Motorcycle Insurance: Secrets your Provider won't Tell You

Posted on: Mar 3, 2022 | | Written by:

Motorcycle Insurance: Secrets your Provider won't Tell You

Published on March 2, 2022. EST READ TIME: 3 minutes

Two-wheeler insurance plans come in a number of forms, and you may choose any coverage that meets your financial demands and expectations. However, keep in mind that there are various terms and clauses to all these plans that impact the premium cost. While paying a greater premium ensures that you receive the best services and benefits, you may still pay a smaller sum and still receive the same advantages. This is achievable in a variety of ways, but usually, two-wheeler insurance companies will not tell you about it. Today, we will assist you by discussing the secrets that bike insurance providers would not tell you about your ongoing comprehensive or third-party bike insurance coverage.

Things you should know about Motorcycle Insurance

1. Model of your Bike Affects your Premium Value

There are two sorts of motorbike models: old and modern, and they have a significant impact on the rate of your bike insurance coverage. Your insurance company may not inform you of this, but every brand and setup has a motor rating system. If a motorbike has more sophisticated equipment, latest safety devices, and complies with the most recent requirements, your insurance will charge a higher premium for it. As a result, before purchasing new coverage, feel free to enquire about the motor rating structure for your bike.

2. Frequent Claim Filing is a Bad Idea

If you file a claim for your bike repair every now and then, even if it’s small, you can reduce your insurance policy cost. You see, you get an annual discount for not making a claim on your comprehensive or third-party bike insurance coverage during the previous year. Just like in car insurance, you get a No Claim Bonus (NCB) for not making claims on your bike insurance during the previous policy period. But if you’re a regular bike rider and frequently visit shops to maintain or repair your bike, it might be better to file a claim every now and then instead of getting the NCB each year.

3. Certain Organization Membership Can Get You a Membership Discount

If you are looking for vehicle insurance in India, users should certainly consider joining a car group or an automotive organisation. These groups may be found in every state in India. They might be members of larger organisations. There are several advantages to joining these groups. One such advantage is that membership in a car club dramatically decreases the premium you pay for your comprehensive or third-party bike insurance premium. Your insurance company is unlikely to bring this up with you.

4. Configure Expensive Gadgets Only When Necessary

Getting a new bike is always an exciting time. The thrill of being the first person to get on your engine and take it for a test drive is not one that you can easily forget. But as soon as you install high-cost accessories like rear spoilers and alloy wheels, your insurance premium rises. In such circumstances, the insurance company evaluates your driving patterns and the cause for the change to your two-wheeler, and the combined maintenance and repair costs generally result in a higher insurance premium. However, there are some insurance policies where adding security features to your bike, like an anti-theft lock gear, provides you with an additional discount. This is a good practice to reduce the premium amount. As a result, it is strongly advised that you investigate your insurance company's policy terms before purchasing a plan for your motorcycle. This will help you avoid paying a huge amount as premiums in the future.

Conclusion

The aforesaid list of points and the tips mentioned here are aimed towards helping you reduce your premium and make sure your two-wheeler is secure at all times. But if you want to go a few steps further, you can always look into additional facilities like anti-theft devices and security covers, which will further protect your bike from theft, damage, and any other such financial losses.

Don’t take your bike’s safety lightly or consider it a minor matter. Protect yourself and your two-wheeler with a comprehensive or third-party bike insurance policy and act responsibly on the road to prevent an accident from happening in the first place.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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