123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

How To Save On Your Bike Insurance Premium

Profile Picture
By Author: Pranavi Jain
Total Articles: 5
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

According to the Motor Vehicles Act, 1988, every two-wheeler owner must procure at least a third-party insurance policy. This type of insurance offers protection against any legal liabilities arising out of damage to any third party or property. However, it is a basic insurance coverage and it offers no protection to you or does not cover any damage to your bike.
If you want to protect yourself and your bike, it is recommended you avail of a comprehensive insurance coverage. But, such policies may be more expensive because of greater coverage. This does not mean that you should not purchase a comprehensive policy.
Here are five tips that will help you reduce the premium cost on your bike policy:
1. Utilize the no-claim bonus (NCB)
A two-wheeler insurance policy offers benefits when you do not file any claim. It is known as the no-claim bonus (NCB), which offers a discount on the renewal premium paid at the end of the policy term. The NCB is progressive, which means the discount on the two-wheeler insurance premium reduces for every no-claim year. NCB often starts at 20% and may increase to as much as 50% if you do not file a claim for five consecutive years.
2. Include only the necessary add-ons
A bike insurance policy offers coverage for additional riders. However, you need to pay a higher premium for availing of this coverage. Therefore, it is recommended you include only those add-ons that are required.
3. Timely renewal
Auto insurance policies are available for one to three years after which you have to renew the policy. It is important that you renew the policy on or before the due date to avoid paying a higher premium. Generally, insurance companies charge a higher premium on lapsed policies.
4. Maintain a good record
It is important that you maintain a clean driving record. When you drive safely and have a good record, it implies lesser accidents and lower claims. No claims mean higher NCB discounts. In addition, the insurance company perceives you as a lower-risk customer. These factors have a positive impact and are beneficial in reducing the two wheeler insurance premium.
5. Compare different products
There are a large number of insurance policies that are currently available. Each of these policies offers excellent benefits and features. It is therefore important that you compare the various products to maximize your benefits. Comparing bike insurance online is recommended to help you make an informed decision.
Experts advise that you do not compromise on an inferior policy to reduce the premium. Adopting the aforementioned tips to reduce the cost of availing an auto insurance policy is a smart thing to do.
Arm yourself with this information today and find the best deal for your motorcycle insurance.

Total Views: 227Word Count: 444See All articles From Author

Add Comment

Investing / Finance Articles

1. Hire Wealth Management Firms To Seamlessly Manage Profits
Author: Avendus Group

2. Top Reasons Why Real Estate Investors Swear By Hard Money Loans
Author: Chris Goulart

3. How Are Equity Funds Categorised?
Author: Shashank Bhaskar

4. Advantages And Disadvantages Of Multiple Savings Account
Author: Shashank Bhaskar

5. Pune: A New Hub Of Real Estate Development
Author: Pooja Agrawal

6. Buy Bitcoin In Greece
Author: Leonard Quinn

7. Investment Banking A Dynamic Yet Challenging Sector For Future
Author: Avendus Group

8. 1031 Exchange - A Way To Save Your Taxes
Author: Amelia

9. Top 5 Reasons To Choose Zerodha For Trading
Author: Gunjan Chokshi

10. 4 Types Of Nri Accounts You Can Open In India
Author: Rishank Rautela

11. Top 3 Flexible Benefits That Unit Linked Insurance Plans Offer!
Author: Unit Linked

12. The Secret Of Taking Cheap Winter Holidays In Australia
Author: john

13. Home Loan Emi Calculators Explained Through Faq's
Author: Rudra Raghavan

14. Home Loans For The Self-employed Professionals!
Author: Anil Patel

15. Why Taking Loan Against Property A Popular Way Of Taking Loans
Author: Finway Capital

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: