Get the best quote for bike insurance: Eight tips to keep in mind

To cover the loss or damage caused to the vehicle due to unavoidable circumstances or natural disasters, more and more people are now choosing an insurance policy for bikes.

FPJ Web DeskUpdated: Friday, October 07, 2022, 04:23 PM IST
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With India holding the title of the world's top two-wheeler manufacturer, it is constantly seeing a considerable rise in its production. Meanwhile, the increasing traffic in India has also resulted in a rise in the frequency of two-wheeler-related accidents. To cover the loss or damage caused to the vehicle due to unavoidable circumstances or natural disasters, more and more people are now choosing an insurance policy for bikes. Such plans serve as financial safeguards against any monetary loss suffered by the insured two-wheeler.

Although these insurance plans provide extensive protection against any potential damage to the bike, one should thoroughly research the insurance market before making a purchase. Making such an educated choice guarantees that one has access to an efficient plan that doesn't place an undue financial strain on one's finances.

With a cost-effective insurance policy for bikes, you can choose between comprehensive and third-party two-wheeler insurance, which will provide you with broader scopes of coverage. Follow these simple tips to get the best insurance quote for your two-wheelers, offering the coverage you need.

Understanding Bike Insurance Quote

A bike insurance quote is a cost the insurer offers to insure your bike. To put it another way, it's the amount of money the insurer requests you to pay in exchange for issuing bike insurance benefits. You can customise this quotation based on the kind of coverage you choose.

You have two important choices to make when it comes to bike insurance online. While some two-wheeler owners purchase comprehensive plans, others just go for third-party insurance. Which option is best for you? After evaluating and reviewing the diverse options, you will require some useful tips to get the best bike insurance quote. The secret to obtaining the best deal on an insurance policy for a bike is as follows:

● Timely renewal of the policy: Renewing bike insurance policies on time lowers the chances of paying a higher premium. Given that respected companies provide two-wheeler insurance with terms ranging from one to three years, you must ensure that you renew it before it expires.

Your chances of comparing policies and finding the best quote for a two-wheeler would be reduced if you missed the renewal date.

● Maintain a Clean Driving Record: To keep your driving record clean, you must drive carefully and have fewer accidents. Additionally, fewer accidents would lead to fewer claims, boosting the No Claim Bonus. Additionally, your bike insurance provider would learn that the policyholder has a low-risk profile. So, to acquire the best quote while buying bike insurance, both of these elements will assist you in paying a lower premium.

● Use the NCB: The insurer will pay you extra benefits if the insurance premium is not used in the current year. If you want to renew your policy next year, you will have to pay lower premiums due to NCB or the 'No Claim Bonus.' If you do not make insurance claims for several years, the discount valuation will increase until it reaches 50% for the fifth year. Therefore, if you want to reduce the cost of your premium and receive the finest insurance policy for the bike, think about making use of your NCB.

● Think about voluntary excess: This is the percentage of the share that you guarantee to pay in a claim scenario. When purchasing or renewing insurance, this is essential. The most apparent benefit of choosing voluntary excess is the significant premium discount you get for your insurance.

● Compare before buying: Do you know how many different bike insurance plans are available on the market right now? There are many. To find the best plan with the best premium rates, one should constantly compare the various plans before settling on one. Use the online resources to compare easily. Several web aggregators and online dealers guarantee the easy comparison of various insurance policies.

● Keep a clean driving record: Driving safely reduces your risk of accidents and improves your driving record. Fewer accidents likewise result in fewer claims. Your NCB would be maximum if you did not file repeated claims under your bike insurance coverage. Additionally, the insurance provider would know that you pose a lower risk. Both of these elements would lower your bike insurance premium, allowing you to acquire the best quote.

● Add-ons: If you often ride on tough terrain or your zone experiences heavy rainfall for most of the year, damages resulting from these factors might not be covered by your standard insurance policy. This is why add-on covers might be crucial for giving your bike the additional protection it needs. However, it might have some excess insurance add-ons that are pointless and just serve to raise the premium.

Exercise complete caution while choosing the add-ons for your bike. Keep just those that are truly helpful, and toss away the rest.

● Select your bike wisely: To begin with, you must be careful with your bike selection. You could have to pay a higher premium if you choose a more costly model with a powerful engine or one that is considered vintage by today's market standards. On the other hand, if you are comfortable with a more ordinary, conventional model (or a used one, for that matter), it will substantially increase your two-wheeler insurance discount. This is predicated on the argument that the latter has lower maintenance and repair expenses.

Don't sacrifice coverage for the sake of lower premiums. Purchase a comprehensive bike insurance online policy to provide thorough protection for both you and your bike. If the hefty premiums are worrying you, calm down. The tips listed above help minimise the premium and guarantee that you will get the best possible bargain on your bike insurance coverage. So, empower yourself with these easy tips and get the best bike insurance quote now!

This article is generated and published by FPJ focus team. You can get in touch with them on fpjfocus@fpj.co.in

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