Bike insurance is a must-have for all two-wheeler riders in the country. However, the premiums you need to pay to keep your coverage active are set based on the type of plan you have opted for. The more benefits and coverage you receive, the higher premiums you pay.
Nevertheless, if you can take care of a few crucial things regarding your two-wheeler insurance plan, you can aim for a comparatively lower premium amount. Read this blog till the end to find out how you can save money on your bike insurance premium.
Ways to Save Money On Your Bike Insurance Premiums
Refer to the following points below to learn about the ways through which policyholders can save their pennies from the premiums they pay on their bike insurance policies:
- Comparing Various Bike Insurance Policies
Comparing different bike insurance policies is the first step towards aiming for a lower premium. You need to become transparent with your required coverage and budget to make well-informed decisions. Balancing your cost and coverage beforehand can help reduce your bike insurance premiums.
- Avoiding Small Claims
Bike insurance companies provide various offers and discounts to customers with no or lesser claims. Such offers can also lead to reduced premiums. Hence, it is highly advisable not to make frequent claims. By avoiding small claims you can protect your bonuses and offers that directly reduce the premium amounts for the subsequent years.
- Choosing Suitable Additional Coverage
When you customise additional benefits of your insurance plan that only cater to your specific needs, it helps you prevent unnecessary premium hikes. You need to analyse your requirements thoroughly against the cost of your overall premium and choose the add-ons accordingly. It enables you to receive adequate coverage without paying extra.
- Renewing Bike Insurance Policy On Time
Policyholders are charged penalties or spikes in premiums whenever they fail to renew their policy within the scheduled time. Therefore, it is crucial to keep track of your insurance plan’s lapse date or turn on the auto-reminder option for plan renewal. It ensures you never miss the renewal deadlines.
- Availing No Claim Bonus
NCB, or No Claim Bonus, is considered a powerful tool for reducing insurance costs. It is a bonus that you get for every claim-free year. Besides, you can also transfer the NCB whenever you switch insurers or vehicles to keep enjoying your reduced premiums. However, you must inquire about the terms and conditions related to the NCB before purchasing a plan.
- Keeping Healthy Driving Records
Most vehicle insurance providers prefer drivers with clean driving records, that is with fewer accidents or zero violation of driving rules. Since such drivers possess lower risks, they become eligible for lower insurance premiums as well. Hence, you must always maintain a clean driving record to cut down your insurance costs.
- Installing Anti-theft Devices
Bikes with ARAI-approved anti-theft devices tend to attract lower premiums since these features increase safety. Most bike insurance companies offer lower rates of premiums for well-protected bikes who are less likely to file claims. Thus, make sure to increase the safety and security features of your bike to avail discounts on your insurance cost.
- Opting for a Longer Insurance Policy Tenure
The tenure of your insurance policy affects the premium amounts considerably. Usually, the larger your policy tenure is the lesser premium you can aim for. Thus, you can opt for a long-term bike insurance policy to avail such benefits.
- Having a Good Credit Score
A good credit score not only helps you get loan approvals but also lower premiums in the case of bike insurance policies. Thus, make sure you have higher credit scores when negotiating the insurance premiums. Also, keep track of your credit scores so that you can apply for discounts whenever applicable.
- Purchasing from the Same Insurance Company
Existing relationships with insurance companies always help in negotiating better terms on your bike insurance premiums. Most insurers often offer rewards like loyalty discounts to their existing customers, which can help you reduce the premium amounts of your insurance plan.
Final Words
To sum it up, having a bike insurance policy is mandatory for two-wheelers across the country. However, you must remember you need to keep your insurance policy active as long as you own your vehicle. Thus, it is important to learn about the factors that affect your premium amounts, helping you save some money. So if you have a bike or you are planning to purchase one, make sure to follow the points discussed in the blog to save money on your bike insurance premiums.
