For a bike owner, it is quite necessary to have the insurance of his bike. It can help him not only in countering any claim from the third party but also to protect the bike from different hazards. However, for many owners, the claim for bike insurance is not too essential, and adding to that they have to pay for heavy premium also. Here are some options with the help of which it can be possible for one to save a good amount on insurance premium on the bike.
Follow the points below to reduce the premium to a large extent
- Choose the right plan: You can come across a number of Bike Insurance Plans in the market for your bike. But, you need to check each of them and get one which can offer the key benefits. If the plan provides low IDV, one can have a low rate of premium, but in that case, he may not have the benefit of a discount on safety devices etc. In many cases, the insurance service provider offers an additional discount if one goes for a plan for more than one year. To save a good amount on premium, this can be a good option.
- Go for online option of renewal: The online option is one of the best ways to save a hefty amount on premium. Plus, it is one of the easiest options that can help you to get the renewal done easily. In the case of online, the buyer can directly deal with the company; while in offline option, there are agents whom the company has to pay a commission. As the buyer goes for online renewal, the company does not have to pay any commission to the agents. Hence, the benefit of the same can be received by the buyer in the form of a discount.
- Compare the plans before going for a specific one: The comparison of different plans and the selection of the most suitable onea process you should not skip. Comparison can help one get the right policy at the right price. There are also service providers who offer spot buying discount; hence if one wants to go for the policy immediately he can negotiate and get a good discount. The comparison of various plans can also help one to know the facilities offered by the service providers in a little depth.
- Go for the right policy: There are many people who believe that the third party premium and plan is enough, as one does not have to bear any responsibility from the damage caused to the third party. However, if one has third party insurance, he cannot claim damage caused to his vehicle. For this reason, it is always better to go for a comprehensive plan. Though a comprehensive plan is a little expensive, but it offers more benefits to the owner. In case of a bike owner, the comprehensive plan is the only option; but with additional features such as safety devices, one can earn a good discount on the same.
- Timely renewal: Renewal of insurance policy is necessary, but getting the same done timely is more important. It shows that the owner cares for his vehicle and makes sure that it is righty covered by the insurance. Timely renewal can also help one to earn no claim bonus and other discounts, which in turn can help one get the policy at a much reasonable price. There are also service providers who offer a discount on renewal of plan, which is limited to a particular period; and one can get the benefit of the same if he opts for such a policy.
- Opt for voluntary deductibles: As a part of the policy, there are some voluntary deductibles offered by the service providers which one can select as per his requirements. Here one needs to use his prudence as there are certain deductibles which are additional, and one must ignore them. Choosing the right amount of deductibles can help one get an additional discount. After all, there is also an option of voluntary discount offered by different service providers.
- Check for discounts: To overcome the competition in the market and lure the insurance buyers right away, many times the service providers offer spot discount. It can be helpful for the service providers in getting customers from the open market. Regarding the numerous options of discounts offered by the service providers, one can check on the website of the insurance companyor via any third-party website.
- Take the benefit of NCB: The no claim bonus is a part of the policy and can be helpful to the buyer if he has not made any claim in the past year. It can help one reduce the premium to be paid to a large extent. The No Claim Bonus is a right of the buyer and can also be ported from one service provider to another. If one has not made any claim in the whole year, it can help reduce the premium to be paid to a large extent.
- Check for the right IDV: IDV has a direct relation to the premium. If the IDV is high, the amount to be paid as premium is high, and if the IDV is low, the premium to be paid is also low. One needs to check the IDV prudently, which can help one to have a lower amount of premium. IDV is the value of the vehicle which one can get if the vehicle is a total loss or stolen.
- Scheme and membership: There are some schemes offered by the service providers at regular intervals, and if one wants to avail the benefit of the same, he can renew the plan at the right moment. In many cases, the service providers offer a discount to members of a particular organization which can help one get the plan at a lower rate of premium also.
So, these are some of the best ways that can help one find the insurance plan with a good discount.