How To Reduce Premium Of Your Bike Insurance Policy?
Updated On Mar 20, 2021
You may be wondering if there is a way to reduce the premium cost of your bike insurance policy. Let’s read all about it.
Bike insurance is an important investment, not only to cover you from various risks but also to keep you in compliance with the law. It is illegal to ply a vehicle on Indian roads if it is not insured at least up to third party bike insurance. You may be wondering if there is a way to save some money on your insurance, as it can be quite costly. Even though it is an absolutely necessary purchase, there are ways you can make it more economical for you. Read on to find out how.
Factors Affecting Your Two Wheeler Insurance Premium And How To Reduce It
There are a variety of factors that will impact the premium cost on your two-wheeler. Here are some ways in which you can reduce the premium on your two-wheeler insurance policy:
Bike Selection: The make and model of your bike have a big impact on the premium cost for your two-wheeler insurance. If your bike is imported, for example, or a superbike, it is likely to incur a higher premium. If your bike is secondhand or older it will likely have a lower premium. Keep this in mind when selecting which bike is right for you.
Insurance Coverage: There are three different types of insurance coverages available: third party insurance, standalone own damage insurance, and comprehensive Bike insurance. Comprehensive cover will protect you in case of own damage as well as damage to a third party. However, only third-party insurance is mandatory by law. It will have a lower premium cost than comprehensive cover.
Tenure Of Policy: There are insurance policies available that are long term rather than annual in nature, and will allow you to ensure your bike for a period of up to three years without having to renew it every year. While you will pay the premium for three years in one go, you will save more money overall as it will incur some discount.
Further Reading: Working Of No Claim Bonus In Multi Year Bike Insurance Policy
No Claim Bonus: No Claim Bonus (NCB) is a discount given at the time of renewing your insurance if there have been no claims made during the policy tenure. You can avail of this discount by avoiding petty claims during your insurance policy premium. NCB is cumulative in nature and increases over time.
You May Also Like To Read: No Claim Bonus for Two Wheeler Insurance Policy in India
Anti-Theft Devices: You can avail a discount on your premium by installing an anti-theft device on your two-wheeler, which would reduce the risk of theft and thereby reduce your bike insurance premium as well.
Be careful to select a policy that meets all your requirements. Research thoroughly when selecting which insurance policy is right for you and make sure to compare different policies online.
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.