5 Tips to Get the Best Deal on TVS Bike Insurance
Updated On June 29, 2023 | by Alan Biles
Riding a bike is a fun activity to do. But there are a lot of responsibilities and formalities associated with owning it. Well, there are many bike brands present in the market and one of those reputed brands is TVS. If you own a TVS bike, you must be needing an insurance policy that suits your budget and needs. To determine and understand the factors of a suitable converge plan, read and follow this article till the end.
TVS is a popular Indian bike brand which is gradually grown over decades and has also made its debut in the international market. It is well-reputed for its affordability, performance, and reliability. There are various options from their portfolio that fit into every budget and riding category. From the entry-level TVS Radeon to the powerful Apache RTR 200 4V, there is something for everyone.
With such a broad selection available, it’s no surprise that TVS vehicles are a vogue across the length and breadth of the country. If you are a proud owner or are planning to be one soon, it is imperative that you also invest in the right insurance cover. Having a 2-wheeler covered in India is not just mandated by the government but can be a savior in case of any unforeseen accident on the road.
When searching for an ideal option, one of the most important aspects for most seekers is the premium that is to be paid in exchange for the coverage. While there is no denying that it should fit into your budget, you must also realize that the price shouldn’t be the only criterion when it comes to choosing the best one for your vehicle. You need to evaluate the different options that are available and then take a call about which kind suits your 2-wheeler and your pocket the most.
Let us first take a look at the types of TVS policies that you can opt for.
Types of TVS Bike Insurance
Comprehensive Bike Insurance Plan
As the name suggests it allows comprehensive coverage. It gives you a combination of third-party liability coverage as well as coverage for your own damage. Another advantage of the comprehensive policy is that you can opt for any of the following:
Single-year comprehensive insurance – Here you buy the offer for 1 year, and get the same renewed on an annual basis.
Multi-year package insurance – In a multi-year offer you have the option of choosing the third-party liability for a period of 5 years, and the own damage can be renewed annually.
Known to offer all-round protection a comprehensive policy includes damages due to:
- Third-party liabilities
- Accidents/ collisions
- Natural calamities
- Man-made calamities
- Personal accident cover.
Third-party Liability Bike Insurance Plan
Standalone Own-damage Bike Insurance Plan
How to Get the Best Deal on 2-wheeler Insurance?
When you adopt a systematic approach to finding the right one and the right company, it becomes easier and also simpler in getting the best deal on your choice.
Step 1: Compare the Available Policies
When you buy 2-wheeler insurance online, comparing different policies becomes easy. In one go you can see the coverage as well as the premium. This would help you in buying the right plan for your beloved vehicle.
Step 2: Calculate the Plan’s Features and Benefits
You need to understand how different types of policies offer different coverage. Analyze the scope of each and see which one is most in line with your needs.
Step 3: Know Your Insurer
Choosing the right company can make all the difference in getting the best available deal. Make sure you choose a company that has maintained a good Motor Incurred Claim Ratio. Also, a company that has a bigger network garage would be helpful in quicker repairs. It is also prudent to pick an insurer that enjoys a good market repute.
Step 4: Read Policy Documents Carefully
While most of us shy away from the long literature that comes along with the plan, it can turn out to be a costly mistake in the long run. It is crucial to understand the inclusions and exclusions that your TVS bike insurance comes with. Make sure you go through the document, and reach out to your insurer in case there are any terms or conditions that you do not completely understand.
Step 5: Check for Suitable Add-ons
one of the biggest plus points of a comprehensive 2-wheeler plan is that you get a variety of add-on options to make your plan more suitable for your choice. You can choose among the various options that suit you the best and those terms that you desire the most.
Step 6: Make the Payment
There are chances that at the payment gateway, you may be able to get some good deals and discounts. Depending on the payment mode you choose, you may get some rewards/cashback. You can also use any acquired NCB to get up to a 50% discount on the premium.
Keys to Saving on Bike Insurance Premium
Apart from the steps mentioned above, keep the following tips in mind when renewing your TVS policy.
Choose the Right Policy
with all those information, you must be aware of all the necessary details. You can use those details in identifying your needs and coming to a conclusion about what plan to choose.
Bundling of Insurance Plans
When you buy coverage for a longer tenure, your insurer may offer you more discounts. If your pocket allows you, you can opt for multi-year policies.
Drive Carefully and Build Your No Claim Bonus
Driving carefully would put you in better standing and you would also build up a strong No Claim Bonus. Not claiming consecutively can help you get up to a 50% discount on the upcoming premium.
If you are a cautious driver, you can opt for a higher deductible and thus reduce the premium. A deductible is a share in the claim that you as a policyholder pay from your pocket.
Avoid Small Claims
Making small claims often can project you as a careless driver. Apart from this, you can also lose your NCB, and thus end up paying a higher premium.
Do Not Delay Policy Renewal
Your insurer would give you a 30-day grace period to renew it once it expires, however, it is best suggested that you renew it before the expiry date. A delay can not only put you in legal trouble but also terminate your NCB.
Installing safety devices can not only save your 21-wheeler from theft but also get you good discounts. Getting authorized devices on it reduces the element of risk.
Join a Motor Riding Organization
If your insurer allows, you can also get a discount if you are a member of a registered automobile association.
TVS motors have made their legacy in the market. Not just in India, they are a major company for bikes in many African and Central American nations as well along with the middle east. If you are also a proud TVS owner, get yourself a reliable TVS bike insurance plan made just for you.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.