the claim is received. If you choose to pay the voluntary deductible in addition to the standard deductible, you may notice a significant reduction in your premium amount. To avail this benefit, you must contact your insurance company and find out everything related to the voluntary deductible. * Standard T&C Apply

Be sure to read the fine print at the time of purchase as well as at the time of renewal. Make sure you understand how everything works so you don’t pay too much for a policy that offers less. Set a budget and coverage preference, then try to find a balance between the two. Use a two wheeler insurance premium calculator to have an idea of what your coverage might cost. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.

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