How To Save Money On Bike Insurance

Stephanie Pena
Posted by May 15, 2023

The most common mode of transportation on Indian roadways is the two-wheeler. We often take into account a wide range of aspects while purchasing a two-wheeler, including design, mileage, pricing, etc. But we frequently forget that we also need to purchase insurance along with it. Every motor vehicle operating on the road must have motor insurance. Therefore, it is crucial to take online insurance for bikes into account in addition to the bike’s qualities.

Factors that Influence the Cost of 2-Wheeler Insurance

Your bike insurance’s premiums are based on the following variables: –

  1. Driving history – A cyclist with a history of infractions or accidents is viewed as having a higher risk.
  2. Location – It is well known that urban locations have more claims than rural ones.
  3. Driver’s age – Some age groups have greater claims than others.
  4. Previous insurance policies – If the bike’s cubic capacity has any records of premiums that have not been paid
  5. Driving – Driving more miles annually exposes you to more risk.
  6. Your vehicle’s make, model, and version – Sports bikes have higher premiums

How Can I Reduce My Two-Wheeler Insurance Costs?

Here are a few easy strategies to reduce the cost of two-wheeler insurance: –

1. Maintain a spotless driving record

Maintaining a clean driving record is one of the easiest methods to keep your bike insurance price low. You may keep your driving record spotless by being attentive behind the wheel and adhering to traffic laws. You will be given lower online insurance for bike premium rates at the time of purchase as well as during bike insurance renewal if you have a history free of accidents, fines, and convictions. ##

2. Purchase insurance coverage from a single insurer

You can save money on insurance rates by purchasing all of your plans from the same insurer. You can consolidate all of your insurance policies—including those for your car, house, health, etc.—with one insurance provider and benefit from a sizable premium concession.

3. Pick larger deductibles

By raising your deductible, you can significantly reduce the cost of your bike insurance. A deductible is a sum of money that the insured must pay out of pocket in the case of a bike insurance claim. Decide how much you can afford to pay out of pocket, then set the deductible in accordance with that amount.

4. Boost your credit rating

Did you know that when determining your auto insurance premiums, insurers take into account your credit score? This is justified by the idea that conscientious drivers are those who are less likely to cause collisions.

5. Compare prices

Shopping around is always advised when purchasing insurance. Take your time and contrast the available online bike insurance coverage. It pays to compare premiums as they can differ between insurers. Get immediate insurance quotes as well and evaluate them to make the best decision. Always keep in mind that inexpensive does not equal good. Based on the coverage provided, you must choose the insurance provider.

## 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.