The Motor Vehicle Act, 1988, mandates all motor vehicles, including bikes, to have an insurance policy, with at least a third-party liability cover. In other words, if you are buying a bike, then the Insurance Regulatory and Development Authority of India (IRDAI) wants you to have an insurance policy to manage the costs of repair, injury or death to third-party property or person(s). If you want to protect your bike too, then you need to purchase a comprehensive policy. While these policies have a higher premium than third-party liability plans, the coverage they offer makes them worth the added costs. But how much should you pay for a comprehensive cover? How do you get the best quote?
In today’s times, with several insurance companies offering bike insurance, premium rates can vary. While opting for the lowest premium policy might sound logical, you might miss some essential features and end up paying for damages or losses from your pocket. On the other hand, opting for the costlier policies might simply not make financial sense. Today, we will offer a few tips to help you get the best quote for your bike insurance policy.
Never buy a policy without comparing
There are more than a dozen bike insurance companies around today. Each of them offers the best features at the most optimum premium rates. Hence, before you buy a policy, you must look at all the options available to you and compare them. Many online platforms offer user-friendly interfaces to help you compare policies in no time. Make sure that you know your insurance requirements and choose the right add-ons to get an online quote from each insurer before finalizing it. Some insurers might be running some special discount campaigns that can help you get the policy for a much lower premium.
Use a bike insurance premium calculator to get the best quote
Leading bike insurance providers offer a premium calculator on their website. You can input the relevant details of your bike, some of your personal details, choose the type of coverage, select the add-ons you wish to include, and click on ‘Calculate’. The calculator will display the approximate premium that you will have to pay for getting your bike insured with the coverage of your choice. You can get a quote from the premium calculators of multiple providers and finally go with a bike insurance policy that matches your requirements and budget.
Choose add-ons carefully
Bike insurance companies offer a range of add-ons to help you customize the policy to your needs. These add-ons come at a cost. Hence, while a certain add-on might seem essential, think carefully about whether you need it. For example, if you almost never take anyone as a pillion rider on your bike, then you shouldn’t opt for a pillion rider add-on. Try to assess the risk and the premium that you will pay to cover yourself against the said risk.
Don’t miss your bike renewal date
Bike insurance policies are offered for one to three years, post which you are required to renew them. This is the time when the insurer can offer benefits if you have been a responsible driver and not filed a claim. If you miss renewing your policy on time and it lapses, then you will not be able to get these benefits. Also, since having a bike insurance policy is mandatory, you will have to buy another one before you can ride the bike again. This would leave you with no time to research and find a cost-efficient policy. Hence, set a reminder and ensure that you always renew your policy on time.
Don’t forget your No Claim Bonus
If you are buying a two-wheeler for the first time, then skip this point and move to the next one. However, if you have held a bike insurance policy and are looking at renewing it, then read on…
While accidents are common, most of the time, small mishaps don’t require an insurance claim. If you haven’t filed a claim with your insurance company over the last policy period of one year, then you are eligible for a No Claim Bonus (NCB). This is a benefit offered by insurers to policyholders who don’t file a claim. Since the insurance company does not make any payments, it extends a discount to you in the subsequent year. This is an effective way of reducing the premium while keeping the features the same. Also, NCB is progressive in nature and increases with every subsequent claim-free year.
Be a responsible biker
Nobody gets into an accident on purpose. However, practising safe riding can reduce the possibility of accidents and hence lead to fewer claims. Insurance companies prefer responsible bikers and tend to offer them discounts on the premium rate to continue having them as policyholders.
While it is good to look for a policy with a lower premium, don’t fall into the trap of avoiding essential add-ons just to save some money. As the adage goes ‘penny wise, pound foolish’, you might end up paying much more in the long run by trying to save a small amount today. Based on your bike, personal details, and usage, you will need a certain level of protection. Hence, be prepared for a premium accordingly and use the tips mentioned above to get the best quote for your bike insurance policy. Good Luck!