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.

Read more
Get Two-Wheeler Insurance
Starting @ only ₹538/year#
  • Compare & Save upto 85%*

  • 20+ Insurers

    To Choose From
  • 1.2 Crore+

    Bikes Insured

#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.

Stay home & renew bike insurance in 2 minutes
No Documents Required
Get Bike Insurance starting @ only ₹538/year#
Enter Bike Number
Processing
Other options
 

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.

Written By: PolicyBazaar - Updated: 08 February 2022
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

Two Wheeler insurance articles

Recent Articles
Popular Articles
How to Check E-challan Status Online?

04 Oct 2022

In India, many road accidents are caused due to rash driving or...
Read more
How to Repair Minor Dents in Your Bike?

30 Sep 2022

A motorbike, be it of any type, need regular care to keep it in...
Read more
What is the Best Way to Finance a Two-wheeler in India?

29 Aug 2022

Buying a bike or any other two-wheeler has become easier with a...
Read more
Documents Required to Purchase a New Two-wheeler in India

04 Aug 2022

Buying a two-wheeler can be a significant step in one's life as...
Read more
Claiming for Minor Scratches in Bike is Right?

25 Jul 2022

Keeping your bike free from dents and scratches is one of the...
Read more
Best Two Wheeler Insurance Plans in India
When it comes to choosing the best two wheeler insurance plans, we’re sure you have heard enough from different...
Read more
Renew Your Two-Wheeler Break-in Insurance Policy at PolicyBazaar
Owners of two-wheelers have been getting a good night’s sleep as far as their vehicle’s insurance is...
Read more
How to Get Duplicate RC Online & Offline?
A Registration Certificate or RC is as important as the Driving License (DL) or two-wheeler insurance policy for...
Read more
Zero Depreciation Bike Insurance
Every two-wheeler goes through depreciation. Simply put, depreciation of a vehicle means a reduction in its value...
Read more
Traffic Rules in India That Every Two Wheeler Rider Should Know
A two wheeler is probably the first vehicle that most people learn to ride after a bicycle. Nothing ever compares...
Read more