10 Tips to Avail Affordable Motor Bike Insurance

To ride safely, you must have all the bike riding essentials like a helmet, bike gears, etc. Along with this, you should know the importance of motorbike insurance. Also, saving money while purchasing a motorbike insurance policy makes imminent sense. Below we have mentioned a few tips to avail of affordable motorbike insurance.

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Why Do You Need Motorbike Insurance? 

Two-wheeler insurance is a type of assurance given by an insurance company to a bike owner. It covers the financial liabilities which may occur due to an unforeseen incident.

In India, it is mandatory to have third-party bike insurance for all bike owners. It covers physical injuries, temporary or permanent disability, and the death of a third-party person due to an accident.

10 Tips to Reduce Your Motorbike Insurance Cost

Are you looking to buy new motorbike insurance or to renew your old policy? Below we have given a few tips to decrease your two-wheeler insurance premium-

1. Research Before Buying Bike

Buying a motorbike is a different feeling as it will be your riding companion. Therefore, it is equally essential to consider some points before making a deal. Explore all the choices available with different brands and compare their prices, features, and specifications online. Check their manufacturer's website for rebates before buying a bike.

Also, understand the technical aspects of it. Do not fuss over the power engine, instead buy a bike that you can handle because all these factors will increase your insurance premium.

2. Install Anti-theft Devices

Installing the anti-theft devices in your vehicle has risen in recent years. Adding a security device to your bike will strengthen its security and reduce the probability of it being stolen because two-wheeler insurance companies mainly focus on this risk element. Thus, resulting in a lower insurance premium.

3. Cubic Capacity of Your Bike

The cubic capacity of your bike plays an important role in the process of deciding the premium amount. According to your bike’s cubic capacity, the bike insurance premium is fixed. For example, a bike of 100 CC will have a lower premium than a bike of 200 CC. Thus, your bike’s engine chassis number and make & model are always asked by your insurer while calculating the premium.

4. Choose the Required Add-ons Only

As a policyholder, you get a variety of options as add-on covers. Insurance companies assist you in times of need by offering additional cover. The cost of your basic policy rises if you add these covers to your policy. So, make sure you buy those add-on covers that are useful and worth your money.

5. Transfer Your NCB 

Are you planning to buy a new bike or sell the old one? During this process, do not forget to transfer your NCB. While transferring the NCB, the benefit is given to the policy owner and not the insured bike. You can retain your earned NCB on your old bike insurance policy and thus, save money by transferring it to the new one.

6. Avoid Modifications in Your Bike

A little makeover to your bike that enhances its appearance or even speed will increase the premium. Therefore, it is suggested to avoid such modifications until absolutely required, and it also saves money on a two-wheeler insurance premium.

7. Compare Several Motorbike Insurance Online 

One of the crucial tips is to compare several policies online and choose the one according to your budget and need. Every insurance policy has its own set of features, specifications, and coverages.

These attributes financially protect you from various unforeseen instances and decide your insurance premium. Therefore, you must compare different policies online before making an informed decision.

8. Pick Your Insurance Company Wisely

There are several parameters for purchasing an online motorbike insurance policy. It becomes important to consider factors like- coverage, network garage, claim settlement process, personal accident cover, etc. by your insurer. It is recommended to buy motorbike insurance from an IRDAI certified company. Also, do your research well and check their reviews & feedback online. Along with it, calculate your premium amount with a two-wheeler insurance premium calculator available on the internet.

9. Choose Your Deductibles Wisely 

Choose your deductibles wisely to reduce your two-wheeler insurance premium amount. A deductible refers to an amount you pay the insurance company out of your pocket before the insurer pays for your bill. Thus, ensure that you choose those deductibles which you can afford.

10. Renew Policy On Time

Usually, the policyholders forget to renew their policy on time. Due to this, it becomes void & costs you extra for buying new insurance. Also, you may lose your accumulated bonus or NCB. Therefore, you must renew the policy before the date of expiry to avail financial protection against severe damages and not bear the extra cost of buying a new one.

Summing It Up

Having a third-party bike insurance policy is not only mandatory but also necessary if you do not want to spend money from your own pocket for the repairs. You should buy a comprehensive motorbike insurance policy that protects it at a reasonable cost. To purchase an affordable bike insurance policy, consider the steps outlined above.

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis