Everyone wants to reduce bike insurance premium on his/her vehicle before purchasing a policy because most of the people are want to buy an insurance policy that is suitable for his/her budget. But bikes and scooters are a practical method to navigate busy and small roadways. It is also necessary to insurance the two-wheeler in the event of damage or loss. A third-party insurance policy is required for your motorcycle. A comprehensive two-wheeler insurance coverage is required to protect your bike. When obtaining motorcycle insurance, it is critical to acquire the most coverage for the lowest price. Here are some easy ways to save money on your two-wheeler insurance.
How Can You Save Money on Two-Wheeler Insurance?
When looking for the finest bike insurance coverage for your bike, it’s natural to want the best at the greatest price. This is achievable if you pay a lower two-wheeler insurance premium while still receiving comprehensive coverage. Numerous factors determine how much you pay the insurance provider when it comes to bike insurance premiums. It is vital to understand the components of the premium when acquiring or renewing two-wheeler insurance.
You must be aware of aspects that will help you to reduce bike insurance premium in order to get the most out of your insurance coverage. This will help you find the lowest-cost motorcycle insurance.
Here are some helpful tips for lowering your bike insurance premium:
1. Compare Insurance Policies
Begin by comparing insurance coverage for your two-wheeler that are available on the market. Comparing bike insurance online is the easiest way to do it. You may find insurance businesses that provide two-wheeler insurance quotes on the internet. Compare the coverage as well as the added benefits offered by different insurance companies to guarantee you get the best bike insurance policy. When you compare different insurance policies online, you will come across the policy that offers more coverage for a lesser price.
2. Avoid Raising Small Claims
When you renew your bike insurance policy, the insurer will award you a No Claim Bonus (NCB) if you haven’t filed a claim during the policy period. This number might rise to 50%. When renewing insurance, little or insignificant claims will not qualify for the NCB discount. As a result, you will pay a higher premium than if you used the NCB to reduce your premium.
3. Choose Suitable Add-on Covers
Add-on coverage provide additional coverage to a standard comprehensive insurance policy. You will, however, be charged an additional cost. Selecting needless or extraneous add-ons will raise rather than cut your bike insurance premium.
4. Consider Timely renewal of your insurance policy
Make sure you renew your bike insurance before the deadline and don’t let it expire. When a vehicle insurance policy expires, the NCB benefit is only available for 90 days from the due date and then expires. To avoid paying a higher amount, you need to ensure that you renew your bike insurance before the policy deadline.
5. Install Anti-Theft Devices
If you safeguard your two-wheeler with security gadgets such as anti-theft alarms, insurance firms will offer you cheaper bike insurance costs. It expresses your desire to protect your car and avoid any unnecessary damage or loss. To get a reduction on your two-wheeler insurance rate, make sure the security gadgets are certified by the Automotive Research Association of India (ARAI).
6. Buy From the Same Insurance Company
If you have other forms of insurance from the same provider, such as health, travel, and so on, get your bike insurance coverage from them as well. The insurance provider may give loyalty points that may be used to reduce the cost of bike insurance.
7. No Claim Bonus (NCB)
Make sure you take advantage of the NCB whether you’re renewing your insurance with the same carrier or moving to a new one. If you’re renewing with the same insurer, don’t submit any minor claims or you’ll lose your NCB. You must also get an NCB certificate from your current insurer in order to be qualified for the NCB with the new insurer if you desire to transfer your insurance.
8. Ask for Discounts
When renewing or getting two-wheeler insurance, there’s no harm in asking for a discount. To promote their insurance goods, insurers may provide discounts. Discounts might help you save money on your bike insurance.
9. Driving Records
While you will receive the NCB for driving safely and not filing any claims throughout the policy time, new-age digital insurance providers may look into your driving patterns to decide your rate. Keep a clean driving record.
10. Higher Deductible
While the claim is being resolved, the insurance company will not reimburse the complete cost of repair. A deductible, which is a fraction of your insurance premium, will be required. Choosing a higher deductible lowers the cost of two-wheeler insurance.
11. Become a member of a recognized riding or automobile organization
Some motorcycle organizations give savings on automobile insurance to its members. If you belong to one of these groups, such as a touring club or an automotive association, you can get a discount on your motorcycle insurance.
Is it Mandatory to Purchase Two-Wheeler Insurance?
According to the Motor Vehicles Act, you must have at least third-party insurance on your motorcycle. On Indian roads, riding a two-wheeler without appropriate insurance will consider a traffic violation. While comprehensive insurance is not required, it provides financial protection in the event that your two-wheeler is stolen or destroyed. Comprehensive coverage for your automobile will help you avoid unnecessary charges in the case of damage or loss to your vehicle.
