With the ever-increasing importance of bike insurance, its premium is also significantly rising. With rising insurance premiums, finding ways to lower it down without compromising protection is essential. Save money on bike insurance doesn’t mean losing adequate bike insurance coverage; it’s about getting the best coverage at the most affordable rates. Thus, it’s essential to know about these tips in order that you don’t spend a lot on bike insurance premiums. This guide will walk you through effective tips and tricks to lower the premium amount of insurance for bike.
10 Tips to Save Money on Bike Insurance Premiums
Listed below are some tips that will help you lower your bike insurance premium. By applying these tips, you can get an affordable bike insurance policy that meets your needs and keeps your budget in check.
1. Avoid Raising Claims for Minor Damages
You shouldn’t raise a bike insurance claim for minor damages. For instance, if there is a minor scratch on the bike, it is better to bear the expenses for repair from your own pocket. This will help you keep the No Claim Bonus intact, which will later allow you to earn discounts.
2. Check No Claim Bonus
Checking the No Claim Bonus (NCB) is an important step that will help you save money on bike insurance premiums. The No Claim Bonus offers a significant discount for claim-free years and is an added benefit for policyholders. So, you can substantially lower your bike insurance premium costs if you have any accumulated No Claim Bonus. Ensuring that your NCB is correctly recorded and even used rewards your safe riding habits and at the same time, makes it a critical factor in reducing your overall insurance expense.
3. Install Anti-theft Devices
There are a number of anti-theft devices that the Automotive Research Association of India has approved. If you have any of these pre-approved anti-theft devices installed in your bike, then the insurer’s liability will be reduced. Further, when the insurer’s liability is lower, the overall bike insurance premium will also be lower.
4. Compare Bike Insurance Policies
Comparing bike insurance policies is crucial for saving on premiums because it allows you to identify the most cost-effective bike insurance policy that meets your coverage needs. By evaluating different policies like third-party, comprehensive, and standalone own-damage, you can find affordable premiums. Ultimately, it ensures you choose a policy that offers the best balance between premium amount and bike insurance coverage.
5. Look for Discounts
The best way to save money on bike insurance premiums is to look for all the available discounts. Many insurers offer discounts when renewing a plan with them or buying the policy online. So, you should look for these discounts that will effectively lower the bike insurance premium.
6. Maintain a Healthy Driving Record
It is important to maintain a healthy driving record to demonstrate to the insurance company that you are a low-risk rider. Many insurance companies in India reward safe riders with reduced premiums. A clean record, free from accidents or traffic violations, signals to insurers that you are less likely to cause claims, leading to discounts and lower premium rates on bike insurance policies.
7. Opt for Deductibles
Deductibles in bike insurance policies refer to the amount that the policyholder agrees to pay from their own pocket during the claim settlement period. With higher deductibles, the premium will be lowered as both the policyholder and insurer will be responsible for spending some amount towards the repair of a damaged insured bike.
8. Renew the Policy on Time
Another thing that you need to be wary of regarding your bike insurance policy is to renew it on time. In case you fail to renew the bike insurance policy on time, it will lapse, and you will have to pay a higher premium for a lapsed bike insurance policy. So, it is a good idea to always renew the bike insurance policy on time.
9. Don’t Include Unnecessary Add-ons
Add-ons like zero depreciation cover, no claim bonus cover, roadside assistance cover, etc, might not be essential for all riders. While these add-ons offer enhanced coverage, they also significantly increase the bike insurance premiums. So, to pay an affordable premium for your bike insurance policy, you should only use the necessary add-ons.
10. Choose the Right Policy
With different types of bike insurance policies available, it might become confusing to choose a suitable one. You must thus assess the coverage requirements for your bike insurance policy and accordingly select a suitable one. For instance, if you have an old bike, it is better to buy a third-party bike insurance policy rather than a comprehensive policy to save on the premium amounts.
Summing Up
Thus, follow the above-mentioned tips to save money on bike insurance premiums. If the premium does not fit your budget, you should also consider customising your policy.
