How to save money on the Bike Insurance premium?
Buying a motorcycle is the best way to ensure smooth transportation on Indian roads. It is a cost-effective and low maintenance vehicle. Besides finding a suitable model, you should consider getting it insured. It is a legal mandate to get at least Third-Party Bike Insurance. But you also have the option to go for extensive coverage.
Regardless of your preference, the policy comes with a premium. This is the insurance cost that depends on several factors. If you intend to save on it, address some aspects and optimise them accordingly. It involves making changes in your motorcycle and rethinking the coverage needs. Consider these tips to help you with that:
Compare insurance companies
As almost all insurers are shifting online, getting information on their offers has become easier. Hence, before buying online Bike Insurance, ensure to check the quotes. It is the preliminary step to save on the premium. Compare policy providers based on the coverage, benefits, and premium charged. It is best to consider your needs while doing the same. This way, you get suitable coverage at an affordable premium.
Select add-ons carefully
You get to customise the Motorcycle Insurance based on your needs. This is through the additional features you get with a Comprehensive Policy. These riders enhance your security during long rides. They include covers for Depreciation, Consumables, Gap Value, Roadside Assistance, Engine Safety, etc. However, they add to the premium cost. Hence, choose them judiciously.
An insurance policy is active for one year. Then, you renew it to ensure its continuity. You get notifications and reminders for the same. Ensure to pay heed to them and renew before expiry. This way, you maintain its continuity and avail of the No Claim Bonus (NCB). Additionally, you also save on the charges incurred for re-inspection and buying Two Wheeler Insurance from scratch.
Install safety devices
Protecting your motorbike from theft is an essential security measure. You do this by installing anti-theft systems, locks, and discs. You also become a reliable rider with the intent to reduce loss or damage. As a result, you minimise the insurers’ risk. Hence, they reduce the premium on 2-Wheeler Insurance. They examine if such devices are approved by the Automotive Research Association of India (ARAI) for sanctioning the discount.
The insurance sector is flourishing with new entrants, which has led to increased competition. Many insurers offer attractive deals to survive this. Hence, you get seasonal discounts frequently. Stay on the lookout for the same while buying online 2-Wheeler Insurance. If you are aged between 32 to 60 years, you may get an additional discount. This is because insurers consider people falling under this age group responsible riders.
Maintain driving record
Mishaps are unpredictable, and most of them are uncontrollable. However, some are avoidable with safe driving habits. Therefore, adopt responsible driving practices by following traffic rules. Policy providers check this aspect to decide the premium amount. Hence, driving safely helps save on Motor Insurance.
Avail of NCB
It is the reward you get for not raising claims for the policy period. It usually ranges between 10% to 50% of the premium. It goes up to 50% if you complete five consecutive claim-free years. Hence, avoid small claims to avail of the bonus and reduce the premium during renewal.