In a country like India, motorcycles form a bulk of what the general public prefers as their daily mode of transport. Some of the defining reasons why motorcycles are so popular includes their fuel efficiency, relatively low cost of maintenance and the unparalleled ease of navigation they offer on the road. Now, if you own a motorcycle, the law requires you to have it insured. Given how the price of things seems to be moving north with each passing day, you can do a lot towards choosing the right policy for your two-wheeler and optimizing premium costs.
It’s not just about comparing quotes and shopping around for the best policy – there are some pretty effective ways to tweak and tune what the insurer can bill you for the premium. When it comes to saving money on motor bike insurance, there are two ways of looking at the problem:
- You can opt for the most stripped down, basic policy which offers the bare minimum coverage for your vehicle.
- You can choose a more comprehensive policy, pay a higher premium which can be optimized and lowered and save money in the long run.
Given that the bare minimum coverage approach might end up leaving you open to paying more in terms of repair and maintenance costs, we’ll take a quick look at what we can do to lower the premium you pay on a decent, more comprehensive coverage.
Steps to Save on Two Wheeler Insurance Premium:
- Maintain a Clean Driving Record - Insurers like to insure those who need it the least. In other words - low risk drivers without a history of accidents and dangerous on road behavior. If you have a clean driving record, there is a good chance that you’ll be asked to pay a lower-than-average premium for your coverage.
- Choose Your Bike Well - This is truly an important point which cannot be stressed on enough. If you choose a relatively expensive bike with a powerful engine or a vehicle which may be classified as rare or exotic by current market standards, you are likely to pay a hefty premium. On the other hand, if you choose a more standard vehicle, an older model or for that matter even a used motorbike, insurers tend to offer you competitive premium rates based on the fact that repair and replacement costs tend to be significantly lower in such cases.
- Pay Annually - If you choose to pay your total yearly premium in full right after purchasing the policy, it can cost you lesser than what you might have paid by the way of monthly premium payments. Some insurers are known to bill less if the annual due is paid all at once.
- Don’t Make Small Claims - No-claim bonuses and discounts are awarded to drivers who haven’t made any claim in a defined period of time. A dent here or a scratch there should be either ignored or taken care of by paying out of your own pocket. If you make a claim against small damages, you are liable to lose the no-claim discount for that particular year.
- Join a Riding Association - Some if not almost every insurer provides a small to a medium discount to customers who belong to a riding, touring or Automobile Association.
- Boost Your Bike’s Security -The more secure your bike is against theft, vandalism and incidental damage, the more likely insurers are to offer you a lower premium rate. Since safety equipment and additional security measures (generally ARAI approved) decrease the risk posed to the insured property, insurers are more likely to offer discounts.
- Bundle Your Policies - This is what you’d call a package deal. Insurers prefer to have their customers buy more than just one of their policies. So, if you have a home insurance policy with Insurer X, they are more likely to provide you with a discounted premium if you also buy your motorcycle insurance policy from them.
- Avoid purchasing and installing aftermarket components on your vehicle.
- Avoid purchasing imported, modified or unusual motorbikes.
- Avoid increasing the mileage on your bike unnecessarily.
- Getting rid of your pillion can also translate into a lower premium rate.
- When it comes to renewing your policy, don’t settle for your current insurer and shop around a little.
With a little tuning and some ingenuity, you can work towards bringing down the bike Insurance premium you pay against your two-wheeler by quite a margin. What you need to do is shop around, thoroughly research your insurer, their policies, exclusions and the limits of their coverage. After all, insurance might be a legal necessity but it doesn’t mean you should burn a hole in your pocket by paying for it.
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