When purchasing bike insurance, you are sure to research the options that are best for you and your bike. Everyone loves saving money and making sure they get the best deal. A good deal would mean good coverage, excellent IDV, lower deductible and reasonable premium. Sometimes the policy you want, plus add-ons, may be out of your budget. In times like these, what do you do to make sure you get the right insurance policy and pay less?
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Why is bicycle insurance essential?
To understand why you have to be on the lookout for good deals, you have to know why you can’t avoid taking out bicycle insurance. Under the Motor Vehicles Act 1988, all vehicles must have at least third party liability insurance. This insurance covers the insured against any financial liability towards third parties in the event of an accident. Damage or loss caused by the accident is covered by liability insurance. Whether you opt for liability insurance or comprehensive insurance, there is no escaping this particular expense.
Smart Ways to Get Discounts When Buying a Bike Insurance Policy
As buying bike insurance is a must, the best way to ensure you get a good deal is to look for discounts and places where you can save money. Here are some ways to get discounts.
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- Manage policy duration – When you invest in a policy, you can anticipate and see what the requirement would look like after 3 years. If you think this is going to stay constant, you might consider getting bike insurance for a longer term. If you buy for more than one year, you are sure to get a discount on the premium. However, it is advisable to remember that you cannot change your policy in the middle of your term. This long-term commitment should also be made after considering the use of the bicycle in the years to come.
- Buy insurance online – When you choose to buy online bike insurance, you are sure to get a better deal than the offline options because you end up saving a lot of costs. The cost of paperwork, agents, offices, is reduced and you automatically get a better deal. If you choose to buy bike insurance online, you can also compare policies and decide which is best for you. Filing a claim, processing reimbursement, purchasing the policy, renewing the policy and supporting the insurance company are easier processes for you.
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- File a complaint only when necessary – All insurers offer the benefit of the no-claims bonus with every policy. If you do not file a claim for a policy term, you are entitled to a certain percentage of the sum insured to be carried over to the following year. The sum insured increases, and you do not have to pay any additional amount. This is only possible if you do not make a claim for the entire mandate. For example, if the repair costs you INR 2000 and the NCB is INR 7000, it is wise to pay for the damage yourself and keep the NCB intact. Also, if you file claims frequently, your premium will be higher for the following year because you will be considered a risk.
- Install anti-theft devices – When you increase the safety equipment, your bounties automatically decrease. For this, always buy your cycling equipment from an authorized dealer. If you install additional safety equipment, you are sure to get a better deal on your premium because you are at less risk.
- Ask about discounts – One of the best ways to get the most out of your offer is to find out about discounts. Bike insurance premiums also depend on your age. If you are between the ages of 32 and 60, you are considered a responsible and healthy cyclist. Insurance companies award a lot of money to responsible drivers. Insurance companies may offer special discounts on special days to a particular group of people during the year.
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There are many other ways to save on premium. Smaller amounts can lead to a big total over time. If you want to see how each factor affects your premium and want to calculate the premium while rearranging the factors, you can use the bike insurance calculator. This will give you a fair idea of what to expect in terms of premium. You can also use the calculator to determine how add-ons, policy length and other factors affect your premium and what you need to do to get the best deal.
Other than that, you can save on insurance premiums by avoiding modifications, reassessing the need for additions, maintaining a good driving record, not engaging in illegal practices, etc. You can also purchase multiple insurance policies from the same company and look for bundled discounts. You also need to manage your deductibles and voluntary deductibles. Another way to ensure you get a decent deal when buying a bike insurance policy is to maintain a good credit rating.
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