Five Ways to Reduce Your Bike Insurance Premium

Five Ways to Reduce Your Bike Insurance Premium

You should be aware that if you have a motorcycle in India you are required to insure it. Statistics show that India has the highest number of two-wheeler crashes compared to other countries. This alone highlights the importance of having insurance on your two-wheeler.

Insurance is essential and should not be ignored. However, it can be costly and increase your financial burden. The cost of everything is on the rise. You will likely pay your bike insurance premium with a heavy mind. We have 5 simple ways to lower your bike insurance premium. Continue reading to learn how.

#1 Choose Your Bike’s Well

Yes, bikes with larger engines and more exotic designs will definitely cost more. The cost of repairing and replacing spare parts on modified or unusual bikes is higher. It would be a better choice to buy an entry-level motorcycle that has a smaller engine. This would result in lower premiums.

#2 As a Rider, Maintain a Clean Driving Record

Insurance companies may review your records for tickets and accidents. The insurer will consider you less risky if you have more riding experience. This will allow you to get the highest premium possible. Your claims will be kept low by driving safely. This would also increase your premium with the No-claim Bonus.

Insurance companies also look at your riding experience and time. This means that the insurance company will also look at how long you have been riding motorcycles and how much experience you have with a particular motorcycle. Higher levels of experience as a driver will result in lower premiums and higher risk.

#3 Don’t make small claims

Insurers will give you a No-Claim Bonus and discounts if you don’t make any claims within a specified time period. If you file a claim for minor damages, you will lose the no-claim discount.

Don’t go to the insurance company if you see a dent or scratch on your vehicle or a broken taillight. These minor damages can be repaired at your local mechanic shop.

#4 Boost Your Bike’s Security

If your bike is less likely to be stolen, vandalized or suffer from other damage, the insurers will offer you a lower rate. You can reduce the risk to your insured property by installing safety equipment and other security measures. You should ensure that your bike is stored in a safe area such as a garage. Then, insurers will be more likely to offer premium discounts.

#5 Bundle Your Policies

You can get all the benefits of a package deal. This package covers all of your insurance needs. If you have car insurance with an insurer, the same company is more likely than not to offer you a discount on your bike insurance.

You also have the option to pay the premium in monthly or annual installments. You will also pay less if you pay your bike insurance premium each year. A few insurance companies offer discounts to members of riding, touring, or automobile associations. You can get an additional discount by not carrying a pillion. Limiting your mileage will also help. All of these factors, when taken together, will ensure that your insurance premium won’t be a burden on your pocketbook.

Don’t settle for the current insurance company when it comes time to renew. Be smart enough to spend some time online researching. Compare all the options and choose the one that suits you best.

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