The bike is one of the most convenient travel options for daily commuting in India. However, after you buy a bike, you must mandatorily get third-party insurance to ride legally, as per the Motor Vehicles Act of 1988.
Apart from this insurance, you can opt for a comprehensive plan offering third-party and standalone damages coverage. Nevertheless, buying a comprehensive plan does not indicate you have to spend fortunes on the premium. In this article, we will discuss ways you can save money on bike insurance premiums.
10 Best Ways to Save Money on Bike Insurance Premium
Here are the 10 best ways you can follow to save money on your bike insurance premium:
1. Opt Insurance Policies from One Insurer
One of the best ways to reduce your bike insurance premium is to opt for all types of insurance from the same insurance companies. It helps you get a good premium rate on bike insurance, and you can club all insurances to enjoy a great discount on the total premium.
2. Have a Clean Riding Experience
If you have a good and clean riding experience, the insurance company can offer you a bike insurance plan at an affordable premium. In addition, if you have an accident-free, conviction-free and penalty-free riding experience, you can also enjoy the benefit of a lower premium during renewal.
3. Prefer Higher Deductibles
It is the amount you can pay from your pocket when you file a bike insurance claim. Choosing a higher deductible enables you to pay a low premium for bike insurance. However, you must determine whether you can manage your expenses after having a mishap with your bike and then choose the deductible amount.
4. Choose the Right Coverage
Although third-party insurance is mandatory to ride a bike in India, you must select a comprehensive bike insurance plan with extensive coverage. It may be tempting to buy cheap insurance, but it may not offer the right coverage, costing you fortunes to bear such expense from your pocket. Hence, you must go for comprehensive coverage that aligns with your requirements, as it can help you pay less premium in the future.
5. Compare Various Insurance Plans
When you want to purchase insurance for your bike, you will see several options. You can compare the features, coverages and premiums of all these options to choose the ideal one that aligns with your insurance requirements. For instance, you can get quotes from insurance companies like ACKO General Insurance to determine the best offer for you.
6. Improve Your Credit Score
Are you aware that your credit score plays a significant role in deciding your bike insurance premium? Well, insurance companies may analyse your credit score before determining your bike insurance premium. It gives them an idea of your spending pattern, and having a good credit score can result in paying low premiums for your bike insurance.
7. Look for Policies Online
When you plan to purchase insurance for your bike, you can come across two modes of purchase: online and offline. If you opt for an online facility, you can buy a new policy and renew the existing one without hassle at an affordable premium, as it diminishes the agent’s role. However, in offline mode, the agent’s commission may lead you to pay higher premiums.
8. Select a Long Tenure
One of the crucial things that impact your bike insurance premium is tenure. You can choose a long-term bike insurance plan, such as 3 or 5 years, to save in the long term. Moreover, the insurance company may offer a discount when you opt for a long-term bike insurance policy.
9. Skip Filing Small Claims
It may seem unreasonable, but avoiding filing smaller bike insurance claims can help you reduce the premium in the long run. Whenever you file an insurance claim, the claim affects your no-claim bonus, reducing the discount you may get when renewing your existing policy. So, you can bear the expenses of small repairs and save for a higher no-claim bonus discount when renewing.
10. Install Anti-Theft Devices
When you install an anti-theft device in your bike, the security of your bike is enhanced. These devices reduce the theft risk of your bike, resulting in a lower risk for the insurer. You can install anti-theft devices approved by the Automotive Research Association of India to avail discount on your bike insurance premium.
Final Words
Henceforth, bike insurance plans differ from one insurance company to another, which you can compare to receive the best coverage at an affordable premium. Doing this can help you pay a lower premium in the long run while getting comprehensive coverage. In addition, you can opt to select a long tenure for your plan to pay lower premiums in the long term.