Essential Tips to Reduce your Two-Wheeler Insurance Premium

Two-wheeler or bike is known to be a widely used mode of transport in India due to its ability to navigate through crowded and busy roads with ease. Moreover, buying a two-wheeler is an affordable option and the insurance plans for them are also very economical, hence adding more to its popularity. While, with a third party liability bike insurance, you can easily avoid legal issues, yet having a comprehensive insurance plan is considered to be an ideal option. For extensive plan coverage, you can also choose appropriate add-ons with the base policy. However, at the same time, it is important for you to make sure that the premium amount against your bike insurance plan does not burn a hole inside your pocket.

Tips to Reduce Bike Insurance Premium

Highlighted below are some of the tips through which you can reduce the premium for your bike insurance plan:

• Make a comparison of Different Insurance Plans

You should carefully make a comparison of different insurance policies from different insurance companies before purchasing a bike insurance plan for your vehicle. While checking the insurance plans, you should consider add-on covers, benefits, inclusion, exclusion, premium payment options etc. Moreover, you can also request for various premium quotes and choose a plan as per you budget and requirements.

• Choose only Important Add-on Covers

While selecting the two-wheeler add-on covers for your two-wheeler insurance plan, you should only consider buying important add-on covers for your comprehensive bike insurance plan. Selecting unwanted add-on covers will only raise the amount of premium.

• Protect your Bike with Anti-Theft Devices

You should install various anti-theft devices in your vehicles such as anti-theft alarm, gear lock, and various other devices to protect your bike and also in order to reduce the premium amount. However, please ensure that your anti-theft devices are approved by the Automotive Research Association of India (ARAI) to avail discount on the premium.

• High Deductible Amount

At the time of raising a claim, the insurance company pays the part of the repair expense and the policyholder pays the remaining part. This amount is referred to as a deductible. In case, you choose to pay a higher deductible, then the amount of insurance premium reduces.

• Renew Bike Insurance Policy Timely

In case, you wish to avoid paying a higher premium amount, ensure that you renew your bike insurance plan on time before the expiry of the policy. Doing this will help you in keeping your accrued benefits intact and protect you from unnecessary hassle.

• Avoid Raising Small Claims

In case your bike incurs small claims, then avoid raising them in order to avail the benefit of the No Claim Bonus. No claim Bonus discount is offered by the insurance companies on the premium amount in case, no claims have been raised by the policyholder during the policy tenure.

• Ask for Discounts

At the time of purchasing or renewing your bike insurance plan, you should ask the insurance agent for a discount on the premium. The discount can be related to anything such as age-related, long-term insurance plans, and so on.

• Select Long Term Plan

At the time of renewal of a two-wheeler insurance plan on a yearly basis, you can opt for a policy tenure of 3 years to save yourself from the hassle of yearly renewal and in order to keep the amount of premium fixed throughout.

Final Words

Now you are well aware of the ways through which you can reduce your two-wheeler insurance policy’s premium amount. You can make use of the above given tips to buy a right bike insurance plan with suitable add-on covers and at an affordable premium amount.

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.