7 Ways to Save On Bike Insurance

7 Tips to Save Money on Bike Insurance

Here are some factors that you can consider to reduce bike insurance premiums.

1. Avail Add-ons

You can make your bike insurance plan fit your needs. If you ride your bike a lot, you should consider extra protection because you’re at a higher risk. You can add special coverage options like daily cash allowance, roadside assistance, or coverage for a passenger. These extras make your insurance better. However, if you only ride your bike occasionally, basic insurance may be enough for you.

2. Avoid Raising Small Claims

Avoid making small claims to keep your No Claim Bonus (NCB). The NCB is a reward for not making claims, and it helps lower your insurance costs over time. This bonus is the smart way to save money as with time, your premiums will get reduced in the future.

3. Install Security Devices

If you add security devices like alarms or locks to your bike, it shows you care about safety. Insurance companies may give you a discount because your bike is less likely to be stolen. Just make sure these devices are approved by the Automotive Research Association of India (ARAI).

4. Renew Your Policy on Time

Renewing your insurance on time is important. If you delay, you might lose benefits like the No Claim Bonus, which is only valid for 90 days after your policy expires. To avoid higher premiums, always renew your insurance on time.

5. Compare Insurance Policies

Comparing different bike insurance policies helps you find the best deal. Get quotes from at least three companies to see which plan offers the best coverage at the right price. So you can get insurance only for the risks that you really care about.

6. No Claim Bonus (NCB)

The No Claim Bonus (NCB) is a great way to lower insurance costs. If you switch bikes or insurance companies, make sure to transfer your NCB so you can keep saving money. Ask how much of your NCB you can keep and under what conditions to make sure your insurance stays affordable.

7. Opt for a Voluntary Deductible

Choosing a voluntary deductible can help lower your premiums. This means that if anything happens, you pay more money out of your pocket, but your insurance costs less. But keep in mind that the higher the deductible, the more you will have to pay in the event that you file a claim.

Is it Mandatory to Buy Two-Wheeler Insurance?

Yes, the law in India (Motor Vehicles Act) requires you to have third-party insurance for your bike if you want to ride it on the roads. This type of insurance covers damage you may cause to someone else.

But having comprehensive insurance is a smart idea because it also covers damage to your own bike, giving you complete financial protection.

Insurance isn't just something you need by law; it's also important for your safety. If you want to know how much your insurance will cost, you can use online tools on insurance company websites to get an estimate based on your bike and needs.

Conclusion

You can lower the cost of your bike insurance by understanding the factors that affect your premium. Knowing these things can help you get the best insurance plan at the lowest price. The tips shared earlier can help you find the right plan with a good price. You can also compare different insurance companies at Square Insurance.