According to the traffic rules in India, it is a mandatory requirement for all bike owners to have an insurance coverage. It’s a good practice to take an insurance cover for your bike as it not only allows you to make claims for repairs or damage to your vehicle due to an accident but also it gives you a peaceful mind knowing that your favourite bike is secured. However, when it comes to buying an insurance policy for your bike there are several things to consider, a good research before buying will greatly help you get the best deal. Most people in India avoid buying an insurance coverage because they feel it is expensive; however, there are ways by which you can reduce the premium cost. The following tips will greatly help you:
A good driving record
The insurance companies like to insure people who need it the least. In other words, riders who have a clear driving history, with no previous accident records are considered to be clean drivers. If you have a good driving history, you can use it to your advantage to negotiate with the insurance company and get an attractive discount on the premium cost.
Buy your vehicle wisely
One of the most important factors to consider while trying to get a bike insurance coverage at an affordable price. If you choose to purchase a sports bike with a powerful engine or one that is categorised as rare or vintage, you would have to pay a hefty premium amount. On the contrary, if you choose to buy any standard bikes, you can find several insurers willing to offer coverage at competitive rates.
Opt for annual premium payment
If you decide to pay the full yearly premium amount right at the time of purchasing the insurance, it would cost you much lesser as compared to what you would have to pay otherwise as a monthly premium. Several insurance companies tend to offer a valuable discount to the customer who chooses to pay the premium amount for the full year at once.
Avoid small claims
The insurance company offer attractive no-claim bonuses and other discounts to people who have made no claim during a period of time. It is best advised to avoid making small claims; for minor repairs like a dent or a scratch, for which even you can pay from your pocket. This would greatly help you get an attractive discount while you renew the coverage.
Boost the security of your vehicle
One of the important things that the insurance companies consider while determining the premium cost is the safety features and how secured is the bike. If you have secured your bike against theft and vandalism and also have the best security features installed on your bike, you are more likely to get attractive discount on the premium cost.
Get coverage for your bike from the existing insurance company
The insurance companies love to provide more than one coverage to their existing customers. So if you have bought a medical insurance from a particular company, you can purchase a bike insurance coverage from the same company, and on doing so, you are likely to get an attractive discount.