Discounts On Two Wheeler Insurance

Bike Insurance Discount - Bike insurance is designed to lessen the impact of bike damage or loss on your pockets. It also helps you adhere to the Indian Motor Tariff regulations and protects you from paying hefty fines. However, you can save money on the purchase of the bike insurance plan as well.

Here are some tips following which you can get discount on bike insurance plans:

1. Always Purchase or Renew Bike Insurance Plan Online

Low operational costs and absence of any middleman enables the insurance providers to offer bike insurance plans to policyholders at low costs. Therefore, it is recommended to purchase the policy through online mode and gain it at a much lesser price in comparison to the offline method. Also, online platforms allow you to compare multiple bike insurance policies and choose a plan that offers the plan at the most affordable rate of premium. In this manner, online purchase of bike insurance policy can double your savings.

2. Opt for Long Term Bike Insurance Plans

Policyholders can purchase the bike insurance plans for short term and long term. Owning a long-term third party insurance is a compulsion for new bike owners. However, they can choose the policy term for standalone own-damage bike insurance plans as per their choice. In such cases, selecting a long-term bike insurance is considered beneficial in terms of costing and the same is suggested for all the policyholders. Long term bike insurance also eliminates the hassle of yearly renewal of plans without delay.

3. Make Use of Claim No Claim Bonus (NCB)

The No Claim Bonus (NCB) is earned by not making any claim in a policy year, which gets accumulated with every successive claim free year. The discount rewarded as per the NCB ranges from 20% up to 50%. Hence, you should try to bear minor burdens so as to spend the year without making any claim. Also, if you have any accumulated NCB, then you should pay heed to that bonus while renewing their bike insurance plan. It will help you get the policy at an economical price through instant discount on the premium amount.

4. Install Security Devices in Your Bike

The installation of security devices in bikes enhances its protection and reduces the chances of theft. This increased security level lessens the risk of insurance providers to pay any compensation to policyholders. On this note, many insurers offer bike insurance plans to its policyholders at discounted rates, if they have installed security devices, approved by Automotive Research Association of India (ARAI), in their bikes. It means you can get a bike insurance plan at a lower price by getting ARAI approved security devices installed in your bike.

5. Drive Carefully to Avoid Any Accident

The basic element of driving is responsibility. While riding a bike you must be careful about the safety of yourself as well as others. The bike insurance offers third party insurance cover as well as standalone own damage insurance policy, which compensates the damages and losses incurred to third parties and your own bike. But, meeting with an accident and making claims can terminate the NCB benefit. Hence, it is advisable that policyholders should drive carefully to avoid accidents, which will help them spend claim-free years and get the plans at discounted price during renewals.


The above-mentioned tips will surely pave you the way to get bike insurance plans at discounted prices. This write-up would also assist you to make a conscious decision while buying a bike insurance policy. It will help you find the best insurance cover at the most economical price.

Also Read:

Standalone Own Damage Two Wheeler Policy

IDV Calculation: How IDV is Calculated in Two Wheeler Insurance

Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.

Add-on Covers For Your Bike Insurance Policy

  • Zero Depreciation

    Like other assets, the value of your two wheeler also depreciates constantly with time and the liability of this expense by default rests with the policyholder. A zero depreciation add-on protects you against the depreciation expenses incurred by your bike. Thus, if you opt for a zero depreciation cover, depreciation expense of your bike is not deducted from your claim amount at the time of a claim settlement. This add-on is available with comprehensive bike insurance plans as well as standalone bike insurance plans. This is one of the most popular and recommended bike insurance add-on covers.

  • Invoice Protection

    In case of total loss (more than 70% damage) or theft of your bike, the insurance company pays you the Insured Declared Value of your bike as compensation. However, this Insured Declared Value (IDV) is less than the invoice price which you pay at the time of purchasing your bike. The Invoice Protection add-on cover helps you claim the Invoice Price, i.e. total ex-showroom price of your bike plus taxes plus registration charges, of your bike in case of total loss or theft of your bike.

  • NCB Cover

    No Claim Bonus is the reward which is given to the policyholder for not making any claim during the policy period. This reward is offered by the insurer in the form of a discount on the own-damage premium of the bike insurance policy at the time of policy renewal. The NCB ranges from 20% to 50% of the own-damage premium depending on the number of claim-free years. However, if you make even a single claim during the policy period this NCB gets lost. But, with the NCB Cover, you can keep your NCB intact even after making a claim during the policy period.

  • Engine Protection Cover

    The damages incurred by the engine of the two wheeler are by default not covered under a bike insurance policy. However, if you opt for an Engine Protection Cover, the insurer will be liable to compensate you for damages incurred by the engine of your bike such as damage due to leakage of lubricants, water ingress, hydrostatic lock, damaged gearbox, broken crankshafts or pistons and cylinders. The repair cost of the internal engine parts is often high and can sum up to thousands of rupees or more. Thus, addition of this add-on to your comprehensive or standalone 2 wheeler insurance policy can save you from these expenses.

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