Tips to Reduce Bike Insurance Premiums

Bike insurance is something that most people don’t put a lot of thought into. It is not advisable to always go with the policy that provides coverage at the cheapest cost. It is extremely important to check out the features of an insurance policy and then go for the one which has the most features, even though you might have to pay a little extra for the same.

If budget is your main concern, we can tell you how to purchase the right insurance policy at the cheapest price. In this blog, we have shared some tips that you can keep in your mind while making the decision for purchasing a bike insurance policy within a tight budget.

• Consider purchasing a bike which has travelled lesser mileage as compared to something which has travelled a lot. The insurance premiums for bikes less travelled are always cheaper.
• Older, smaller and cheaper bikes attract lesser insurance premiums. The cost of repairing and purchasing spare parts is lesser in case of such bikes as well.
• Buying modified or unusual bikes is not a good idea if your budget for purchasing insurance is low. Such bikes attract more repairing and replacement costs and attract thieves easily. Naturally, the insurance premiums for such bikes are relatively higher.
• Speaking of thieves, it is essential that you keep your motorbike secured at all times. Park your bike inside a garage rather than parking on the road. You can also use chains, locks, etc. for keeping your bike secured.
• In case you don’t have a pillion, the insurance will work out to be cheaper for you.
• If there have been no claims of the insurance for a few years, the insurance premium would work out to be cheaper.
• Pay the insurance premium in one go rather than paying in monthly instalments. In most cases, monthly instalments work out to be more expensive.

Additional Reading: Benefits of Two Wheeler Insurance Renewal

• At the time of renewal of the insurance, see if similar policies are available with other insurance companies at a cheaper price. It is not necessary that just because you have bought the insurance from one company at the beginning, you have to stick to it forever. Several websites are available where insurance policies can be compared. Do a thorough research before taking the final decision.
• However, if you get all your insurance policies from the same insurer, the premium might work out to be cheaper for you. In many cases, insurance companies provide a loyalty discount.
• If you are an experienced rider, chances are that the premium will be cheaper for you. Insurance companies see experienced riders as less risky than inexperienced ones. The insurance company will look at your records like tickets and accidents to decide on the premium amount.

Additional Reading:- Renew Two Wheeler Insurance Online in 3 Easy Steps

These are some of the tips which will help you in the long run. We have other articles on important aspects of various types of insurance. You can browse through our website and learn about various kinds of insurance in details.