Seven Tips to Save Premium on Bike Insurance

Have you looked at two-wheeler insurance rates? 

Let me tell you right here, they may not be as outrageous as the car insurance policies, but they can be quite a load on your wallet. And what’s the point of paying so much for bike insurance premiums when you’re not getting fair returns?

Which reminds me, what do you expect from your motor insurance?

You see, people usually ask for advice from their parents, friends, or family. Or, they go by what the TV says is best. But, what you overlook, is that your insurance needs can be vastly different from others. And there is no point in paying higher premiums if the policy doesn’t suit you.

So, here is a small guide for you. Figure out seven ways to choose a bike insurance plan while saving up on the premiums.

1. Why Do You Need a Bike Insurance?
   Bajaj Allianz, or any other similar insurer, has a plan you like, let’s suppose. It’s expensive, but it offers excellent discounts to members of a particular riding association.
   
   Only, you are not a member of any riding associations!
   There, your needs and their offered benefits do not align. And hence, while it may come highly recommended by a friend, it isn’t of much use to you.
   List your requirements. What covers do you need? Other than basic safety, accidents, and theft coverage, what other riders or additional features you want to add to your policy. Then, pick an insurer based on this list and subsequent insurance prices.
2. What Kind of a Bike Do You Own?
   If yours is a rare model, custom-designed, with all kinds of extensions and modified parts, it’ll be just as expensive to replace it or get it repaired. Apparently, an insurer would charge you higher premiums for such a bike.
   
   On the other hand, insurers offer competitive premium rates on a standard vehicle which is easily replaced or repaired.
3. How Frequently Would You File Claims?
   Insurance policies offer a No-Claim benefit. If you don’t make any claims in a particular period, a small amount (called as the No-Claim bonus) is added to your assured sum. Over the years, this counts as an advantage because your insured amount increases without affecting your premiums. 
   If, however, you make frequent claims for incidents as tiny as a dent or a scratch, you will lose this edge. 
   Also, if you miss out on the deadline for paying your bike insurance renewal fee, you’ll need to buy another insurance as this one would lapse, as would the No-Claim benefit you had accumulated for it.
4. What's Your Deductible?
   The insurance deductible is an amount of money that you will pay in case of a claim. Only after you’ve cleared the deductible, the insurance company would offer you the promised coverage amount. 
   Adjust the deductible while buying any two-wheeler insurance policy. A higher deductible is less risky for the insurers. Hence, they let you pay lower premium amounts. 
   However, make sure you have enough funds to pay the deductible in case of an accident. Otherwise, you’d risk losing the claim entirely.
5. Preferred Operator and Age-Related Discounts- Do You Qualify for Any?
   What’s your driving record?
   Motorcycle riders who have a clean driving record (very few accidents, traffic violations, tickets, etc.) are called preferred operators. Many insurers often offer such customers significant discounts as well as lower premiums.
   Also, many insurers offer discounts to mature riders who also happen to have a safe riding record. Although, what qualifies you as a preferred operator may change with every insurance company. Remember to ask for the rules in case you think you’d be eligible for either category.
6. Do You Have Any Network Advantages?
   Have you ever been a part of any motorcycle associations? Do the names Motorcycle Safety Foundation, Harley Owners Group, or Motorcycle Touring Association ring a familiar bell?
   If you have a touring, riding, or automobile membership, you may get to enjoy 10% or so of discounts on the premiums. Of course, insurers will differ in their opinion on different riding associations. Shop around to find the two wheeler insurance, third party or otherwise, which accepts your riding membership as a valid ground for availing discounts.
7. Can You Bundle Your Policies?
   If you have a house insurance, car, or health policy from the same company, they are more likely to offer you discounts on bike insurance premiums. Dig around for any other benefits said company provides on buying multiple insurance plans from them.

Shop around, Check Online- You'll Find Many Ways to Lower Your Bike Insurance Premium

The online two-wheeler insurance segment is developing fast. Combined with the offline policies, the whole bunch offers you many choices to pick from regarding premium and benefits.

Of course, you will also need to pay attention to things that weren’t as important for buying insurance previously, like Credit Score.