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How to Save On Your Bike Insurance Premium
[Posted by: InsuringIndia Blog on 07-Apr-2016]
Most owners of two wheelers are not aware of the fact that they can insure their scooter or motorbike for a duration which is longer than one year. Usually, the burden of renewing or opting for a new insurance company falls on the shoulders of the policy holder if he has taken a year-long insurance. This not only entails documentation and mandatory paperwork but it can also be a bit of a headache. 
 
But if an insurance is bought for a period of three years then not only you are saved a lot of paperwork but things work in your favour in a big way. Let’s explore how.
 
 
Third party insurance or ‘Liability One’ policy: This type of policy usually provides acomprehensive cover in case of an injury or death of a third party --person and property. Here if your vehicle undergoes any damage, this policy wont compensate the damages but will grant the benefit of personal accident cover to you.
 
Comprehensive Plan or Package Policy: Unlike the above policy, this cover extends tothird party liabilities and protects your two wheeler and can provide add on covers too.
 
 
You get a more comprehensive coverage for your two wheeler specially in case of an unforeseen mishap like death during an accident, a theft or third party damages caused by your vehicle. 
In case you’re not happy with your current insurance provider you have the option of shifting to another insurance provider of your choice.
You can also consider taking up additional sops like an anti-theft alarm being installed in your vehicle. It can guarantee you peace of mind, for sure.
Paperwork and documentation is more efficient and faster.
Like car owners, you can also file and avail for a ‘No Claim Bonus’ in case you’ve made no claims against your vehicle. This also means you insurance company may adjust this amount against your premium making it a win-win situation for you.
You can opt for a personal accident cover which can be extended to your family.
Depending on the type of policy that you opt for, you can also file for a cashless claim.
This type of cover will also protect you against any out of pocket expenses that arise. Now let your insurance company deal with them.
The good news is that now insurance companies will not be able to revise the rates during the tenure of the policy. They will also not be able to cancel the policy in any circumstances except in case of total loss. 
 
It is advisable that this policy is bought via an online aggregator instead of an insurance agent. This is because online platform gives you a plethora of choices from varied insurance companies. It also allows you to compare, the advantages, premium rates, weigh the negatives and disadvantages and review sops. Thus all these factors help you in making a more informed choice which is best suited to your needs.


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*This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for an individual health policy with the sum insured of Rs. 5 lakhs.
**This is based on the difference between the highest and lowest premium's for a single person, age 25, looking for a term plan, with the sum insured of Rs. 30 lakhs, and the premium paying term of 30 years.
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