When it comes to your next buy or renewal of online two wheeler insurance, you would love to get yourself some offers or discounts, right? The good thing about purchasing comprehensive or third party bike insurance is that you can get the best coverage at the lowest possible premium if you manage to research well. All that you need to go about the act in the most cost-effective of ways is to assess your coverage needs beforehand and figure out the add-ons that you cannot do without.
As per the Indian Motor Vehicle’s Act, 1988, it is mandatory to have a valid third party liability cover if you have a two wheeler insurance. Personal accident coverage and protection for damages or total loss of your bike or scooter is optional and can be availed under the comprehensive insurance plans along with third-party coverage – choose accordingly.
Methods to Buy Premiums in Online Bike Insurance
You may like to check out the premium amount that suits your coverage needs by taking the help of a premium calculator. It is advisable to check out the various essential and non-essential add-ons that can escalate the premium figures before purchasing the plan of your choice. While third-party liability premium will give you coverage for injuries and damages inflicted to third parties, a full comprehensive bike insurance plan will help you get financial protection for damages to your bike and injuries borne by you as well.
How would you like to avail the best possible bike insurance premium discounts that will make you smile from ear to ear? As it is difficult to dispense with bike insurance altogether, getting sound discounts can serve as a silver lining for your purchase or renewal of premium.
Discounts on Premiums in Online Two Wheeler Insurance
Here are some easy ways of getting discounts to reduce the premium of your two-wheeler bike insurance policy.
1. Buy online
Online marketplaces are fast becoming a rage in contemporary times because of the ease and convenience of purchase offered by them. The world of online two wheeler insurance plans is no different. By buying bike insurance online, you can look forward to getting almost double the savings on your premiums than what you would expect otherwise.
This is possible as you can compare numerous available plans to zero in on the one that suits your coverage and financial needs to the hilt. There are many insurance companies that offer discount premiums in case you choose to invest in their plans online.
2. Long-term policy
Courtesy IRDAI’s amendments in context to two-wheeler insurance plans, it is possible to buy coverage for tenures longer than one year. These days, insurance policies for two wheelers are available for 2-3 years as well.
In case you decide to buy one such policy, you may expect to get lucrative discounts from the insurance companies in the reckoning. Most providers of bike insurance in India would offer 10% to 15% discount on premium for policies having a tenure of 2 or 3 years.
3. Claim NCB discounts
No Claim Bonus or NCB is the discount available on the premium amount if you do not make any claim in a given year. This discounted amount will be deducted from the subsequent year’s premium. It increases with each successive claim-free period of coverage and may go up to 50 percent off after 5 claim-free years.
In case you are renewing your premium on insurance aggregator and comparison portals like Coverfox.com, it would make sense to assess your accumulated discount amount and rate for the purposes of reducing your next premium amount.
It’s recommended that you compare different online two wheeler insurance plans on reliable sites like Coverfox.com before taking your next step. Once you have researched upon all available bike insurance policies available on the portal, you may want to apply for the one that meets your third-party liability and other coverage needs adequately.
Fill in the requisite details after you are sure of buying the policy that best adheres to your needs. Pay online through safe payment gateways to get your vehicle insured at the lowest possible premium, and maybe at a good discount!