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10 Money Saving Tips for Buying Bike Insurance This Diwali

Use these tips to save money on your bike insurance policy

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Car, insurance, Bike Insurance
It is you that has to explore different types of auto insurance companies. Pixabay

Diwali is around the corner and many of you must be planning to make big purchases this time of the year. Whether it is a home, electronic appliances or a vehicle, making new purchases is considered auspicious during the festive months. Two-wheelers are a very popular choice among many of us. Some of us replace our old bikes for new while some buy the very first bike.

With a bike, you also buy an insurance policy because two-wheeler insurance plans are mandatory in India. However, buying two-wheeler insurance requires additional investments on policy premiums. When it is the festive season, saving money is important because there are various expenses to take care of.

If the added expense of a two-wheeler cover is worrying you, relax. Your bike insurance policy need not be expensive. Here are some tips:

10 Tips To Save Money On Bike Insurance Premium

  1. Be careful when choosing the type of policy you need: Bike insurance policies can be of two types – third-party bike insurance or comprehensive policy.  Third-party bike insurance plans have limited coverage and are cheap. If you use your bike sparingly or if your bike is very old, you can buy only a third-party policy and pay minimal premiums.
Set up an emergency fund
If the added expense of a two-wheeler cover is worrying you, relax. Your bike insurance policy need not be expensive. pixabay
  1. Select the IDV carefully: If you are buying a comprehensive policy, the Insured Declared Value (IDV) would impact the premium calculation. You are given a minimum and maximum IDV value and you can select any value in that range. Don’t go for a very high IDV as it would shoot up the premium unnecessarily. Always choose the IDV keeping in mind the value of your bike and the age-related depreciation.
  2. Install safety devices in your bike: Installing safety devices in your bike reduces the chances of claims. For instance, anti-theft devices help in reducing the possibility of theft and ABS systems help in reducing the possibility of accidents. When you install safety devices, the company’s claim probability also reduces and the company allows you a premium discount.
  3. Become a member of an automobile association this Diwali: There are recognized automobile associations whose memberships earn you a premium discount. So, become a member of such associations and you can reduce the cost by up to 10%.
  4. Use your policy’s NCB: If you are renewing an existing bike insurance policy and have not made a claim in the previous year or years, you stand entitled to a No Claim Bonus (NCB). This NCB earns you a premium discount which ranges from 20% to 50% depending on the number of successive years in which no claim was made. So, use this discount to save on the premium outgo.
  5. Don’t make smaller claims: Whenever a claim is made you lose the accumulated NCB of your policy. So, if the claim is of a smaller amount don’t raise it with the insurance company. Pay off smaller claims from your pockets and save the NCB.
Use these tips to save money on your bike insurance policy.
Use these tips to save money on your bike insurance policy. Pixabay.
  1. Choose a voluntary deductible: Your bike insurance policy already has a compulsory deductible which is the amount that you have to pay in case of every claim. The insurance company then pays the rest. You can also choose the voluntary deductible and choose to pay an additional amount of claim yourself voluntarily. When you do so, the company’s claim liability reduces and so the company allows you a premium discount.
  2. Choose add-ons which are required: Comprehensive bike insurance plans allow add-ons which help in increasing the coverage of the plan. However, add-ons incur additional premiums too. So, you should always be careful when choosing add-ons. You should choose only those add-ons which you require to reduce the unnecessary increase in premium.
  3. Always renew bike insurance on time: If you renew bike insurance on time, you not only get continued coverage, but the renewal premiums are also low. If the policy has expired and then you go for renewal, the company charges a higher premium. So, always renew your policy in time to save on the premium cost.
  4. Buy two-wheeler insurance online this Diwali: The online marketplace allows you to compare and buy two-wheeler insurance online. When you compare you can find a plan which combines the best coverage features at the lowest premium rates. So, always compare and buy two-wheeler insurance online.

Use these tips to save money on your bike insurance policy. The money you save can be used for other expenses which, as we all know, are plenty during the festive season.

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5 Bikes That Make Daily Communte A Joyride

Here are 5 bikes that will make your daily ride even more better

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Bikes for travelling
Make your daily travelling better with these bikes.

Certain lifestyles demand transportation in and out of town daily, and a commuter bike is the best bet for that. The primary concern about these bikes is that they should be perfect for navigating the daily grind. Though for an enthusiastic, these usual bikes are not just for daily commutes, they fill the bucket by also being a weekend bike or touring bike.

With upright ergons, excellent fuel efficiency, high mileage and stunning visual appeal, daily commute bikes are something worth getting out of bed for. Here is the list of some of the best bikes for your daily commute at a price that won’t break your bank accounts:

Hero Super Splendor

Hero bikes
Hero Super Splendor is known for its durability and reliability.

Here Super Splendor is known for its durability, reliability, and fuel efficiency. It gives a mileage of 65 to 81 km/litre and has a 125cc engine, which retails for INR 61,186. Along with this, it has i3c technology and IBS system for added security. The wide and firm seats reflect the stature of the rider. Available in several guises, the Hero Super Splendor has got a bike model for everyone’s taste. Splendor’s lightweight, easy control and the prudent engine makes it a persuasive suggestion for a rider looking for a durable, fuel-efficient, no-nonsense motorcycle.

Bajaj Discover 125

Bajaj bikes
Bajaj Discover 125 is a 124.55 bike.

Bajaj Discover 125 is powered by 124.5cc and a single-cylinder engine which produces 11 bhp of maximum power and 11 Nm of peak torque. This comfortable bike is available in 4 colors – red, blue, black and black with grey. You might have noticed the huge traffic that abides on roads during office hours which sometimes leads to unlikely mishaps. Because of the same reason this bike has lately been updated with Combined Braking System (CBS), which makes it one of the best choices for your daily commute to work.

Honda Dream Yuga

Honda Bikes
Honda Dream Yoga is conventional.

Like the other bikes of the ‘Dream Series’, the styling of Honda Dream Yoga is conventional and very basic in its styling. Currently, it is available in two variants – with and without CBS (Combined Braking System). The engine is 109.19cc air-cooled, 4-stroke, single-cylinder HET engine that is tuned to produce 8.31bhp of power and 9.09 Nm of torque. In terms of color options, Honda Dream Yuga is available in five colors – Vibrant Blue, All Black, Sports Red, Majestic Grey, and Sports Black.

TVS Star City Plus

TVS bikes
TVS Star city plus is sleek and smooth.

TVS Star City Plus is made out to be a bit sleeker and smoother than the other TVS bikes. It has an enhanced wing mirrors and low-profile rolling resistance tyres for better commuting. It is an everyday motorcycle that focuses on high-end performance and fuel efficiency with a revised ‘Eco thrust’ 110 cc DLI engine. The powerful motor produces 8.3 BHP and has a crest torque of 8.7 Nm. So, if you want a stress-free ride that caters to your needs of daily commute, then this can be the right pick for you.

Bajaj CT100

Bikes by Bajaj
Bajaj CT100 has a long seat.

Bajaj CT100 has an extra-long seat that keeps things comfortable for both the rider and pillion. Concerning power, the Bajaj CT100 uses a 102-cc single-cylinder and a 4-stroke engine which is modified to deliver 7.6 bhp of power and 8.24 Nm of highest torque. This commuter bike is available in three vibrant colors, black with silver and red decals, black with silver and blue decals and a vivacious red.

Also Read- Apple Expects to Ship Over 100 mn Units for iPhone 12 in 2020

Planning to Bring Your Daily Commute Home? Don’t Forget to Buy Bike Insurance

One common mistake done by people who are planning to buy a new bike is that they miss out on one crucial aspect – bike insurance. While you look at the significant factors like fuel efficiency, engine power, mileage, it is equally important to buy bike insurance policy to get coverage against losses that you might have to incur in case of an unlikely event. Be at the safe side and buy bike insurance from a prominent insurer like TATA AIG. They offer several add-ons like third party property damage cover to increase the third-party liability coverage, along with the other essential insurance coverage.