Owning a bike is the most amazing moment of life. The first ride
in rains, show off in college, swiftly moving in snarling traffic with your
loved ones or long drives, picnics you remember every bit of the moment in
life. When you purchase a new bike there are lot of factors to be considered
such as affordability, design, brand value, mileage and other technicality of
bike. But just like you aspire to fulfill your dream you should also learn to
protect it.
Today, most people in India feel insuring the bike is either the
last thing or rather don’t consider at all. The only time when you feel it’s
important is when you meet a sudden accident and the damage is done especially
to third party. Imagine you bike is damaged and you have to pay to third party
for losses as well. It will be a huge financial loss from your pockets leading
your emotionally hurt as well. Therefore, it is important you cover your
two-wheeler with suitable bike insurance cover.
The article describes some of the ways that we can save the
costs on bike cover. But before that let’s understand how two-wheeler rates are
determined. The premium rates on bike cover is typically based on factors like
age, gender, marital status, driving record, insurance history, bike make and
model, year, registration of certification book. These are few of the points
that you can consider while choosing your bike cover premium.
Increase Deductible
One of the easiest ways of cutting down your premiums would be
increasing your deductible. It is the amount you have to pay out of your own
pocket incase of any loss or damage to your machine. So deducting fair amount
of percentage from your bike
insurance bill should help you lower down your insurance premiums.
No Claim Bonus
These are like rewards that you would receive if you don’t make
claims during the term of the insurance policy. The discount usually vary from
insurer-to-insurer but you can accumulate anywhere between 20-75% for five
claim-free years. It is advisable don’t claim for petty scratches or dents.
Instead wait for the amount to get accumulated and then go for reducing
premiums or bigger claims.
Tailor Coverage
Depending on your needs, it may be worthy to consider insurance
with a lower coverage level such as third party, fire or theft. Check the
parking arena, mechanic facilities, safety measures and you can reduce your
cover or tailor it according to your specific needs. But always remember to
read the policy carefully before purchasing to know the inclusion &
exclusions and then tailor your need as per it.
Shop Around
Most people think bike insurance is just an added financial
burden by government. They don’t even bother to look around for policies and go
for blind purchase as a mandate by government. However, it is wrong. Bike
insurance is the best ever financial protection for your machine against
uncertainties. Therefore, you should always look around for benefits &
features, discount & deals, compare prices, payment procedure, hassle free
claim procedure etc. and then go for policy purchase.
Online Comparison
Insurance
Companies want their valued customers to be retained. End of the day it’s all
about the business. So, it is advisable don’t hesitate to negotiate with them,
compare online and make them aware of the other companies deals and offers. If
you’re able to bank one with your existing insurance provider you’ll be the
happiest person owning the best bike insurance for your vehicle. Online
comparison not only helps your time and energy but provide best deals across
market under single umbrella. Also, the best time to compare is within a month
before the policy expires. This way either you can incorporate your needs or
make a swift exit to another insurer without getting uncovered at any point of
time. [Source:https://bikeinsuranceblog.wordpress.com/2016/05/31/shield-your-bike-with-suitable-insurance-guard/]
