Branded content: Things to keep in mind to reduce bike insurance premium

Buying the best insurance does not mean that you have to burn a hole in your pocket. A comprehensive policy can cover every need and be affordable at the same time. There are few things to keep in mind when getting two wheeler insurance. These can help you save a lot on the premium.

Choosing the Right Bike

You may wish to get a high performing bike with all the latest technology. However, it is essential to note that a higher-performing bike with excellent specification means you will have to spend more on your premium. Claims for expensive bikes are costly. Therefore, insurers charge more for an expensive bike. Hence, when getting a two-wheeler, keep this thing in mind before finalising your vehicle. 

Ride Safe

You always get a bonus in the form of No Claim Bonuses for being a safe rider or driver. Avoid any danger to yourself and the vehicle, and follow all rules. If you can lose the no claim bonus, the bike insurance quote will increase at the time of renewal. 

Avoid Making Small Claims

Having insurance does not mean that you have to file all the claims. If you file a small claim you will lose out on the No Claim bonus which is a more significant saving comparatively. No Claim bonus can go up to 50%. It will allow you to pay half the premium amount for consecutive years. Losing out on this for a small claim is not an intelligent option. 

Policy type

There are numerous policies available with a lot of add ons. The mandatory policy is the basic cover which is Third party insurance. If you do not want to get a comprehensive cover, third party cover is the cheapest and the best option. The third-party cover does not cover the cost of your vehicle in the accident. Choosing a cover which protects your bike as well is a smart decision even if the premium is comparatively high. It will help you save a lot of money at the time of the claim. 

Tenure

Policies with higher tenure are generally cheaper. If you get into a long-term engagement with the insurer, the policy will be cheaper. It will also save you the hassle of renewing insurance again and again. They are more economical than the polices provided for one year. Get a 3-year bike insurance for extra savings.

Anti-theft device

An insurer does give benefits if you protect your vehicle. Installing an anti-theft device will not only protect your vehicle, but will allow you to have the advantage of lower premium You must declare the installment of the anti-theft device at the time of renewal to avail of the benefits.

Check before renewing

Before renewing your policy with the same insurer, compare other policies online. With a lot of competition, insurers are offering many discounts and access to a few of these can lower your premium amount. Comparing the prices online will allow you to have a better idea on which policy you should get. Get your bike insurance online the hassle-free way.

Also see:

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Buyer's guide: classic bikes

No physical documentation required: MoRTH on amendments to CMVR