Two-wheeler insurance is necessary for every bike owner in India, providing financial protection in case of accidents, theft, or natural disasters. However, the premium can feel like a growing commitment as it increases annually. Fortunately, certain ways to reduce your premium without compromising on coverage exist.
If you’re looking to save money on your policy, here are some helpful tips that can significantly impact your online two-wheeler insurance purchase.
What You Need to Know About Bike Insurance?
Before looking for ways to reduce your premium, take the time to understand your online two-wheeler insurance policy. When buying two-wheeler insurance online, ensure that you choose a policy that fits your needs. You may opt for a cheaper policy, but ensure you are sufficiently covered.
9 Ways to Lower Your Two-wheeler Insurance Premium
With a few smart choices, you can cut costs and keep good bike coverage. Here are some easy ways to save on your premium:
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Opt for a Higher Voluntary Deductible
One simple way to reduce your premium is by opting for a higher voluntary deductible. This means you agree to pay a greater personal expense if you file a claim, which reduces the insurer’s risk. As a result, your online two-wheeler insurance premium is lowered. However, be careful when choosing a deductible amount. It should be an amount you can comfortably pay in an emergency.
Pro Tip: When choosing a higher voluntary deductible, ensure you are financially prepared to cover the cost should an accident or mishap occur with your online two-wheeler insurance.
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Avoid Unnecessary Add-ons
Carefully evaluate which add-ons are essential for you. Add-ons like anything that is unnecessary because that will raise your online two-wheeler insurance premium. Additional covers such as zero depreciation cover, engine protection, or consumables coverage can make the policy quite pricey.
Pro Tip: Consider only those add-ons that are truly necessary for your bike’s protection and avoid excess coverage that may not add much value.
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Maintain a No-Claim Bonus (NCB)
One of the best ways to lower your online two-wheeler insurance premium is by maintaining a No-Claim Bonus (NCB). The NCB in bike insurance is a bonus for going without claims in the prior year. As you accumulate more claim-free years, your discount on renewal premiums increases. Mostly, the discount starts at 20% in the second year and can go up to 50% after five consecutive claim-free years.
Pro Tip: If you switch insurers, transfer your NCB in bike insurance to take advantage of the discount.
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Install Anti-theft Devices
Most insurers offer discounts to bike owners who install security features like GPS tracking systems, alarm systems, or other anti-theft devices. These devices minimise the theft risk, making your bike a safer investment. By investing in these devices, you not only protect your bike but also lower your online two-wheeler insurance costs.
Pro Tip: Check with your insurer about the types of anti-theft devices that qualify for discounts before installation.
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Renew Your Policy on Time
Another easy way to keep your online two-wheeler insurance premium affordable is to renew your policy on time. Late renewals can result in higher premiums due to administrative fees or the loss of the NCB in bike insurance discounts. You can also set reminders to renew your policy in advance.
Pro Tip: Some insurers offer discounts for renewing early, so it’s always best to renew your online two-wheeler insurance policy before the due date.
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Compare Insurance Providers
Don’t settle for the first quote you receive. When purchasing online two-wheeler insurance, always compare policies and premiums from different insurers. Use comparison websites to check multiple offers, coverage options, and discounts. Even small differences in premiums can add up over time.
Pro Tip: Look for insurers that provide benefits like 24/7 roadside assistance, cashless claim services, and a quick claims process.
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Choose a Long-term Policy
If you plan to keep your bike long, consider purchasing a long-term two-wheeler insurance policy online. Many insurers offer discounts for buying policies that last two or three years rather than renewing yearly.
Pro Tip: Review the terms and conditions before committing to a long-term online two-wheeler insurance policy to ensure it suits your needs.
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Avoid Modifications
While personalising your bike with modifications can be tempting, it can increase your online two-wheeler insurance premium. Modifications, especially those related to performance upgrades, can raise the risk of accidents, making insurers more likely to charge a higher premium. Keep your bike in its original condition to avoid unnecessary premium hikes.
Pro Tip: Stick to the standard features of your bike to avoid unnecessary insurance premium increases.
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Bundle Policies with the Same Insurer
If you already have other insurance policies, such as health or car insurance, bundling them with your online two-wheeler insurance can help reduce premiums. Many insurers provide discounts for customers who choose multiple policies with them.
Pro Tip: Check if your insurer offers bundling discounts or loyalty benefits.
Whether you choose a higher voluntary deductible, maintain a No-Claim Bonus (NCB), or install anti-theft devices, every little effort counts towards lowering your premium. Review your policy regularly, renew on time, and compare offers from different insurers to ensure you get the best deal.
