Traffic just seems to be increasing by the day. You might get stuck for hours on the highway, and we all know the frustrated look of drivers sitting in cars while driving through narrow lanes. In such situations, having a bike is an ideal option thanks to its ability to squeeze through tight spaces.
But whether you plan on buying a new bike or take the old one that is lying in the garage for what seems like forever, you need to think about its insurance. The Motor Vehicles Act of 1988 has made it mandatory for you to have two-wheeler insurance if you are to take your bike for a ride. Buying bike insurance even for an old bike could cost you quite a lot. But there are ways by which you can avoid paying a hefty fee for coverage.
Let us take a look at 4 useful tips to help you get a cheap two-wheeler insurance policy for an old bike:
- Install a security device on your bike
A security device adds an extra layer of extra security to your bike. This device has an alarm that goes off in case a thief tries to tamper/steal your bike. This device does not just alert passers-by but also sends you an alert message immediately on your smartphone. These security devices are cost-effective too. The best part about this is that installing a security device will also help in getting lower premiums! This is because insurers often offer discounts for bikes that already have certain additional security devices installed.
- Be careful while choosing add-ons
Bike add-ons can be quite beneficial. Some of the most common add-ons such as accessories cover, zero depreciation cover, medical cover, and engine protector help in cutting down your expenses by extending the coverage of your bike insurance policy. However, choosing all these add-ons would increase the premium costs of your policy. To cut down on the cost of your premiums, opt for only those add-ons which you really need and leave out the rest. For instance, if you drive your bike without a pillion rider, it makes sense to save money by leaving out the pillion rider add-on cover. This is an effective way to lower the premiums of your two-wheeler insurance policy.
- Opt for a higher voluntary deductible
Any bike insurance policy that you go for will have a mandatory deductible component. This refers to the amount that you have to pay out of your pocket when you make a claim. Even though this deductible is compulsorily set by the insurance company, you can opt for a higher voluntary deductible. This would help in reducing the cost of your two-wheeler insurance policy.
- Compare two-wheeler insurance policies online
Always remember, buying an insurance policy online is much cheaper than buying one offline. Plus, you can compare the bike insurance policies that different vendors are offering and choose one with suitable premiums.
We hope this article helps you in finding a two-wheeler insurance policy for a good price. All the best!