|Insurance Buying Tips #1: Shop smart|
|When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.|
|Insurance Buying Tips #2: Look for discounts|
|Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.|
|Insurance Buying Tips #3: Fill in the gaps|
|An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.|
Riding a motorcycle without a valid motorcycle insurance can get you in trouble with the concerned authorities. Also, it can be financially damaging in the case of road mishaps. Despite the fact that third-party motor insurance is a mandatory thing and is considered as critical as wearing helmets, a whopping 65% of bikers ride the motorbike without getting an insurance.
The earlier the bike owners realize the benefits of motorcycle insurance, the better it would be for them as the policy is of utmost importance in case they meet with an accident or if their vehicle gets damaged or stolen.
A motorcycle insurance policy protects your vehicle from events such as fire, explosion, robbery, earthquake, flood, etc. It also provides cover against Legal Liability to third party personal injury. Still, nearly half of the riders in India do not find it necessary to buy two wheeler insurance whereas those who have already invested in a policy don't find it necessary to renew it after it expires.
Let's take a look at some of the most effective ways to get cheap motorcycle insurance:
#1 Get A Coaching: You may get hefty discounts on your two wheeler insurance by completing a training course that is specifically intended to help you in becoming a competent rider. Motorcycle training courses are must for riders who have faced accidents in the past or who are novices in riding.
#2 Get A Clean Driving Record: A clean driving record means you must not be involved in any accident, issued tickets, or committed other forms of violations. The definition of clean driving record may differ widely according to the insurance company. Make sure that you know what's on your driving record and discuss with your provider whether you qualify or not for this prerequisite.
#3 Customize Your Coverage: Make sure that you buy the motorcycle insurance as per your preference. If you're an irregular rider you may get an insurance at a much cheaper price as compared to those who rides many miles to work every day. Make sure that your insurer knows about your riding habits so that you get to have the right coverage for you needs.
|Insurance Buying Tips #4: Purchase life insurance—you aren’t too young|
|Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.|
|Insurance Buying Tips #5: Talk to an independent agent|
|An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.|
|Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living|
|You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.|
#4 Tap Into Your Network: If you are by any chance associated with any motorcycle alliance or organization, you could even get a deduction of 10% or more over some motorcycle insurance plans.
#5 Inquire About Age-Related Discounts: Many insurance companies sell motorcycle insurance on lower rates for older and seasoned riders, particularly when those riders have a clear riding history. Some discounts are also available for young riders, the ones in their late 20s while others aren't eligible for any such discount until they reach the middle age.
#6 Adjust Your Deductibles: Deductible is typically the amount you pay from your pocket after an accident. The higher the deductibles the lower you'll have to pay on your motorcycle insurance policy. However, higher deductibles are considered only by those who have sufficient funds to pay immediately in an event of accident, theft or natural calamity.
#7 Purchase The Right Motorcycle: The cost of motorcycle insurance also depends upon the kind of bike you choose to purchase. For instance, sports bikes or the high-end bikes are regarded as being riskier and are being charged with significantly higher premiums. Unless your are fond of some specific bike, try buying the one that draws fewer premiums.
#8 Shop Around: Prior to buying any insurance policy, it is wise to shop around and see what types of insurances are offered by different companies. Surf the Internet for online quotes. However, when looking at cost difference make sure that you're checking only the related products.
#9 Check Your Credit Score: Bad credit does not just affect your ability to get a loan, it can also have an impact on your insurance premium value. If your credit score is low, raise it now and monitor your status on a regular basis. As your score rises, you may find your premiums going lower.
Opportunities to cut down on your two-wheeler insurance costs are all around you. Taking considerable time to research on money-saving options that are available will enable you to save more in the near future. HDFC ERGO is one company that offers some exciting insurance offers for all makes of motorcycles, some of which are among the very best that are currently prevalent in the industry.
|Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover|
|Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.|
|Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier|
|here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.|
|Insurance Buying Tips #9: Review your insurance needs on a yearly basis|
|As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.|