According to the Motor vehicles act, it is compulsory to have third-party bike insurance that is proficient enough to cover the damage reversal expenses and legal liabilities if met with an accident. Thus, having proper bike insurance is mandatory for every vehicle owner. If you are looking to purchase bike insurance, you can purchase from popular providers like Acko two-wheeler insurance, Bajaj bike insurance, etc. Although the Bike insurance premiums can be quite costly in many cases, there are numerous effective ways to lower the premium cost of insurance plans.
Here are a few effective ways that can help you reduce your bike insurance premium considerably. Keep reading to know more!
Choose your add-ons wisely
Add-ons are one of the best features that you can get with bike insurance. The add-ons help you get the wide coverage that is originally not a part of your insurance plan. It greatly helps the customers make use of the offers that are not in their plans, without switching their insurance plans. But it must be keep in mind that for each add-on that you select, you have to pay extra (besides the original amount of your insurance plan). Thus, you must keep the add-ons that are necessary according to you. Otherwise, you will only end up increasing the premium amount for the bike insurance plan you are about to purchase.
Protecting your bike with the anti-theft devices
Anti-theft devices are use in the bike to safeguard it against getting stolen or damaged by any person. These devices can be easily install in your two-wheeler and protect it from such hazards. Their installation costs a little but can help you with many things about your bike insurance. Since the threat of it getting stolen or damage is reduce, the premium amount for the bike insurance also gets reduce. Thus, you can make use of these devices to reduce the bike insurance premium for your vehicle. It is an effective method of reducing your bike insurance premium and protecting your bike from getting stole. It is one of the best tips to reduce your bike insurance premium cost.
Timely renewal is important
It is important to renew your Acko two-wheeler insurance in time to lower the premium rates of your bike insurance. If you delay the renewal of your bike insurance, you might lose your chances of getting your premium reduce. Also, suppose you are losing the opportunity of renewing your Acko two-wheeler insurance on time. In that case, you can lose the credits and the benefits accumulated over the period. Also, a delay in the renewal of your bike insurance can be a drain on your pocket, which must be strictly avoide. Keep the expiration date in mind and then, do the renewal accordingly. Most of the insurance providers, remind you before the expiration of your Acko two wheeler insurance policy. There are also many external applications available in the market, that would come in handy in helping you track your bike insurance plan.
The most popular way to obtain higher discounts on your bike insurance premium is through the higher NCB – No claim bonus. The No claim bonuses are given to the policyholders if they have not raise any kind of claims throughout their policy. These bonuses are associate directly with the premium amount of your insurance policy. Thus, if you can manage things on your own and not raise a claim for petty issues, you can also use the No claim bonus towards the end of the policy. This is helpful if your vehicle does not face any kind of damage, or minute things are take care of by you alone. By prudently using your no-claim bonus, you can get up to a 50% reduction on your two-wheeler insurance premium cost. It is an excellent way to reduce your Acko two-wheeler insurance premium.
Choose a long-term insurance plan
By not selecting a short-term plan, you can go with a long-term bike insurance plan to avail of its innumerable benefits. Besides just saving you from getting your insurance policy renew over and over again after it has expired, you get to have a policy that doesn’t expire anytime soon. Moreover, you can get a better discount on the premium amount. Fixing the amount of premium throughout the policy can also save you from spending more money on the Acko two-wheeler insurance premium. The majority of the policyholders opt to get their two-wheeler insurance for the long term ranging from 2 to 5 years.
Now that you know the tips to reduce your bike insurance premium, another golden rule you have to be mindful of is making your purchase from a reliable policy provider like Acko two-wheeler insurance.