Tips to Negotiate When Purchasing a New Bike

Are you planning to buy a new bike and looking for ways to negotiate its price? Negotiation is an art in which the buyer and a seller agree on a similar price. To help you with this, we have enlisted a few tips to negotiate to get the best price. In addition, we have given tips to avail of the best bike insurance policy for a new bike.

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How to Negotiate When Purchasing a New Bike

If you know how to negotiate, the agreed price will be in the favour of all. Here are a few tips you must follow to get the best deal while purchasing a new bike-

  1. Know Your Budget

    Before commencing the negotiation process, you need to start with pre-negotiating steps to avail the best price. The first thing is to know your budget. You must know how much amount you can spend on buying a bike.

    You must also think about the additional amount associated with the purchase, such as GST, registration fees, online bike insurance price, etc. Also, check the amount you will spend on its yearly maintenance and repairs.

  2. Research Well and Shortlist the Bikes

    You have several options falling into your budget bracket. All you need to do is research well and choose bikes of similar features & characteristics from different brands. At last, narrow down your list and select the best three from it, along with their dealers in your locality.

  3. Mailing or Calling the Dealers

    As of now, you have figured out the best three bike dealership out of the list. The next thing to do is start calling or mailing the dealer for the price quotes of the desired model. Never jump to make a hasty decision, instead, know what all the dealers are offering to you and then compare them wisely.

  4. Negotiation

    After receiving all the price quotes from different dealers, you can decide whom you are going with, and from here, the actual negotiation begins. Expert says the more you are prepared, the more successful will be the negotiation.

    We recommend you to compare offers in real-time, it will give you an idea of how to bring down the prices. Also, you must look for the same model in a different state, maybe you will get a better deal there. But be sure with the shipping and transportation charges, or else you can drive on your own.

    Try to convince the dealer while quoting the exact amount you have decided. One should never let their emotions interfere in the negotiation. So, feelings involved in the deal should be on a subconscious level or at its minimal.

    Always remember that your offer should not fall too below the motorcycle's value. You can use any combination of strategies to bring down the price. For example, you can ask for complimentary services with the bike for a year or can ask for additional gears, upgrades, or other features with the bike.

    You can also look for a festive season sale to get a bumper discount on the MRP. So, it is good to wait for any upcoming sale listed by the dealer on their website or any other digital platform.

    Instead of paying with a card, you can make an entire cash payment. Many dealers negotiate the price and offer a better deal if you pay the amount in cash. So, it is better to ask them about this before making a payment.

    In case the bike you have selected is in high demand, it’s better to not rush over to make an early booking, sometimes you get a better deal once the demand falls.

    Now you are updated with all the tips and tricks to negotiate the price. The last step would be to close the deal. Also, consider the last price offered by your dealer. However, it is crucial to be rigid and remain firm with your decision.

Some DO's and DONT's While Buying a New Bike

Here are a few pointers that you should keep in mind while negotiating the price of the new bike-

DO's DONT's
Every bike models are different, and their pricing will vary. So, never expect the same price negotiation in two different vehicle models. Do not be too picky. Instead, make up your mind first and then run for the negotiation process.
Do your research well before shortlisting the bikes and the dealers. Do not get influenced by your first visit to the first showroom. Look for all the other options too.
Always choose low-cost EMI or zero-cost EMI from the registered bank or financial institution for availing two-wheeler loan. Do not offer your dealer a vague counter price. Your dealer is there to make money, so they might not entertain you further.

Tips to Choose the Best Bike Insurance Policy for Your New Bike

Bikes are considered the best and the most convenient mode of transport in India. However, they are exposed to a high risk of fatal injuries. Therefore, it is your responsibility to protect yourself and your bike from severe damage by purchasing the right bike insurance coverage from the insurer. Below we have enlisted a few tips to get the best bike insurance policy for a new bike-

  1. Know your model and the type of coverage you need.
  2. The cubic capacity of your bike will decide the premium amount. So, be informed while purchasing the bike.
  3. Look for any add-on cover that you might require with your comprehensive bike insurance policy.
  4. Know the history of the insurer before buying the policy. Choosing a reputed insurance provider will assist you in getting the right bike insurance coverage and a smooth claim settlement process.
  5. Compare the bike insurance policy online instead of purchasing offline. You will get an idea about a particular policy from different insurers. Also, you can read their customer reviews online.

Conclusion

Buying a new bike can be easy for you if consider the above-mentioned negotiating tips. Make sure to review your requirement first and then visit your local dealer. Along with it, buy a bike insurance policy with the right coverage to satisfy all your needs at once. However, if you want to compare bike insurance plans online, simply visit Policybazaar.com to get quotes from top insurers and find the right deal.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis