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Two-wheelers make up a significant portion of the Indian transport segment. They make it easier to glide through narrow Indian roads and are incredibly comfortable for commute purposes.

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Whether you live in any Indian metro city or a town, you can easily see the number of two-wheelers plying on Indian roads outnumbering any other transport means. But did you know that riding an uninsured bike or motorcycle can attract hefty penalties and fines?

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Authorities can issue you a challan or hefty penalty if you are caught riding an uninsured bike, irrespective of the location. While the government requires bike owners to invest in at least third-party insurance, you can look around for better options if budget is not an issue. If you are concerned about your bike’s safety and the potential financial damages from a possible road accident, you should not settle for lesser coverage.

To help bike owners like you get the best coverage at reasonable premiums, we’ve curated this epic guide featuring all possible tips to help you save on your bike insurance premium. So let’s quickly check the tips shared below.

Compare bike insurance policies online

If you are looking for bike insurance offering decent coverage at a competitive premium, compare the available options online. You can take the help of an online bike insurance calculator to shortlist policies that provide better coverage than the rest at attractive premium rates. When comparing insurance policies online, ensure you’re comparing similar policies for the best results. For example, comparing quotes for a comprehensive bike insurance plan with a third-party policy is not the wisest thing to do.

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Don’t file claims for small repairs

Insurance companies reward bike owners who don’t file claims for a set of continuous years, say two or three years or more. The reward is in the form of discounted premium starting from the renewal period. Bike owners with existing insurance can save on their premiums during renewal if they have passed at least two or three claimless years.

You can take its benefit and enjoy lower premiums in the future by avoiding filing claims for minor repairs. Whether it is routine maintenance or a small repair, the two-wheeler owner should take care of it from their pocket. The more unnecessary claims you avoid, the better your chances of unlocking the no-claim bonus benefits will be.

Only invest in relevant add-ons

Riders or add-ons are purchased separately to enhance an insurance plan’s coverage scope. If you feel the standard offered coverage is insufficient, you may invest in relevant add-ons. However, a mistake you should avoid at all costs is buying add-ons that aren’t needed. Every add-on you choose will come with an additional cost, ultimately increasing the premium value.

Third-party insurance plans don’t come with add-on options, but you can choose to get some amazing add-ons with comprehensive bike insurance. Roadside assistance, consumable cover, zero depreciation cover, return to invoice cover, and engine protection cover are some add-ons you can choose to upgrade your policy coverage. Just remember you’re only selecting add-ons needed to avoid unusually high premium amounts.

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Always pay policy renewal premium on time

Renewing your two-wheeler insurance policy on time is the best way to enjoy uninterrupted coverage benefits. It is also a proven and excellent way to keep your premiums in check. Irrespective of the insurer you have selected, you can expect an increase in premium if you delay your policy renewal. If you miss your policy renewals more than once, your future premium rate can get severely impacted. Another negative aspect of untimely policy renewals is you may lose access to no-claim bonus benefits, eventually hurting your premium rate in the long run.

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Install anti-theft devices

Although there is no direct correlation between installing anti-theft devices and lower insurance premium, it can indirectly impact the premium to a certain extent. When you apply for bike insurance online, the insurer can positively see applicants having anti-theft devices installed on their motorcycle.

It gives insurance companies an indication that the vehicle owner is concerned about its safety and would be careful while riding, reducing his chances of filing claims. So if you have purchased a new bike or the policy renewal date is approaching, you might consider installing some anti-theft devices.

Choose to pay higher deductibles

When you file a claim application and it gets approved, you are required to pay a certain percentage or fixed amount from the claim amount, and the insurer pays the rest. The amount required to be paid by the policyholder is known as deductibles. If you opt for higher deductibles, you will get lower premium rates and vice-versa. You shouldn’t worry about choosing higher deductibles if you’re a skilled and careful rider.

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Look for special offers on particular bank cards

Some insurance companies may run offers in partnership with particular banks. As a result, you can get a certain discount while buying your bike insurance. Depending on the available offer, it can be a one-time discount or a recurring discounted premium for a certain period. While such offers can be rare, they are not impossible to spot. You can easily conduct a quick search online to find out about any existing offers to save on your purchase or renewal.

Get the best bike insurance at a competitive premium

The best coverage doesn’t come cheap, but it doesn’t mean you cannot find policies offering the best coverage at reasonably affordable premiums. All you need is definite and proper guidance to find the ideal policy or ways to save on your selected policy. If you’re concerned about your two-wheeler’s safety and want to provide it with the best coverage, use the ways discussed above to get the best bike insurance plans at reasonable premiums. You can certainly save a lot more following these methods than you would have otherwise.

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