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Insurance Article

Read This before Purchasing a Bike in the Discount Season

November 26 2015
buy-it-only-if-you-need-it

But it only if you need it

 

Everybody is tempted by a discount on the marked sale price of an item, more so during the festive season. For a consumer, the sense of getting something at less than the usual 'market' rate is almost always irresistible.



Shrewd marketers

You are of course the best judge of your spending habits and 'returns'. But shrewd marketers can often gauge consumer behavior or predict likely reactions especially in the festive season when the 'pressure' on households to purchase can be enormous. It's hard to remain 'left out' for example, if your neighbors and relatives are on spending sprees on the back of 'discounts'.

When you think about purchasing an asset that commands a higher price (example a bike) it is suggested to make an informed choice and not one based on impulse. Go for it only if you need it because a bike is a depreciating asset with a low resale value.

Your first asset

Your two wheeler is going to be your companion for quite a while. Choose a bike that will not eat up a major chunk of your salary. Purchasing a bike that is way beyond your budget just because it is available on a discount is not a wise decision.

You must have a fixed budget range and also gauge the ongoing maintenance cost associated with your two wheeler before purchasing it. Also, figuring out whether its spare parts are economically priced and more importantly their availability in the future, is a must.

To EMI or not to EMI

Monthly installments are perceived as a good option while purchasing a high-end bike. Think it through though, ask yourself, am I going to be able to pay continuous monthly installments for this high-value bike?

Check the package

Bike sellers might bundle accessories and mandatory insurance, and package it in a way to make it look discounted. Check the package to verify if it is actually being sold at a discount and you do not pay for something that you do not want. Think if you really need the high-priced leather jacket that is packaged with the bike. Negotiate if opting out of a particular accessory can reduce the final price. Also, confirm the on-road price and the ex-showroom price.

Several bike showrooms club the mandatory Third Party Liability insurance in the bike's cost. You can opt out of it if you are not comfortable with the insurance company the showroom is suggesting. Alternatively, you can purchase the insurance policy online on your own. You can also opt for a comprehensive motor insurance policy and make sure to safeguard against financial losses arising out of theft, natural and man-made disasters, and accidents.

Purchasing two wheeler insurance online is a simple process that entails choosing the right policy, filling in details, making the payment and receiving the policy in your inbox. This discount season, do not get lured by the discounts, make an informed choice first and then capitalize on the discounts.


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