7 Ways You Can Save on Your Bike Insurance

Every now and then we try to adjust with the hooping rates of everything. Thankfully, the financial experts have designed some insurance products that we can customize according to our comfort. Like bike insurance premium it is the amount you pay annual to avail the insurance benefits from the plan or the coverage to protect your two-wheeler in unforeseen event.
You can probably decide the cheapest amount you pay as premium by simply adhering certain tricks. Here we go:

1. Go for Less-expensive One
   
   The exotic bikes with huge engines will be more expensive than a regular bike with a small engine. Your premium will be low if you select a cruiser than buying a sports bike. Premium is also low with used bikes than the new one.
   
   
2. Opt for More Deductibles
   
   Deductibles are the amount the insured willingly pay for the damages and the insurer pays for the rest. More you cover the risk, the lower the premium. When you agree to pay for higher deductible, it means a larger share will be paid by you that lower the premium.
3. Cut Down the Unnecessary Cover
   
   The riders are free to choose the cover they actually need. However, third party legal liability cover is mandatory in India, the comprehensive and collision plan is completely optional. You should analyse your need before buying a cover. Because buying a comprehensive or collision cover to your old vehicle doesn’t make any sense. A single third party cover is enough and this way you can lower the premium also. Also by dropping specialized coverage like accessories, you can save on premium. Again if your health insurance cover for medical expenses or other hospitalization related costs, there is no need to take add-on medical cover with your bike insurance.
4. Prefer Taking Your Bike Insurance from the Same Insurer
   
   Grouping your bike insurance with other insurance policies from a single insurer is a good idea to get discount. If your health insurance, car insurance, travel insurance is with the same insurer, you may insist for better discount on the premium.
5. No Claim Bonus
   
   By claiming less you can reduce your premium rate. No Claim Bonus is offered for every claim free year which ranges from 20% to maximum of 50%. So you can avail some discount by obtaining NCB every year.
6. Compare Premium
   
   When your renewal day has arrived, don’t settle done by paying the amount and remain with the same insurer. Compare other sites, the policies offered by various insurers and look for discount. Also try convincing your insurer to settle with a better deal. You can compare the plans by using bike insurance calculator and don’t hesitate to switch to another if get the better deal.
7. Driving RecordIf you have a good driving record, there are chances of minimal accidents. Thus, you can create an image of less risky in front of the insurer and may not charge you much for your bike insurance.

We hope this help you keep a check on your premium and deal with it smartly!