For every bike enthusiast, their bike is more than just a ride—it's freedom, convenience, and often, a style statement. But with great rides come great responsibilities, and bike insurance is one of them. However, with so many options available, riders often make the mistake of going for a cheap bike insurance. But is saving a few bucks worth the risks associated with cheap bike insurance? Let us find the answer below and get an idea how to choose the policy that gives you the best coverage without burning a hole in your pocket!
While you can’t skip bike insurance, you can be smart about how much you pay for it. Here are top five ways to lower your bike insurance premium without compromising on coverage.
1. Comparison is Key
Online websites have revolutionised the way we buy and look for
bike insurance. Purchasing bike insurance from aggregator websites not only reduces the operational costs, but also helps you compare and choose the best policy out of several options. Hence, instead of just settling for the first policy you see, it is always better to compare and make a balanced and a well informed decision. Comparing and researching out of several types of bike insurance policies will help you choose an insurance providing the best coverage at the best price and also help you understand what each policy covers, its inclusions and exclusions, and other terms and conditions to finally make the right choice.
Insurers offer two types of bike insurances - third party bike insurance and comprehensive bike insurance. Even though buying comprehensive bike insurance can be more expensive than a third party, it offers an extended coverage thus justifying the costs. Hence, you must always compare and choose the right policy for your bike.
2. Choose the Right Add-Ons
An own-damage and comprehensive bike insurance offer an option to include an extended layer of protection by choosing the necessary add-ons at a nominal additional premium. Hence, you must always make sure to purchase only the relevant add-ons. For example, if you ride your bike in a flood prone area, you must choose the engine protection add-on cover for the same. If you are a frequent rider who travels a lot, being stranded in the middle of nowhere could be a stressful situation. Thus, choosing the roadside assistance (RSA) cover will be an apt choice. Thus, you must evaluate your requirements and avoid redundant add-ons, to keep your coverage and your costs in check.
3. Drive Responsibly for Additional Discounts
Driving responsibly and making no claims in a policy year can help you reduce your bike insurance premium, that too without losing any coverage. Having a good driving record, will not only keep you away from any financial or legal problems but also make you eligible for a No Claim Bonus (NCB). You can earn up to 50% discounts on your bike insurance premium for not making a claim for five consecutive years.
4. Long Term Policies
IRDAI has been constantly trying to make insurance more accessible & affordable. To ensure that no vehicle is running without at least a third party bike insurance, IRDAI has mandated for all insurers to issue a 5-year third party insurance for all new bikes. Opting for a long term policy is a cost effective decision as it will help you with a stable premium and also protect you against seasonal hikes.
5. Installing Certified Anti-Theft Devices
Insurance is all about covering and minimising risks. Installing ARAI-approved anti-theft devices on your bike, you aim to reduce the risk of theft. Insurers often reward this with discounts thus lowering your premiums. By installing anti theft devices, you not only protect your prized possession but also become eligible for additional savings on your insurance.
Bonus Tips for Extra Savings
Apart from the 5 tips mentioned above, we have also helped with 2 additional bonus tips to help you get some extra savings.
- Increase Your Voluntary Deductible: Voluntary deductible is the amount that you would pay from your own pocket in case you make a claim. By agreeing to pay a higher share and choosing a higher voluntary deductible (beyond the compulsory deductibles), you can get a significantly lower premium as it reduces the insurer’s risk. However, you must always ensure that the deductible you choose is affordable for you in the event of any mishap.
- Renew on Time: Timely renewals help you retain your NCB and avoid unnecessary inspection charges or policy lapses, both of which can increase your premium. It is advised that you ideally renew your bike insurance before it expires. Some insurers also offer a grace period of up to 30 to 90 days*. If you fail to renew your bike insurance within the grace period, you might lose your No Claim Bonus (NCB) and face hefty penalties.
*Disclaimer- Read your policy wording thoroughly to check the duration of the grace period, if applicable.
Investing a bit more in your bike insurance might seem daunting at first, but in the end it can provide you with significant benefits in the long run and help you avoid any unforeseen financial expenditure. Conclusively, you can choose the best coverage at the best price and also enjoy a peace of mind while riding your bike since you are financially protected and that too not at a very high premium.
Lowering your bike insurance premium does not mean missing out on coverage or protection. It simply implies using some smart strategies such as comparing policies, choosing long-term plans, customizing add-ons, leveraging your NCB, and installing security devices to ride freely and keep your finances in top gear. Always remember: a little research and timely action can go a long way in maximizing your savings, without compromising your protection.
Since you have made it this far and read about the world of bike insurance, this is your chance to make the right decision! Whether you are a seasoned biker or just started, remember- the right insurance at the right price can make all the difference!
