Bike insurance premiums are estimated based on numerous factors such as your area of residence, bike model, engine cubic capacity, type of coverage, and more. However, getting the best insurance plan for your two-wheeler does not require you to pay a high premium quote.
To ensure you get your money’s worth at an affordable price, you can make use of some simple tips to reduce your bike insurance premium. So, in this section, learn how you can save up on the premium cost of two-wheeler insurance.
As a passionate biker, you would want your prized possession to be spotless and dent-free at all times. So, even a tiny scratch on your two-wheeler might tempt you to file a bike insurance claim. But due to this, you shall lose out on the best opportunity to avail an affordable two-wheeler insurance premium that is the NCB.
Insurance providers offer a discount to the insured for a claim-free year termed as the No Claim Bonus. However, on raising small claims, you will lose the NCB reward and a chance to reduce your bike insurance premium. Hence, it is advisable to reserve your claim for major damages and avoid making small claims that you can pay for.
The best way to secure your vehicle at an affordable rate is to compare policies online. This enables you to look at various insurance providers that are offering comprehensive bike insurance side-by-side. Not only does it help with shopping within your budget but also allows you to get better insurance features.
A deductible is an amount that you agree to pay from your own pocket at the time of claim settlement. By choosing a higher deductible, you can enjoy a lower bike insurance premium. Thus, it is recommended to opt for an increased deductible amount that you can afford to pay.
However, it is important to remember that a higher deductible will lead to increased out-of-pocket expenses while filing a claim. So, ensure you choose a deductible amount that you can pay during claim settlement.
Another easy method of reducing your two-wheeler insurance premium amount is by installing anti-theft accessories. The insurer shall offer a low premium on bike insurance if you safeguard your vehicle with anti-theft devices approved by the Automotive Research Association of India (ARAI). So, it is highly recommended to install such equipment to enjoy a bike insurance premium discount and secure your two-wheeler.
Previously, you had to renew bike insurance every year before expiry. For convenience and long term security, IRDAI introduced long-term insurance plans. So, you not only get coverage for a longer period but also enjoy decreased bike insurance premiums. Furthermore, the cost of long-term two-wheeler insurance is more affordable than annual insurance plans. Thus, you can simply opt for such a policy to avail lower bike insurance premium rates.
What is a better way to enjoy a lower two-wheeler insurance premium than opting for online insurance? As there are no intermediaries involved in the online process, you get affordable rates when compared to offline plans. Therefore, it is recommended to buy bike insurance online for cost-effective premiums and for the convenience of shopping from your home! Purchase two-wheeler insurance with Finserv MARKETS now and compare quotes with our bike insurance premium calculator!
Opting for insurance plans from a single insurance company might earn you loyalty points. You shall find numerous general insurance providers where you can buy health, motor, travel and other such policies. On maintaining the same insurer, you might end up getting a discount on your plans.
Add-on covers are extra components that you can combine with your bike insurance plan for additional coverage. Though such covers must be bought separately, the benefits offered are worth the cost. For example, zero depreciation cover ensures that your insurer doesn’t consider your vehicle’s depreciation rate during claim settlement.
Similarly, you can opt for lucrative covers that allow you to save money in the future. However, it is advised to avoid going overboard with the add-ons as it can lead to an expensive premium.
The timely renewal of your two-wheeler insurance plan helps you with maintaining your NCB reward. In case your policy ends up lapsing, you would lose the NCB accumulated over the years. Hence, it is crucial to renew bike insurance before the due date and avoid last-minute payments.
Many insurance companies provide their policyholders with discounts based on age, insurance tenure and other such aspects. So, make sure you ask about any such rewards that can help with availing a low premium on bike insurance.
Everyone enjoys getting discounts for an affordable bike insurance premium. However, it shouldn’t be done at the expense of your bike insurance coverage. Make sure you have sufficient protection against unfortunate perils to avoid out-of-pocket expenses. Estimate the right Insured Declared Value of your two-wheeler with our IDV calculator to make the most of your insurance policy!
Browse through the comprehensive bike insurance plans available on Finserv MARKETS for enhanced security! With lucrative add-on covers, 24x7 roadside assistance, hassle-free claims and more, you can rest assured when it comes to your bike.
Yes. Having a third-party bike insurance plan is mandated by law under the Motor Vehicles Act, 1988. However, opting for comprehensive insurance isn’t compulsory but highly recommended for maximum protection.
You can follow the below-mentioned steps to purchase bike insurance available on Finserv MARKETS:
Go to the ‘Bike Insurance’ section on Finserv MARKETS
Choose the type of coverage you need
Input the required details in the application form
Upload the necessary documents
Pay the insurance premium amount
The bike insurance policy document will be sent to your registered email ID
To avoid losing the NCB discount, it is recommended to renew your bike insurance before the due date. However, if you miss it, the NCB reward is valid for 90 days from the due date of your plan.
You can enjoy the No Claim Bonus on your bike insurance premium by not making any claims throughout the policy period. However, it is advised to only pay for claims that you can afford.
Yes. By opting for a long-term bike insurance plan, you can avoid the hassles of renewing your policy annually and avail lucrative discounts. Read more about long-term two-wheeler insurance on our platform!