Here’s a guide to reduce premium on bike insurance

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A two-wheeler is an important mode of transport in India, especially when the need for individual transport is being felt by a large number of people. It can move through busy and narrow roads easily and helps beat the traffic chaos, which adds to its popularity. If you own a two wheeler, it is mandatory that you have a third party insurance cover. It acts as a cover by offering protection from the damages due to accidents, saves you from legal liabilities and takes away financial stress. However, a large number of bike-owners don’t pay attention to the insurance policy.

Here are a few simple tips to help you reduce your two-wheeler insurance premium:

Compare

It is beneficial to compare various two-wheeler policies in the market before purchasing. Check the inclusions, exclusions, add-on covers, benefits, premium payment channels, and more. Doing so will help you reduce your premium.

Buy online

Insurance companies offer good discounts on premiums of policies bought online. Because there is no agent commissions.

Avoid raising small claims

If there are any small claims, avoid raising them to benefit from the no-claim bonus. This bonus also helps significantly reduce your premium payable for the next policy year.

Opt for long-term policies

A long-term bike insurance policy is cost-effective as it avoids any increase in the annual premium. In addition, most of the insurance companies offer discounts on premiums charged on long-term policies.

Purchase riders wisely

When you are choosing riders covers for your comprehensive two-wheeler insurance policy, select important ones only. Choosing unwanted ones will only increase the premium amount.

Renew policy on time

If you want to avoid a higher premium amount, you must renew your existing two-wheeler insurance policy before the completion of the tenure. This saves all the benefits you have accrued.

Ask for discounts

When you are buying or renewing your bike insurance plan, you can ask the insurance agent for a discount on the premium. This can be an age-related discount, long tenure plan discount, and more.