Do you have an old bike lying around in your garage? If yes, it is high time you crank it up and take it out for a ride. You could buy a bike, either be out of sheer passion or to retaliate against the ever-growing traffic menace. But given the current scheme of things and circumstances, a two-wheeler is a feasible option. But wait, do not jump off your sofa or bed immediately. There is something else that you need to take care of.
Irrespective of whether you are riding a new bike or an old bike, you need to have two wheeler insurance for the same. This is not dictated by any insurance companies, but the Motor Vehicles Act of 1988 instead. As per the act, all bikes must have valid two wheeler insurance on them at all times, if they are to be driven on public roads.
If your bike is old, the most obvious question would be, is it even worth buying insurance for the same? The simple answer would be yes. Of course, regulatory compliance is one of the reasons. But there are a lot of other risks that remain constant for both new and old bikes. For example, the outcome of an accident wouldn’t change depending upon the age of your bike.
While you cannot skip buying bike insurance, there are a few tips and tricks that you can use to cut down on the cost of the bike insurance. Here are a few:
- Buy online: This is one of the easiest ways to reduce the premium of a bike insurance policy. Buying bike insurance online is cheaper than buying it offline any day of the week. When you go online, insurers do not have to pay intermediaries for selling policies. Thus, you get to keep those benefits.
- Add-Ons: Choose add-ons for your bike only if you need them. Going through the list of add-ons and doing a quick feasibility search would help you save money on add-ons. Opt for them, if you feel there is a genuine need for the same.
- Riding Association: There are a few riding, touring or automotive associations in the country. Should you enroll and become a member of any of these associations, you may receive a discount. It might not be a huge discount, but a discount to start off with for sure.
- Security Device: Another smart way to reduce the premium of your two wheeler insurance is to install a security device on the same. When you install a security device, you not only increase the security of the bike, making it less prone to theft or burglary but also get a shot at lower premiums. Insurers offer discounts for bikes that have additional security devices installed on them. It might be a win-win situation for your old bike as well.
- Bundle Up: If you already have other policies from an insurer, such as home insurance or a car insurance policy, check if you can bundle your bike insurance policy as well. Your insurer is more likely to offer a small discount on opting to buy the policy from them.
- Compare: Buying bike insurance online offers another trick in the form of comparison. You can compare policies from different vendors and eventually pick one that fits your requirements. A policy with a good balance between features and premium is what you should be looking at.
Keeping the above points in mind will surely help you reduce the premium on your old bike. Do not skip buying a policy in a bid to save a few hundred rupees, as the after-effects can be quite disastrous. If you feel you might not ride the bike a lot, at least buy a third-party liability policy.