If you are a bike owner, you must invest in good two-wheeler insurance. According to the law, riding an uninsured bike can attract penalties and fines from the concerned authorities. While you can’t ignore paying bike premiums, you can certainly save some money by availing of discounts during policy purchase or renewal.
To help bike owners like you, we have curated the top six ways you can use to claim discounts on your bike insurance premiums. These ways are easy, simple to follow, and practical.
So let’s quickly explore all the possible ways to avail discounts on a bike insurance policy shared below.
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Compare & Buy a Bike Policy Online
The best part about buying insurance online is the significant cost saving. Unlike the offline means of purchasing insurance, you can effortlessly search for multiple bike policies online and compare them against the offered coverage and premium. It allows you to save instant money on policy purchases.
When you buy bike insurance online, you also save time. Multiple bike insurance marketplaces make it easier to compare various policies in one place. Comparing policies will make it easier for people to pick the best policy at a steal price.
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Claim No-Claim Bonus in Future Years
Most people think about saving money while buying bike insurance, but they forget money can be saved even on policy renewal. If you have an already existing two-wheeler insurance policy, you can save money by claiming a no-claim bonus in future years. The insurance company tends to reward policyholders who don’t file claims for a few years in a row.
To reward such policyholders, insurers generally provide a discount on the regular premium rate in future years. The best way to reduce premiums with a no-claim bonus is to avoid filing claims for minor repairs and damage.
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Opt for Higher Voluntary Deductibles
A bike insurance policy contains two types of deductibles. One is the compulsory deductible, which every policyholder has to pay during claim settlement. And the other is voluntary deductible, which the policyholder can choose to pay above the compulsory deductible.
For example, if your two-wheeler insurance policy has a compulsory deductible clause of 5% and you choose paying an additional 5% as a voluntary deductible. In that case, the insurer will be liable to pay 90% of the claim amount.
When you choose a higher voluntary deductible, the premiums tend to get lower and vice-versa. If you are a careful driver and know the chances of road accidents and damages will be minimal, you can consider opting for higher voluntary deductibles.
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Don’t File Claims for Minor Repairs & Damages
This point will help you save on bike insurance premiums in later years. Policyholders who don’t file frequent claims for minor damages or repairs become eligible to claim a no-claim bonus in future years. Additionally, fewer claim requests can help you secure reasonable premiums on new insurance purchases.
While there is no direct relation between fewer claim requests and new insurance policies, insurers tend to view people with fewer claim requests in a good light. It can indirectly help you save some money on future premiums of existing and new policies.
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Choose a Policy with Higher Policy Tenure
When you invest in bike insurance for a longer duration, you get slightly lower premiums than shorter duration policies. Once you have decided on your precise coverage requirements, you can use an online bike insurance calculator to get a near-accurate estimate of premiums. You can change the policy duration in the calculator and monitor the premium changes.
If you have found a reliable insurance provider and a policy offering the required coverage, investing in it for a longer duration is a wide option. It will easily save you from the hassle of frequently looking for newer policies and save you some amount in premium payment. Just remember to renew the policy timely.
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Check if the Insurer is Offering any Discount for Special Cases
It can be rare to see insurance companies offering a discount on insurance purchases, but it isn’t an impossible scenario to occur. When you buy two-wheeler insurance online directly from the insurer’s website, you can occasionally find some discount offers being run.
The offer can give you a percentage of the policy amount as a discount if you pay using a particular bank credit card, or you may receive a certain discount if you buy a longer-duration policy.
The offers can vary from one insurer to another and cannot always be found. You can consider checking if any discount or offer is available by going through the insurer’s website.
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Get the Best Bike Insurance at a Steal Price
A bike insurance premium is an unavoidable and recurring expense that two-wheeler owners cannot avoid. But with the right guidance, they can save some money on their premium payment.
Whether you already have existing two-wheeler insurance or are planning to get one, the tips shared above can help you avail some discount on your premium payments. Depending on your particular case, you can follow one or more tips that match your condition and get a discount.
