Tips to Reduce Motorbike Insurance Premium
Updated On Oct 31, 2020
We bring to your 7 useful ways in which you can reduce the premium of your two-wheeler insurance plans.
As per the Indian Motor Tariff, all two-wheeler owners are required to have at least a third party two-wheeler insurance policy. A third party two-wheeler insurance policy provides coverage against third party legal liability. In India two-wheelers are the primary modes of transportation. People while purchasing insurance for their vehicles generally try to look for discounts and deals. In this article, we bring to your 7 useful ways in which you can reduce the premium of your two-wheeler insurance plans.
Way to Reduce Bike Insurance Premium
You can make use of the following tips to reduce the premium amount of your bike insurance policy:
- Compare Different Insurance Policies Online With the digital era it has become easier to compare the products offered by different companies online. One should always make sure that they are connecting with insurance companies to find out different two-wheeler insurance quotes. The buyer can check the coverage and additional benefits offered by the insurance company online which helps him to figure out the most suitable bike insurance offering high coverage at a lower insurance premium.
- Avoid Making Small Claim - At the time of renewal of the bike insurance policy the insurance company offers no claim bonus if the policyholder has not raised any claim during the policy. This range is between 20% to 50%. If the policyholder has raised a claim during the policy period, he will not be eligible for No Claim Bonus. The policyholder should understand that by raising small or insignificant claims they will not be eligible for a discount that range is between 20 to 50%. Hence, taking the advantage of No Claim Bonus as a discount, it will allow the policyholder to reduce the amount of premium.
- Select Right Bike Insurance Add-ons - Add-on are the covers to the standard comprehensive insurance policy, providing additional coverage. To buy add ons the policyholders need to pay an additional premium. The policyholder must select relevant add ons. By opting for an unwanted add-on, it will only increase the bike insurance quotes and not decrease the bike insurance premium.
- Renew Two-wheeler Insurance Policy in Time - One of the most important factors that helps the policyholders to save on premium is renewal of the policy in time. It is necessary for the policyholder to renew the insurance policy before it expires or on the day of expiry. They just need to enter a few details and make an online payment.
- Install ARAI Approved Anti-Theft Devices - Insurance companies generally provide lower bike insurance premiums if the policyholder secures his two-wheeler by using security devices such as anti-theft alarms. By Installing Anti-Theft Devices, it shows the policyholders intends to secure the bike and avoid any unwanted harm or loss. Thus, to save on the amount of premium, policyholders can get anti-theft devices that are approved by the Automobile Research Association of India (ARAI) installed on the bike.
- Keep Driving Records Clean - With the new digital Era finding out any kinds of records is not a tough task. While the policyholders are awarded with No Claim Bonus for not raising claims and driving safely during the policy period, on the other hand if there are any irregularities in the driving habits the insurance company can charge a higher premium. So, it is advised to keep the driving records clean for a lower premium.
- Opt For Long Term Bike Insurance Policy - Two-wheeler insurance policy comes with a time frame of 1, 2 or 3 years. Therefore, it is advised to the policyholders to select a long-term insurance policy as it helps them in reducing the amount of premium. On the other hand, an annual renewal of policy will be costly and will increase the premium amount.
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Bike insurance premiums consist of many elements that impact the amount that the policyholder pays to the insurance company. By understanding these different components of the insurance premium one can make right decisions on how to bring down the amount. Follow the above-mentioned tips to reduce your two-wheeler insurance premium without compromising on the coverage of the policy.
Disclaimer: This article is issued in 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.