Ideas To Reduce The Insurance Premium Cost of An Old Bikes
Whether it is an old bike or a brand new one, every two wheeler needs to be insured under the Motor Vehicle Act 1988. Besides the mandate, there are several benefits for availing a two-wheeler insurance premium. Once insured, the company provides the necessary monetary coverage for accidental damages. Hence, new or old, buying a bike insurance premium is extremely important for a safe driving experience. However, affording such insurance policies with added benefits and complete protection is not always possible. Thus, here are some of the best ideas for reducing Two- wheeler insurance premium costs for old bikes without compromising on the necessary benefits.
While availing a motorcycle insurance premium, insurance company suggests certain add-ons for additional coverage. Though these are primarily useful in the long run, such add-ons come at a decent price. Hence, selecting them up results in an increased bike insurance premium. Thus, the policyholders are advised to select only such add-ons which suit their needs.
- Choose the add-ons wisely
Anti-theft devices have rightfully risen to popularity ever since their introduction in the market. These devices ensure that there is a lesser chance of the bike to get stolen and thus, lesser chance of the insurance company to bear the cost. This is one of the most effective ideas for reducing two-wheeler insurance premium in the long run.
- Install anti-theft devices
If the policyholder holds a membership of Riders Associations like Indian Automobile Association, a certain amount of discount is provided on the bike insurance premium, as per the regulations followed under IRDA. However, such discounts are only offered in case the bike has no prior history of accidents and possess a record for smooth driving. Apart from this, there are certain criteria which also needs to be fulfilled by the policyholder or the bike owner.
- Be a member of a Riders Association
The amount of voluntary deductible on a two-wheeler insurance premium is chosen by the policyholder himself and is not fixed by the insurance company. It is the amount which the policyholder promises to bear from his own pocket in case of policy claiming. If the voluntary deductible is kept high, the bike insurance premium paid by the policyholder gets reduced automatically.
- Keep the voluntary deductibles low
Reducing bike insurance premium while policy renewal
NCB is offered by the insurance company as a reward to the policyholder for a claim free year. The discounts may extend from 20% and goes till 50% if the policyholder makes zero claim in 5 consecutive years continuously.
- No Claim Bonus
One of the best ways to reduce two-wheeler insurance premiums is to renew it before the due date. In the worst case, the policyholder should renew the policy within the grace period to enjoy additional discounts and benefits post renewal.
- No delay in policy renewal
The policyholders are always advised to compare two-wheeler insurance premiums online so that they can buy them at best offers. Even after availing, the policyholder should never miss out on their premiums as this ensures added discounts during policy renewal.