How Bikers Can Save More On Two-wheeler Insurance

When buying a new bike, you consider a lot of factors – affordability, design (make and model), brand value, mileage, and other technical details. Insuring your bike is either the last thing you think about or rather don’t consider at all. The only time it demands your attention is when you intend to drive your bike on the road and that mandates a valid insurance cover. So, deprived of any options you blindly buy whatever policy your dealer offers without ever considering the basic pointers that you should know about your two-wheeler insurance.

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In this article, we will cover how you can save on motorcycle insurance costs. But, before that it’s good to know how two-wheeler rates are determined. Insurers typically consider factors to determine insurance premium rates such as your age, gender, marital status, driving record and insurance history, your motorcycle’s make, model and year.

While you can't control all the rating factors above, taking certain steps will help you save more on your two-wheeler insurance.

Increase your Deductible

One of the easiest ways of trimming down your premiums is by increasing your deductible. Deductible is the amount you have to pay out of your own pocket incase of any loss or damage to your bike. You can chip hefty percentages from your insurance bill just by calling up your insurance company and requesting an increase in your deductible. However, a higher deductible means that you will have to pay a large share of the claim in case any loss occurs.

Build up your no Claims Bonus Discount

You can earn big discounts on premiums if you don’t make claims during the term of the motor insurance policy. The discounts vary between insurers but you could knock 20% off your premium if you do not claim for a year, rising to 75% or more for five claim-free years. Hence, if your claim is minor, consider fixing it yourself and keeping your motorcycle insurance rate low.

Tailor your Two-Wheeler Insurance Coverage

Depending on your needs, it may be worth considering an insurance policy with a lower level of cover such as third party, fire, and theft - perhaps if you own an old bike that isn't worth much money. But always remember to read the policy carefully before purchasing to know what you will and won't be insured for.

Shop around for the Right Insurance Quotes

Are you getting the best deal on your motorcycle insurance? Unless you shop around each year and compare prices, chances are you’re probably not. If you think your current insurer will offer you a great deal at renewal, think again.

Compare motorcycle insurance quotes from several insurers before your policy expires.
Once you have found a policy that meets your needs, inquire about discounts, and don't be shy when it comes to negotiating a price.

Each time when it comes to renewing your motorbike insurance, don’t just settle with your existing insurer. Shop around to find a policy that provides better coverage at cheaper rates. So, why pay high premiums when you can get the same coverage at much cheaper rates? Compare now to find the best two-wheeler plan that will help you to save more.