Ways to Get Discounts on Bike Insurance

Written by Sharad Bajaj

Updated On Mar 31, 20212 min read

There are many concerns when it comes to purchasing bike insurance, for example, how to get the best possible premium for your insurance. Read on to find out the different ways of availing of a discount on your bike insurance policy.

Bike insurance is an important investment that all bike owners must make as it is mandatory by law and also extremely beneficial to the individual. When it comes to bike insurance, selecting the right one for you is of utmost importance. Another important step is searching for the best premium possible to save yourself expenditure wherever you can. Keep in mind the following tips when shopping for bike insurance and you will get the best possible premium with discounts and savings.

How to Save Money on Bike Insurance?

Follow these steps to save money on bike insurance and to avail of discounts:

1. Always Buy or Renew Your Two Wheeler Insurance Online

Buying two wheeler insurance online will remove the role of the middle man, that is, the insurance agent. Because of the low operational costs of purchasing insurance online there will usually be cheaper bike Insurance premium available to you. Further, it gives you the opportunity to compare various different insurance policies simultaneously and find out which one is best for you, alongside which premium is the most economical.

2. Drive Cautiously and Avoid Accidents

Driving safely and not getting into accidents is not only beneficial for you personally but also leads to a discount when it comes to your bike insurance. This discount is known as No Claim Bonus. It is given as a reward at the time of renewal for cautious driving, if no claim is raised by you during the policy tenure. This would surely incentivise more cautious driving and if you avoid raising a claim during your policy tenure then you would receive a discount on your premium when you renew your insurance.

3. Install Anti-Theft Devices

Installing good anti-theft devices is viewed by bike insurance companies as a proactive measure that reduces the risk associated with your two wheeler. The likelihood of theft is reduced and so the insurance company would view you as less likely to raise a claim for theft, thus offering you a discount on your two wheeler insurance premium.

4. Consider Purchasing Long Term Bike Insurance

When you purchase insurance long term, you are shielded from future price hikes or inflation which is beneficial and would save you money. Not only are you saved from the hassle of worrying about renewing your bike insurance annual, you also get an additional discount for buying insurance on a long term basis.

Takeaway

There are numerous ways to reduce the premium and avail of a discount on your bike insurance policy. It is important to research well and be aware of all your options before making a decision on the purchase of bike insurance.

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 Sharad Bajaj

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Sharad is an insurance industry veteran who has managed motor insurance products for over a decade. He helped set up and scale the motor insurance vertical for a leading insurance company in his previous stint. In his spare time, Sharad likes to read and be in tune with nature.