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How to Save Money On Bike Insurance Plans?

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Purchasing your dream bike is definitely a moment of pride. But with ownership comes responsibility, the responsibility to drive safely, and to get your bike insured. Most riders do not think this is important. But you should admit bike accidents and other road mishaps are uncertain. The consequences of accidents can be devastating. It is crucial to safeguard your rides with the best bike insurance plan. A bike insurance plan can safeguard you against the perils of such eventualities. It also reduces the emotional and financial stress you may experience otherwise. However, the IRDAI has made it obligatory to buy a third-party liability insurance plan for every bike that runs on the roads of India.

How to Save Money On Bike Insurance Plans

Purchasing adequate bike insurance is no longer a tedious task. You do not have to spend hours and hours to get in contact with the insurance brokers and get the documents ready. The only requirement to purchase an insurance plan is your priority of ensuring safety and being a responsible bike owner. You can now buy bike insurance online in less than 15 minutes. The process does not require a lot of documents too. It is simple and convenient.

The other concern related to bike insurance is the premium amount. Do not worry, you can purchase an affordable insurance plan without the interference of any bike insurance agent. Depending upon your budget and requirements you can select a plan. Also, when you buy bike insurance online you can save a lot of money.

Here are a few more tips on how you can save your money while purchasing a bike insurance plan.

Say No to smaller claims:

Do not register a claim for small wear and tear of your vehicle. The cost of repair for dents, broken clutches, etc are affordable hence do not waste a claim on such damages. This will help you in saving the No claim bonus which can be used to avail discount later. This can save you more money.

Compare:

This is a prime step you should follow before you buy bike insurance online. Comparing bike insurance plans from different insurance providers online can help you in buying a plan that offers adequate benefits at an affordable premium rate.

Increasing voluntary excess:

One way to minimize the premium amount of your insurance plan is to increase your share of the claim. Voluntary excess means the amount you should pay to the insurance provider at the time or during claim settlement. When you increase the amount you will be paying, the premium amount gets reduced subsequently.

Understanding the additional covers:

Some of the additional covers are already included in the policy by the insurer. These additional covers increase the rate of premium. When you buy bike insurance online or offline you should read the wordings of the policy document carefully. Some of the additional covers may be unnecessary. You can exclude these unnecessary covers from the policy and save money.

Renew before the deadline:

Remember the most important responsibility after purchasing the insurance plan is to keep it updated. An inactive insurance plan can land you in trouble. If an authority catches you with an invalid insurance plan, he may levy a huge penalty or even put you behind the bars. Renewing the plan in time is very crucial. There are other benefits if you renew the policy before the deadline. One, you can save all your NCBs, two, you will save yourself from penalties, three, you do not have to pay extra money while renewing the policy. Hence, make it a point to renew your policies on time.

Whenever you wish to purchase an insurance plan for your vehicle, consider the above points before making any payment. Note that, it is obligatory to stay insured not over-insured. Do not waste your money on purchasing a plan with a high premium rate and minimal benefits. Always try to look for a plan that offers benefits according to your requirements and at an affordable premium amount. Save money on premiums and avail discounts as much as possible. This way you can enjoy the benefits of insurance plans and also evade unnecessary hassle. Ride safely and securely!

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Shirley is a passionate blogger. She writes about her life experiences in the form of words. She had done masters in technology & working with a leading technology organization as an analyst. Moreover, if you want to follow her, then subscribe to the feeds.

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