If you are riding a bike, you know that investing in a two wheeler insurance policy is mandatory according to Indian law. However, most people just select the plan and pay the premium.
But do you know that there are some secrets and insider tips you can use while selecting the insurance policy for the bike? These Insider bike insurance tips will not only help you to buy the right policy but also help you to reap maximum benefits at a lesser premium cost.
Sounds amazing, right?
So what are you waiting for? Let us explore those tips and stay protected under the umbrella of the maximum possible coverage of the bike insurance policy.
Insider Tips for Bike Insurance Every Policyholder Should be Aware of
1. Do Not be Tempted by Cheap Bike Insurance
Instead of being tempted by cheap bike insurance plans, it is recommended that you compare the plans and carefully evaluate whether the plan is worthwhile, given that you are paying a premium. Also, look at the type of coverage and benefits you will receive.
It is because, most of the time, insurance companies offer low premiums, but in exchange, they provide unreliable services.
Thus, look for reliable insurance providers who are financially stable and offer transparent and reliable services, like Tata AIG, at competitive and fair prices.
2. Do Not Select a Plan Blindly
First and foremost, it is essential not to buy any of the bike insurance policies mindlessly. Research the different plans available, what coverage you will get, what additional benefits you will get and what will be the cost of having that policy.
For this, carefully research the different plans and finally choose the one which is the best aligned with your needs and budget.
For example, If you have a basic and old bike model in bad condition, investing in the comprehensive bike insurance plan is a waste of money, so you can choose third-party insurance for your bike to avoid legal complications. However, for a new or expensive bike, only a third-party bike insurance policy may not suffice.
3. Follow the Traffic Rules And Maintain Good Driving Habits
Very few people may know that following the traffic rules diligently and maintaining good driving habits will help you save a lot of money when you buy bike insurance.
You may be rewarded for following the rules and maintaining an excellent record. So, by following the necessary and simple traffic rules, you can save on the premium cost of the insurance policy for your bike.
4. Look For the Offers And Discounts
When you buy a bike policy online, you can easily compare the different plans and insurance providers by visiting their website. But when you go in-depth into their policy terms, you will get the many policies which can work in your favour.
Many companies offer various discounts and offers on their different plans and various specified conditions. So, to save money and get rewarded, you must look at the various offers, discounts and rewards while purchasing a bike insurance policy.
5. Install the Sophisticated Tools For Protection
Remember that insurance companies work on the principle of “Lesser the risk, lesser the premium cost.”
Thus, one has to consider installing theft devices, such as alarms, GPS trackers, or immobilisers, which can help discourage theft and potentially lower insurance premiums.
Moreover, to enhance your protection and qualify for insurance discounts, wear safety gear, like helmets, riding jackets and gloves.
6. Be Informed About Your Bike’s Cubic Capacity
Another important thing that few may know is that your bike’s cubic capacity affects the insurance premium that you will pay.
So, if the cubic capacity of your bike is high, your premium will also be higher. Thus, it is better to stay informed about this fact to save cost on your premiums.
By knowing and understanding these tips, you can make a rational decision while investing in the insurance policy for the bike. These tips will also help you to save a lot of money on premiums while leveraging the same benefits in the plan.
Remember, a rational and wise decision will help you to get more than the value of your money along with financial protection, legal protection and peace of mind.