Considering the high number of vehicles and rampant violations of traffic regulations, two-wheeler insurance policies are crucial for every bike owner. However, one needs to choose a suitable policy and policy provider based on the budget and requirements. The more coverage one seeks, the higher will be the premium amount. Unfortunately, several bike owners cannot afford to pay a higher premium.

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So, they opt for a cheap insurance policy. It is not a wise choice to buy policies with cheaper premiums. This article will help to get suitable coverage while saving money on premiums.

Best Ways To Save Money On Bike Insurance Premiums

Before opting for a suitable two-wheeler insurance policy, bike owners should consider the factors affecting the insurance rates. Here are the best tips one can follow to save on insurance premiums:

1. Avoid smaller claims

Policyholders should refrain from claiming insurance against minor scratches and dents. It will help ensure their eligibility for a No Claim Bonus (NCB). Insurance companies offer NCB when a policyholder maintains a claim-free year within the policy term. 

Besides, some insurers provide up to a 50% No Claim Bonus against the insured sum. So, policyholders can save a great deal if they do not make any insurance claim till the renewal period.

2. Go for a higher deductible

Insurance companies do not bear the entire cost during claim settlement. So, they charge deductible from policyholders. Upon choosing a higher deductible, policyholders can avail lower bike insurance premium. 

However, before choosing a higher deductible amount, one must ensure he is capable of paying the sum. This is because it will increase their out-of-pocket expense while claiming settlement. So, an early assessment can help decide the right deductible amount.

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3. Purchase bike insurance online

Purchasing insurance policies online can be a great way of saving on bike insurance premiums. Policyholders can choose a suitable insurer at their convenience and need not rely on intermediaries. Besides, the online process is hassle-free and does not involve additional costs like broker’s commission. 

Online insurance companies offer several policies with add-on covers to maximise bike owners’ benefits. So, opting for an online insurance policy is affordable and convenient at the same time.

4. Install anti-theft devices

Anti-theft devices, if approved by the Automotive Research Association of India (ARAI), anti-theft devices can help reduce insurance premiums upon installation. It is because such security enhancement devices lower the risk of theft. Resultantly, it reduces the insurance company’s liabilities towards the insured vehicle. So, they offer lower bike insurance premiums to insurance holders. 

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5. Compare different insurance policies

Another effective way of availing lower premiums on bike insurance policies is by comparing the insurance policies of multiple insurers. Insurance companies offer various options for bike insurance policies. One can choose a convenient policy as per requirement and budget. Some basic bike insurance policies offered by online insurers are as follows:

• Third-party bike insurance policy – As per the Motor Vehicles Act 1988, every vehicle must be insured against third-party liabilities. However, this policy does not cover the losses of bike owners.
• Comprehensive bike insurance policy – This policy provides financial coverage to policyholders during an accident for expenses caused due to third-party damage as well as own damage. Moreover, one can purchase add-ons under this policy to extend the coverage at a slightly higher premium. 
• Own damage bike insurance policy – Policyholders can extend their insurance coverage by availing own damage bike insurance. One can purchase this policy without waiting for their existing third-party insurance renewal. It covers the losses and damages caused to the owner and the bike.

Policyholders can opt for an option after comparing the insurance rates offered by different insurance companies.

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6. Renew bike insurance on time

Lastly, bike owners should renew their insurance policies within the stipulated time to avail NCB and other benefits. Policyholders can avail NCB and renew their policies at a discounted price if opted for timely renewal. Moreover, one can even renew the policy before the due date to avoid risks of penalty or policy lapse.

Conclusion

So, there are many ways a policyholder can use to reduce their bike insurance premiums. However, they should not compromise their bike’s safety for savings. Choosing a bike insurance policy wisely can help them save money and also protect their priced possession.