Smart Tips For Reducing The Cost Of Your Bike Insurance

The cost of bike insurance depends on a variety of variables, including your location, bike model, engine cubic capacity, kind of coverage, and more. However, paying a large premium is not necessary in order to receive the best insurance policy for your bike.

You can use the following pointers to lower your two wheeler insurance premium cost to make sure you receive more value for your money. 

1. Avoid minor insurance claims: You would always want your bike to be pristine and dent-free if you were an avid rider. Therefore, you could be tempted to submit a bike insurance claim even if your two-wheeler just has a minor scratch. However, as a result of this, you will miss out on the No Claim Bonus (NCB)*, which is the best chance to get reasonable two-wheeler insurance in the following year. 

*Standard T&C Apply.

2. Compare policies: Shopping for policies online is the most effective way to insure your bike at a reasonable price. You can compare numerous policies using a two wheeler insurance premium calculator. It not only enables you to purchase superior insurance features, but also helps you shop within your budget.

3. Choose a higher deductible: A deductible is a sum of money that you consent to spend out of your own pocket during the course of settling a claim. You might enjoy a lower bike insurance price by selecting a higher deductible. Therefore, it is advised not to choose a higher deductible amount than you can afford.

4. Set up anti-theft devices: Installing anti-theft devices is another simple way to lower the cost of your two-wheeler insurance. If you protect your vehicle with anti-theft devices authorised by the Automotive Research Association of India, the insurer might provide bike insurance at a reduced cost. 

5. Select long-term insurance: Prior to expiration, you need to renew your bike insurance annually. IRDAI introduced long-term insurance products for ease and security in the long run. As a result, you benefit not only from extended coverage but also from lower bike insurance prices. Visit the official website of IRDAI for further details.

6. Online insurance: What might be a better option for obtaining a reduced bike insurance premium than purchasing insurance online? When compared to offline prices, the online premium amounts are more affordable because there are no middlemen involved. 

7. Purchase insurance from a single provider: You may receive loyalty points if you choose insurance policies from a single insurance provider. There are many general insurance companies where you can get health, auto, travel, and other similar policies. You may wind up receiving a concession on your insurance coverage if you continue to use the same insurer.

8. Choose the right add-on covers: Add-on covers are supplementary elements that you can add to your policy to provide more coverage. Even though these add-ons must be purchased individually, their benefits are worth the extra money. For instance, zero depreciation two wheeler insurance coverage guarantees that your insurer won’t take the rate of depreciation of your bike into account when settling a claim.

9. Timely renewal: Your NCB reward is maintained if you renew your two-wheeler insurance policy on time. In the event that your policy expires, you will forfeit the NCB that has accumulated throughout the years. To prevent making last-minute payments, it is imperative to renew insurance for two wheeler before the due date.

To summarise

Offers and concessions for a reasonable bike insurance premium are enjoyed by all. It shouldn’t, however, be done at the price of your bike insurance. To prevent out-of-pocket costs, make sure you have adequate protection against unforeseen events. 

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.