Smart tips to save on your bike insurance premium

Two-wheelers make up a significant portion of the Indian transport segment. They make it easy to navigate narrow Indian roads and are incredibly comfortable for commuting.

Whether you live in a metropolitan city or an Indian city, you can easily see the number of two-wheelers circulating on Indian roads greater than any other means of transport. But did you know that driving an uninsured bicycle or motorbike can lead to heavy penalties and fines?

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Authorities can impose a challan or heavy fine on you if you are caught riding an uninsured bike anywhere. While the government requires bike owners to invest in at least some liability insurance, you can research better options if budget isn’t an issue. If you’re concerned about the safety of your bike and the potential financial damage from a possible road accident, you shouldn’t settle for less coverage.

To help bike owners like you get the best coverage at reasonable premiums, we’ve put together this epic guide with every possible tip to help you save on your bike insurance premium. So let’s quickly check the tips shared below.

Compare bike insurance online

If you’re looking for bike insurance that offers decent coverage at a competitive premium, compare the options available online. You can take the help of an online bike insurance calculator to pre-selected policies that offer better coverage than others at attractive premium rates. When comparing insurance policies online, be sure to compare similar policies to get the best results. For example, comparing quotes for comprehensive bike insurance with a liability insurance policy is not the wisest thing to do.

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Do not file claims for small repairs

Insurance companies reward bike owners who do not file claims for a set of continuous years, say two or three years or more. The reward is in the form of a discounted premium starting at the renewal period. Owners of bikes with existing insurance can save on their premiums when renewing if they have gone at least two or three years claim-free.

You can take advantage of its benefits and enjoy lower premiums in the future by avoiding filing claims for minor repairs. Whether it is routine maintenance or a small repair, the owner of the two-wheeler must take care of it out of his pocket. The more unnecessary claims you avoid, the better your chances of unlocking the benefits of the No Claim Bonus.

Only invest in relevant add-ons

Endorsements or add-ons are purchased separately to enhance the coverage scope of an insurance plan. If you feel that the standard coverage offered is insufficient, you can invest in relevant add-ons. However, one mistake you should avoid at all costs is buying add-ons that are not needed. Each add-on you choose will incur an additional cost, which will ultimately increase the value of the bounty.

Third-party insurance plans don’t come with add-ons, but you can choose to get amazing add-ons with comprehensive bike insurance. Roadside Assistance, Consumables Coverage, Zero Depreciation Coverage, Invoice Return Coverage, and Engine Protection Coverage are some of the add-ons you can choose to upgrade your policy coverage. Remember that you select only necessary add-ons to avoid unusually high premium amounts.

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Always pay the policy renewal premium on time

Renewing your two-wheeler insurance policy on time is the best way to enjoy the benefits of uninterrupted coverage. It’s also a great, proven way to control your premiums. Whichever insurer you choose, you can expect a premium increase if you delay renewing your policy. If you miss your policy renewals more than once, your future premium rate can be severely affected. Another negative aspect of rash policy renewals is that you may lose access to no-claim bonus benefits, which will ultimately hurt your premium rate in the long run.

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Install anti-theft devices

Although there is no direct correlation between the installation of anti-theft devices and lower insurance premium, it may indirectly impact the premium to some extent. When you apply for bicycle insurance online, the insurer can view claimants with anti-theft devices installed on their motorcycles positively.

This gives insurance companies an indication that the vehicle owner is concerned about their safety and would be careful while driving, reducing their chances of filing claims. So if you’ve bought a new bike or the policy renewal date is approaching, you might consider installing anti-theft devices.

Choose to pay higher deductibles

When you file a claim and it is approved, you have to pay a certain percentage or fixed amount of the claim amount, and the insurer pays the rest. The amount that the policyholder has to pay is known as the deductibles. If you opt for higher deductibles, you will get lower premium rates and vice versa. You shouldn’t worry about choosing higher deductibles if you are a skilled and careful driver.

Look for special offers on particular bank cards

Some insurance companies may offer offers in partnership with certain banks. As a result, you can get a certain discount when buying your bike insurance. Depending on the available offer, it can be a one-time discount or a recurring bonus at a reduced price for a certain period. Although such offers may be rare, they are not impossible to spot. You can easily do a quick search online for existing offers to save on your purchase or renewal.

Get the best bike insurance at a competitive premium

The best coverage doesn’t come cheap, but that doesn’t mean you can’t find policies that offer the best coverage at reasonably affordable premiums. All you need is accurate and proper advice on finding the perfect font or ways to save on your selected font. If you are concerned about the safety of your two-wheeler and want to provide it with the best coverage, use the means described above to get the best bike insurance plans at reasonable premiums. You can definitely save a lot more by following these methods than you would otherwise.

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