In India, the roads are filled with numerous vehicles, all with drivers in a rush to reach their destinations. However, with such a huge population, traffic is a consistent issue in the country. Dealing with traffic can be quite nerve-wracking which is why many individuals in the country prefer two-wheelers as their mode of commute.
It is important to safeguard your bike with the purchase of a suitable two wheeler insurance policy. As per the Motor Vehicles Act, it is a legal requirement to have a valid insurance policy for your two-wheeler to legally drive on Indian roads. Bike insurance plans have been designed with the aim to help customers protect their two-wheelers. With a bike insurance plan, you are financially covered if your bike gets damaged or stolen due to an adverse event.
To protect your vehicle from such events, you must carry out bike insurance renewal on a timely basis. Leading insurers such as TATA AIG allow customers to buy two wheeler insurance and conduct the TATA AIG bike insurance renewal online. They also offer insurance premium calculators on their websites to help customers understand and lower their bike insurance costs.
Table of Contents
The cost of your bike insurance policy
There are several factors that play a role in the bike insurance cost levied upon you. Therefore, to determine the cost of a bike insurance plan, you must use an insurance premium calculator and consider the following factors:
- The bike’s make and model
- The bike’s age
- The engine capacity of the bike
- The accumulated No-Claim Bonus
The cost of a bike insurance policy shall vary, depending on the type of policy, coverage, add-ons, ‘Insured Declared Value’, etc. Therefore, it is advisable to use an insurance premium calculator to ascertain the aforementioned cost. While the application of an insurance premium calculator can be helpful, you can follow certain hacks to purchase a low-cost bike insurance policy.
How to Get an Inexpensive Bike Insurance Policy
Select a simple bike:
If you wish to purchase bike insurance at a low price, you must strive to opt for a simple bike. The cost of an insurance policy for two-wheelers drastically depends on the vehicle that has been chosen. Motorcycles and sports bikes have much better engines than average bikes. While these factors do make them attractive options for purchase and use, they increase the chances of an accident.
Therefore, insurance companies levy a higher premium amount on sports bikes and high-end bikes. Therefore, opting for an average bike with a moderate engine cubic capacity can help you get a lower premium amount on the bike insurance policy. According to Swytchbike it’s important to keep in mind that for electric bike conversion kits you don’t need any type of insurance.
Calculate your insurance requirement:
Your bike insurance premium depends on various factors, including your residential location, age, driving history, occupation, bike model, etc. Therefore, if you’re planning to purchase a bike insurance plan at a low price, you must ascertain your insurance requirements. It is important to understand the extent of the coverage you need so as to pick the right bike insurance plan.
Compare different plans before purchasing one:
The process of choosing two-wheeler insurance can be a bit overwhelming as there are several plans available for your choosing. Therefore, it is important to compare the different plans available online before finalising one. It would be prudent to select the most appropriate coverage for your vehicle at the most feasible price.
With the advent of technology, it has become easy to assess and compare bike insurance plans online and assess their cost using online calculators. You can also determine the impact of different bike insurance add-ons on your insurance premium by using such calculators.
Fix your deductibles:
Deductibles are an amount you pay out of your pocket during a bike insurance claim. Deductibles are of two types: While a compulsory deductible is set by the insurance company you choose, a voluntary deductible is an amount you determine while purchasing the plan. Opting for a high voluntary deductible can help you minimise your bike insurance premium amount.
However, if you are planning to add a higher deductible to your plan, you must ensure that you have adequate funds at all times to meet your premium payment obligations. If you have a decent amount of experience riding a two-wheeler, opting for a higher deductible is an optimal option for you.
Keep your bike in a secure location:
While you may have chosen the most optimal two-wheeler for yourself, someone else may also have their eyes on your prized possession. This is why it is important to ensure your vehicle is protected in a safe and secure garage whilst not in use. This will help you prevent any damages to your vehicle from natural disasters, rain, and rising temperatures.
Furthermore, your vehicle will be protected from burglars who have an eye on your vehicle. Insurance companies also reward bike owners who take extra precautions to protect their vehicles. Therefore, once you add certain anti-theft devices to your bike, the insurer may reduce the bike insurance premium amount.
Low risk of theft is also good for the retention of your No-Claim Bonus which is awarded to bike owners who do not file a bike insurance claim in a policy year. With this bonus, you can receive a discount on your bike insurance renewal.
It is pivotal to protect your bike against a wide variety of uncertain events and you can do so by purchasing a suitable two wheeler insurance policy. In addition to this, you can follow certain hacks to get low-cost bike insurance. The aforementioned hacks can help you secure the optimal insurance coverage for your bike at an affordable price.