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The amount of bike insurance premium you pay is dependent on various factors such as your area of residency, bike model, cubic capacity of the engine, the extent of insurance coverage etc. However, buying the best coverage for your bike does not mean that you have to pay a high premium. If paying your insurance premium feels heavy on your pocket, you’ll be delighted to know that there are several ways to reduce your premium. Here are 5 simple financial tips that will help you to save on your premium amount:–
Avoid Making Small Claims
If you are a passionate biker, you would want your bike to be spotless at all times. Even if your bike suffers a small scratch or dent you might be tempted to claim the insurance policy. However, doing so can increase your insurance premium. Moreover, you will lose out on the NCB benefit, which may be significantly higher than your claim amount. Hence, it is advisable to reserve your claim for major damages as it will help you reduce your bike insurance premium.
Raise Your Deductible
Another easy way to reduce your bike insurance premium is by raising the deductible. A deductible is an amount that you agree to pay from your own pocket at the time of claim settlement. Hence, when you increase the deductible, your premium will decrease. However, it’s important to remember that a higher deductible will lead to higher out of pocket expenses while claiming the policy. So make this decision carefully.
Get Anti-Theft Accessories
Investing in anti-theft devices can reduce your two wheeler insurance premium up to 5%. This is because insurance companies charge a premium based on the risk factors. Hence, if you take measures to reduce risks, the insurance company, in turn, reduces the premium.
Opt for Long Term Bike Insurance Policy
Most motor insurance providers offer long term two wheeler insurance policies that are valid for 3 years. Long term insurance policies are slightly cheaper than annual two wheeler policies. Also, buying long term policies saves you from the hassle of frequent renewals.
Buy Bike Insurance Online
When you buy bike insurance online, you can avoid extra expenses like an insurance agent’s fee. Moreover, some companies also offer special discounts on online bike insurance policies.
While it’s important to save on bike insurance premium, don’t do it at the cost of your coverage. Paying a high premium for a policy with a wide coverage makes more sense than saving on premium and opting for inadequate coverage. With our policy, you get the best of both worlds – a wide coverage at a reasonable premium. Buy two wheeler insurance online at Finserv MARKETS and give your precious bike the protection it needs.
Also learn how bike insurance premium is calculated to get an estimate of how much you may have to pay to buy a policy.
Read our top blogs to know more about two wheeler insurance in India:
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