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How to Save Money While Purchasing Bike Insurance?

Published On Apr 19, 2021, Updated On Apr 20, 2021

Read this post to know how to save money while purchasing bike insurance.

On Indian highways, bikes are the most popular mode of transportation. When purchasing a bike, we typically take into account a variety of factors such as design, mileage, and price. However, we often overlook the fact that we must still purchase insurance. Any motor vehicle on the road is required to have liability insurance. So, in addition to considering the bike's features, you should think about purchasing bike insurance.

How to Save Money While Purchasing Bike Insurance?

How to Save Money While Purchasing Bike Insurance?

 Here are a few tips to save money while purchasing a bike insurance: 

  • Driving Record

If you have a clear driving record, you can receive bike insurance premium discounts. You won't have to pay any challans if you drive carefully and follow all traffic laws and regulations.

  • Add-ons

Add-ons are available if you want to tailor your bike insurance package. You should protect your financial protection if you drive several miles on a regular basis because you are exposed to a higher risk factor. Add:on riders allow you to tailor your insurance package to suit your unique needs.

  • Age Related Discounts

The bike insurance company provides a discount depending on your age. If you are between the ages of 32 and 60, you can receive a discount on your premium. Responsible drivers receive a discount from insurance providers, and people in this age group are considered responsible.

  • Renew Your Policy Before the Due Date

You must renew your bike insurance policy before the due date. The majority of insurance companies have both online and offline bike insurance renewal options. By entering the policy number and the premium sum, the policy can be renewed electronically. You may renew the policy during the grace period if it is not extended before the due date. You will lose out if you do not do so.

  • Installation of Vehicle Security Enhancing Equipment

Installing security enhancing equipment, such as an anti-theft alarm, increases the vehicle's security. As a result, the insurance premium is reduced. You should look into security enhancing equipment that has been approved by ARAI to get a discount on your premium (Automotive Research Association of India).

  • Buy Multiple Plans from the Same Insurance Provider

You can get a discount on your premium if you purchase your bike insurance policy from the same insurance company where you bought your health insurance or life insurance.

  • Inquire About Promotions

A few insurance providers will give you a discount depending on your gender and the amount of time you've had your policy. As a consequence, you can inquire about it with your insurance agent. To learn more about the different discounts, contact the customer service department.

  • Policy Tenure

The length of the policy may affect the insurance premium. A one-year, two-year, or three-year insurance policy may be bought or extended. The insurance agent will give you a discount if you want a long-term bike insurance plan.

Also Read

Guide to Third Party Two Wheeler Insurance

List of Bike Insurance Companies List In India

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.

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