When protecting your beloved bike, a comprehensive insurance policy is essential. However, the cost of bike insurance can sometimes be a burden on your budget. Fortunately, numerous ways exist to obtain concessions and reduce bike insurance premiums without compromising coverage.
A bike insurance contract is a written agreement between the policyholder and the insurer that commits the latter to pay for losses to the policyholder’s bike. With a bike insurance plan, policyholders can obtain adequate protection if the bike is damaged, lost, or stolen. You can follow some guidelines to benefit from bike insurance at an affordable price. Therefore, the various methods for obtaining concessions on bike insurance are listed below.
How to Save Money on Motorcycle Insurance
To learn about the various ways you can save money on bike insurance, scroll through section:
- The ideal strategy for obtaining bike insurance concessions is to keep a spotless riding record. This means you will qualify for benefits if you have filed relatively fewer bike insurance claims and have never been in a bike accident.
- Many insurance companies offer concessions when purchasing bike insurance plans online, so you might consider doing so. It would help if you also compared various bike insurance plans online to get the ideal deal and bike insurance at low premiums.
- If your bike sustains minor damage, don’t file a claim because doing so will prevent you from earning a No Claim Bonus. Policyholders who do not file bike insurance claims yearly to receive a No Claim Bonus benefit. Additionally, you can receive concessions on bike insurance premiums if you have a no-claim bonus. So, avoid filing multiple claims to benefit from a no-claim bonus and additional concessions.
- You can install security measures like an anti-theft device to make your bike more secure. Bike insurance companies lower the premium on bike insurance plans due to increased safety, enabling you to purchase bike insurance at a lower cost.
- The same concessions apply when purchasing multi-year bike insurance plans. For instance, you can receive concessions on bike insurance premiums if you buy a plan for 4,5 or more years.
Who Should Purchase Motorcycle Insurance?
To be protected if anything unexpected happens, every bike owner must have a bike insurance plan. Having at least third-party bike insurance is required by the Motor Vehicles Act of 1988. You can purchase a comprehensive bike insurance plan in addition to third-party bike insurance, which covers third-party liability, to gain even more advantages from your bike insurance plan.
Thus, you can quickly reduce the cost of your bike insurance by using the tips above. Additionally, you should confirm your eligibility for concessions on bike insurance with various bike insurance providers.
In conclusion, there are several effective ways to obtain concessions on bike insurance. Overall, exploring these various avenues for concessions can help bike owners secure affordable and comprehensive insurance coverage for their valuable two-wheeler.
Standard T&C Apply
All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.