If you have a bike, chances are it is one of the most used vehicles in your garage. You can use it to commute to work, run errands, reach destinations swiftly, and even tour with it. To make sure your bike continues to be useful to you, it is essential to insure it with the right bike insurance policy.
Prevailing laws mandate the purchase of third-party bike insurance. However, spending a bit more and opting for comprehensive bike insurance can help provide all-round protection for your bike. If paying a slightly higher premium is what’s stopping you from opting for a comprehensive policy, then we are here to help.
From opting for an online insurance policy for your bike to maintaining a clean riding record, we list down some ways you can reduce premiums and make bike insurance affordable.
Ways to Reduce Your Bike Insurance Premiums
Take advantage of the following tips to reduce premiums and save on your bike insurance policy: #
Compare plans before buying
Presently, there are many bike insurance plans in the market. You should compare these plans based on two crucial factors: coverage and premium. Check whether a particular plan meets your coverage needs while being within your budget. A plan that provides what you need at an affordable rate is the one you want to go for.
Avoid opting for coverage you do not require
There are many types of bike insurance
policies, with a variety of add-ons as well. You do not have to opt for the most expensive policy or choose multiple add-ons to give your bike its well-deserved protection. Instead, you should take detailed note of the kind of financial protection you need in a bike insurance policy and then opt for a plan that provides you with it. This ensures that you only pay for what you need and not anything beyond that. Claims are subject to terms and conditions set forth under Motor insurance policy.
Avoid claims for small damages
If you already have a bike insurance policy, you can keep the premiums low by raising claims only when necessary. If the damage is minor, you may want to get it repaired yourself to avoid raising a claim on the policy. This indicates to the insurer that you are a responsible driver and may help you avoid high premiums in the future. Further, you also earn the no-claim bonus.
For the uninitiated, the no-claim bonus is a feature wherein, if the policyholder does not raise a claim during the policy tenure, they can enjoy a concession on their renewal premium. Claims are subject to terms and conditions set forth under Motor insurance policy. *
Opt for an online policy
These days, it is easy and accessible to buy online insurance plans as compared to offline plans. By buying online insurance for your bike
, you not only save time but may also save premiums. Many insurance companies have online-only offers which may allow you to save up to a certain percentage on the premium rate. #
Opt for a higher deductible amount
For the unaware, the deductible refers to an out-of-pocket expense that the policyholder has to pay themself before the insurance coverage kicks in. There are two types of deductibles in your bike insurance policy: voluntary and compulsory deductible. While you may not be able to control the amount of compulsory deductible you have to pay, the voluntary deductible can be determined by you at the start of the policy. Claims are subject to terms and conditions set forth under Motor insurance policy.
If you opt for a higher voluntary deductible amount, the resulting premium is low.
You can use any or all of the above tips to achieve the lowest bike insurance
premiums and have an affordable bike insurance plan.
Are Lower Premiums the Most Important Factor?
While having lower premiums with your bike insurance plan is beneficial, remember that it is not the only factor you need to consider. Besides the premium, you should also consider whether you are getting adequate coverage in your plan. Along with third party bike insurance
coverage, there should also be coverage for manmade disasters, natural calamities, fire, theft, and an adequate number of add-ons. *
Also, consider the reputation and the credibility of the insurance company. The claim settlement ratio should also be checked. It denotes the number of claims resolved by the insurance company compared to the number of claims received by them in a year. This can ensure that you have an overall pleasant experience with your insurance policy. *
* Standard T&C Apply.
# All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.