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Tips To Save Money While Buying Bike Insurance In 2021


Written by Udit Varshney

Updated Mar 14, 2021

This article mentions how you can avail savings when buying bike insurance in 2021. It begins with a brief introduction of why it is necessary to have bike insurance and then explains 5 tips following which you can gain savings from bike insurance.

A bike insurance policy helps you from unwanted monetary expenses and guarantees complete protection against any damages caused to your bike. However, most people are not aware that investing in bike insurance often comes with attractive savings options and in this article, we are going to talk about the top 5 tips that will help you to avail yourself savings under the same.

Tips To Save Money While Buying Bike Insurance In 2021

Tips To Save Money While Buying Bike Insurance In 2021

The following are the top 5 tips that you can follow to avail savings under bike insurance in 2021, such as -

Online Policy Purchase-

Buy your policy online if you want to avail of savings from your bike insurance. Offline policies often involve the payment brokers or insurance agents, leading to an increase in the amount of premium that you pay. Online plans come with a discount as the operation costs are low and you need not make any additional payments towards agents.

Select A Long Term Policy -

One of the many ways of saving up on your bike insurance is by investing in a long-term bike insurance policy. Most people tend to settle for lower policy years, but they do not realize that extending the years of their policy can be a good valve against inflation or yearly price hikes. Having a long term policy also ensures that you do not have to renew your policy every year and you actually save a lot of money in this manner.

Install An Anti-Theft Device -

It is imperative to protect your bike from theft and other damages. Installing an anti-theft device in this regard acts as a bonus in two ways. Firstly, it ensures that your vehicle is guarded against being stolen and secondly, some bike insurance providers might offer you a savings option upon installing an anti-theft device. This is a lesser known but good way of availing savings from bike insurance.

Maintain A No Claim Bonus (NCB) -

A No Claim Bonus (NCB) is a benefit given to you by your bike insurance company for not making any kind of financial claims towards them during a policy year. In return, you get a discount on your premium amounts at the end of each year. In this way, it gives you an incentive for not sustaining any damages on your vehicle by promoting safe driving. Therefore, driving carefully can save you from a major health hazard and add to your savings at the same time.

Compare Policies -

Comparing different policies always helps you to calculate the premium amount and settle for a comprehensive policy, doing away with the need of buying separate coverage policies. Settling for insurance just because it has a low premium amount is also not wise. Instead, you should settle for a plan that comes with maximum benefits at an optimized cost.

Take Away

These are the top 5 tips, following which you can choose to avail savings from bike insurance in 2021. It will hopefully guide in choosing a proper insurance cover that will offer maximized benefits at an optimum cost and added savings benefits. There are several other ways of increasing your savings from bike insurance in the market apart from these and the plan that you buy will ultimately be contingent on your financial capabilities.

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.


Written by Udit Varshney

Udit has built B2C segments across various industries and has had significant contributions to the insurance sector. Read More

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