Two-wheeler insurance is considered an added cost by most bike owners. As a result, most tend to avoid purchasing proper coverage. However, there are ways to reduce your bike insurance premium without compromising on the coverage.
Let’s look at some effective practices to save on bike insurance premiums.
Tips to Save Money on Two-Wheeler Insurance Premium Amount
Choose Your Two-Wheeler Sensibly
The make and model of a bike impact the bike insurance premium. High-end two-wheelers have higher premiums because of higher repair costs. You should purchase a two-wheeler that is within your budget, has good features, and will have a decent bike insurance premium. If you have a high-end luxury two-wheeler, the insurance premium will typically be higher.
Maintaining a Good Driving Record
Your driving record is crucial in helping you secure low-priced bike insurance. Insurance providers usually offer lower premiums to people with a clean driving history, as they are often considered less risky. Maintaining a good driving record means avoiding speeding tickets, accidents, and traffic violations. This will help you negotiate the lowest premium bike insurance during policy renewal.
Accumulate NCB (No Claim Bonus)
An NCB is a reward in the form of a discount given to an insured individual for not making any claims during the policy tenure. A no-claim bonus can significantly reduce your bike insurance premium when you renew your policy. Ensure you accumulate your NCB by not filing minor insurance claims and avail yourself of the benefits of lower bike insurance premiums in subsequent years.
Choose Add-On Covers Wisely
Bike insurance policies come with optional add-on covers that help enhance your coverage; however, they also increase the premium cost. Evaluate your requirements and choose add-ons that are relevant and essential to your situation. For instance, purchasing the engine protection add-on cover can benefit you if you live in a flood-prone area. Avoid purchasing unnecessary add-ons you would not use, as they will only increase your bike insurance premium.
Install Anti-Theft and Safety Devices
Insurance providers value the security and safety measures you take for your two-wheeler. Installing anti-theft devices, such as alarm systems and GPS trackers, can help reduce the chances of theft. This can result in a low premium bike insurance as insurance companies view your bike as less prone to damage or theft.
Consider Voluntary Deductibles
You can select predetermined amounts as voluntary deductibles, which you pay out of your pocket during a bike insurance claim settlement. You can lower your two-wheeler insurance premium by choosing a higher voluntary deductible. However, ensure that the deductible amount you opt for is affordable for you in the event of an insurance claim.
Select a Long-Term Policy
When you buy a policy for a longer duration, you are more likely to get a higher discount on the bike insurance premium. A standard two-wheeler insurance policy is for a year, but many insurance providers offer long-term coverage. This will not only help you save money but also reduce the hassle of renewing the policy every year.
To Wrap It Up
Whether you purchase comprehensive or third-party bike insurance, there is a substantial investment involved. Saving money on a two-wheeler first-party insurance premium amount is possible with careful consideration and an understanding of your insurance needs. Review your policy regularly to ensure the best deal that suits your budget and requirements.
