Cutting down on the cost of the two-wheeler insurance premium is not a bad idea, isn’t it? But when it comes to coverage, one should never compromise or else it will be a disaster. Now, the question comes- Is there any way to get cheap motorcycle insurance without getting stuck and confused about options. As it’s a well-known fact that customers have a general tendency to first compare bike insurance providers and then jump to conclusions. Nevertheless, you can save a lot of time by hitting the right spot.
What separates riding from driving? Getting an unforgettable experience is all that matters. The feeling that comes when you zoom away on these beautiful machines and get high on adrenaline has no equal. There’s no point denying that rash driving is extremely dangerous, hence get yourself ensured, regardless of the provider, be it an HDFC ERGO bike insurance or anything similar to it. Be it those off-road trips with your peers or solo riding through a city, there are ample moments to bask in the glory of being a biker. So, why should you keep it from getting covered with the best insurance plan?
You could also be one of those dreamers whose dream of getting a dream bike is soon going to get fulfilled. Whatever the reason is, getting viable insurance is important. Unfortunately, at times, while searching for the best policy, a person may find it confusing dealing with complex jargon and unfamiliar terms that could obstruct you in getting the cheapest deal. Then, you must have been paying a much higher price all this while but you didn’t get it- right? Well, think, no more. Even if you have been feeling much confused about getting the right two-wheeler insurance, it is never too late to find the best ways of lowering your rate of premium.
Here’s how to get the cheap motorcycle insurance in seven easy steps:
Make and Model of your Bike
If you want to find the best price of motorcycle insurance, you must be careful about the choices you make. High-end bike owners are being charged a much higher insurance rate. So if you want an affordable plan on offer, you can choose entry/mid-level performance bikes to minimize your rate of premium. From the outset, sports bike are perceived to be riskier, hence its premium cost more than usual.
Your Varying Insurance Needs
Do you know that the insurance cost depends on several factors- age, location, driving record, profession, bike make and model? In short, the cost of premium would vary from person to person. So, what would be the most affordable option for you, may not likely be the cheapest one for someone else. Do thorough research, as there is plenty of information available online. Browsing the web or enquiring on the phone to compare bike insurance can certainly help you cut the clutter. You can refer to the most trustworthy sources for getting unbiased advice on finding the right plan.
Keeping the Bike in a Good Condition
If you are not considerate of your bike’s condition and are not cautious about its safety, chances are high that you may end up losing it. Any outright solution for this? Yes! By being a responsible owner and storing it in a gated garage can save you the trouble that may cause due to theft or external damages. If you get an anti-theft system device installed on your vehicle, you can avail up to a discount of 2.5% on the premium cost. Some insurers offer this service.
Comparison is Important
Don’t believe what these gaudy commercials say about any commercial of XYZ insurance while airing on TV or these so-called wise suggestions that your neighbors give more often than not. Undoubtedly, the cost and benefits of two-wheeler insurance plans depend on the needs and usability of customers as they compare bike insurance quotes in order to get one. So, evaluate what works best for you and what not! Unlike before, when there was limited product choice like HDFC ERGO bike insurance, it has become entirely a buyer’s market.
Join a Motorcycle Club
This is not any usual club membership that we are talking about. Join hands with an IRDAI approved organization called as Automobile Association of India (AAI) to get up to 5% concession on self-damage premium. That being said, it would not hurt to join a riders club to enhance your skill sets. Even though you may not get any discount on premium, it would prepare you to refine your biking skills. As a result, your chances of accidents and making claims get minimized. All this leads to your strong chances of getting No-Claim Bonus (NCB), which lowers your amount of insurance premium.
Adjustment of Deductibles
What is deductible? It’s actually a part of the monetary loss that has been paid by you, in the form of repairs, at the time of claim. There are two types of classification, voluntary and compulsory deductible. While the former is a fixed amount chargeable by the insurer, the latter can be chosen. A tip: choose a higher voluntary deductible and get your self-damage premium lowered.
However, this step entails that you have appropriate funds at your disposal if you look forward to covering your cost of damage repairs in the event of an accident. Should you have strong riding confidence and a low tendency of making claims get yourself a higher voluntary deductible? On the contrary, an unsure rider should not mind paying high premium rates-just figure it out.
Limiting Your Mileage
The average rider can cover up to 3,000 miles every year. If you are a weekender, then it is good to consider capping your bike’s mileage. By lowering your annual mileage, you could lower the rate of premium. Keeping a tab on your ride’s mileage helps a lot in getting affordable insurance.
Finding cheap two-wheeler insurance is not as hard as it seems, at first. We have never said that you settle for unreliable coverage at a discounted price. In fact, you should never ever compromise on coverage. By considering the aforementioned points, it does not take much to put a cap on your insurance cost.