<p style="text-align: justify;">The Motor Vehicles Act of 1988 makes it mandatory for all two-wheeler owners to have at least third-party insurance for their own benefit. There are many advantages of <a href="https://newsforpublic.com/auto-insurance-reasons-buy/">having insurance cover</a>, but the most important one is that it helps you protect your finances if your vehicle gets involved in an unfortunate incident such as a road accident, natural calamity, human-made disaster, or theft. Insurance companies now let you <a href="https://www.reliancegeneral.co.in/Insurance/Motor-Insurance/Two-Wheeler-Insurance.aspx" target="_blank" rel="noopener">buy bike insurance online</a>, making it easy and convenient to get yourself a financial shield. However, you must be mindful of your finances when purchasing an insurance policy since its insurance premium is also an expense. Here are seven tips to help reduce your two-wheeler insurance premium without affecting the quality of the insurance plan:</p>
<h2 style="text-align: justify;">Only file necessary claims</h2>
<p style="text-align: justify;">It’s good to raise a claim only if your bike suffers significant damage or loss. Filing claims causes a rise in your insurance premium over time. Additionally, you also lose out on the No Claim Bonus (NCB), which insurers offer in the form of a discount on the insurance premium to customers who have a claim-free year. The NCB can increase up to 50% if you don’t file a claim. Paying for minor repairs from your pocket can help you save big bucks on your insurance premium. For instance, between repair expenses worth Rs 1,500 and an NCB of Rs 5,000, choosing the former is undoubtedly a better decision.</p>
<h2 style="text-align: justify;">Ensure timely insurance policy renewal</h2>
<p style="text-align: justify;">Timely <a href="https://www.reliancegeneral.co.in/Insurance/Motor-Insurance/Renewal-Online-Premium-Calculation.aspx" target="_blank" rel="noopener">two-wheeler insurance renewal</a> is necessary to continue having insurance coverage. If you don’t renew your insurance plan before the stipulated date, you get a grace period of 90 days, during which the NCB is still valid. However, failing to complete the renewal process during this 90-day window results in the insurance policy lapsing and a higher premium. You could also lose out on any special renewal benefits the insurer may offer.</p>
<h2 style="text-align: justify;">Compare different insurance plans</h2>
<p style="text-align: justify;">Policy comparison forms a part of your research. You can compare insurance plans online by checking out what kind of coverage and benefits various insurers offer and at what rate. Try to get quotes from three or more insurance providers to have a clear understanding of what is available in the market. You can then choose a bike insurance policy that provides the best coverage at an affordable premium.</p>
<h2 style="text-align: justify;">Buy appropriate add-on covers</h2>
<p style="text-align: justify;">Add-ons offer coverage a comprehensive bike insurance policy doesn’t and strengthen your financial protection. However, every add-on you buy comes at an additional premium, so you must be careful about which ones you get. The best way to avoid getting redundant coverage is to determine your needs and only opt for relevant add-ons.</p>
<h2 style="text-align: justify;">Install security-enhancing devices</h2>
<p style="text-align: justify;">Two-wheelers equipped with devices such as anti-theft alarms reduce the insurer liability as there is less risk of the vehicle getting stolen, helping you get a lower insurance premium. Ensure that the security devices you install on the bike are approved by the Automotive Research Association of India (ARAI).</p>
<h2 style="text-align: justify;">Maintain a good driving record</h2>
<p style="text-align: justify;">A clean driving record shows that you’re a responsible rider and avoid getting involved in accidents, reducing the risk of insurance providers. So, insurers offer discounts on insurance premiums to people with good driving records. Moreover, modern digital insurance companies also review consumers’ driving records to calculate the premium. In this manner, a clean driving record can help you save on insurance premiums.</p>
<h2 style="text-align: justify;">Bundle your insurance policies</h2>
<p style="text-align: justify;">Insurers offer discounted premiums to customers who buy different insurance policies from them. For instance, if you purchase your bike insurance plan from the same company providing your health insurance policy, you’re likely to get a discounted premium. This reward may be in the form of loyalty points, which you can use to get a discount on your premium.</p>
<p style="text-align: justify;">Apart from these, you can also cut down your bike insurance premium by buying a long-term bike insurance policy, managing your deductible well, and asking your insurer for discounts. Also, buying your insurance policy online can help reduce your expense as you don’t have to pay any commission to agents or brokers. It’s crucial to have an insurance policy that you can pay for without causing a dent in your finances. If you can also increase your savings while doing this, why not make the most of it?</p>

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