As you must be aware, if you own a motorcycle in India, the law requires you to have it insured. According to statistics, India has the highest rate of two-wheeler accidents as compared to other countries. This itself emphasizes the need of insurance for your two-wheeler.
Though insurance is important and can’t be bypassed, it could turn out to be expensive and add burden to your finances. And these days the price of everything seems to be shooting through the roof. So, you are bound to pay your bike insurance premium with a heavy heart. Well, we could help you with 5 easy ways to reduce your bike insurance premium. Read on to know how!
#1 Choose Your Bike Well
Yes, more exotic bikes or the ones with bigger engines definitely will cost more. Also, the unusual or modified bikes are considered to be more expensive when it comes to the repairs and replacement of their spare parts. So, it would be wiser to go for an entry-level motorcycle with a smaller engine. This would attract lower premiums accordingly.
#2 Maintain A Clean Driving Record as A Rider
The insurance company may look at your record for any tickets or accidents. So, if you have more experience as a rider, the less risky you will seem in the eyes of the insurer. This will help you in fetching the best possible premium. Driving safely will help keep your claims low. Which correspondingly would add the benefit of No-claim Bonus to your premium.
Besides a clean driving record, the insurance company also looks at your riding time and experience. That is, how long have you been riding motorcycles and what experience do you have with a specific motorcycle to be insured. The more experienced you are as a driver, lower would be the risk and the cost of premium accordingly.
#3 Avoid Making Small Claims
If you haven’t made any claim in a defined period of time, you are awarded a No Claim Bonus and discounts by the insurer. So, if you make a claim for small damages, you are bound to lose out on the no-claim discount for that particular year.
So, the next time you notice a dent here or a scratch there or a broken tail light, skip the trip to the insurer. You could just take care of these minor damages from your own pocket at a local mechanic shop instead.
#4 Boost Your Bike’s Security
The insurers are bound to offer you a lower premium rate if your bike is more secure against theft, vandalism and incidental damage. So, if you install safety equipment and additional security measures, it will decrease the risk posed to the insured property. Make sure you park your bike in a secure area like a garage. And then insurers are more likely to offer you premium discounts.
#5 Bundle Your Policies
Why not get the benefits of a packaged deal? that gets all your insurance needs covered by one insurer. Let’s say, if you have a car insurance policy with an insurer, then the same insurance company is more likely to provide you with a discounted premium for your bike insurance as well.
Besides these, you have the option of paying the premium annually or in monthly installments. Paying your bike insurance premium annually would also cost you lesser. Also, if you are part of a riding, touring or automobile association, a few insurers do offer you some discount. Not carrying a pillion can earn you some extra discount and so is limiting your mileage. And all of these factors when taken into consideration will ensure that the insurance premium doesn’t make a dent in your wallet.
So, when the time comes to renew your insurance, don’t just settle for your current insurer. Instead be wise enough to spare some time and do a thorough research online. Compare the various options available and pick the one that best suits your requirement.
The author is a content writer. In this article she mentioned the various ways that how to reduce your bike insurance premium.