How you Can Save Money by Reducing Bike Insurance Premium?

 Ravi Khurana
  25th-Jun-2018
 1444

No matter, in which century and era you are living, the role of bike will always be vibrant. Middle class families of India find bike as a most economical mode of traveling. In fact those people who belong to the upper middle-class families and filthy rich people carries a great interest and passion for bikes. Moreover, nowadays, the population is rising day by day and to beat all the traffic related chaos it is advisable to take help of bike instead of any private vehicle.

Whenever it comes to bike, the important thing that you should not forget is the bike insurance. Under the Motor Insurance Act, it is mandatory in India to carry a valid insurance if you own a bike or any other automobile to drive legally on the roads on India. It not only secure you from unwanted incidents but also act like a tension free task for you.

Why do you need insurance for your two wheeler vehicle?

Bike insurance is an important thing as it protect you from many unwanted cases such as flood or fire, etc. The coverage that you get under the same will be provided to the owners. With a third party liability, in case of an injury or may be death; you would be liable to get the coverage.

Moreover, you will be liable to get the full coverage in case if theft or accident that takes place because of any external mean.

Before understanding different insurance factors, it is very important to understand the basic terminologies of the same.

Premium: Premium is the amount that you have to pay to keep your bike insurance active. Well the question that arise in this situation is that how much premium you need to pay for your vehicle depends upon various factors that we will discuss later.

Coverage: It is basically the financial protection that you will get in case of any damage to you and your vehicle. It is important to keep in mind that coverage is proportional to the two wheeler insurance policy that is chosen by you.

Exclusions: Well mostly people do this mistake and avoid exclusion. And it is very important for you to check all exclusions before purchasing an insurance plan. With the same knowledge, you will be able to understand about all situations that actually fall under the same such and drink and drive case.

Claims: Don’t forget that if you want hassle free claim settlement process, then you must follow all traffic rules. The insurance company will not provide coverage against such claims that have resulted because of breaking of laws.

Factors affecting bike insurance premiums-

  • The place where you stay:Your location plays a vital rile in deciding your premium. If you are staying in a place where the chances of robbery or theft are high then it will surely create an impact on your insurance. Premium will be calculated according to the associated risk.
  • Parking your vehicle:If you don’t have a secure parking for your vehicle then you may require to pay a high premium.
  • Your age:Your age also plays a vital role in calculating the two wheeler insurance premium.
  • Driving history:Your driving experience matters when you go for purchasing an insurance plan.
  • Your bike’s model:Your vehicle’s engine type, its model, its resale value, all these points are considered when the companies prepare your premium plan.

How to protect NCB in the case of small damages?

NCB which is popular by the name of No Claim Bonus is basically a reward in the form of discount and this discount is given by the insurance companies(SBI Two Wheeler Insurance, HDFC, Bajaj Allianz Two Wheeler Insurance) to you for every claim free years.

Now, what if during the entire policy tenure, you did not make any claim but now you met with a small accident which caused minor damage to your vehicle.

In such a case, it is advisable for you to not make any claim because if you go for the same for minor amount then you will not be able to receive the benefits of which will be a huge amount.

Hence, insure your bike at the right time and plan your claims and bonuses accordingly.

Conclusion

Bike insurance is mandatory to carry if you want to ride on the roads of India. Hence every single step is important towards lowering the bike insurance premium. Keep your eyes open to grab all the possible opportunities.

Domain: Business
Category: Companies

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