How to reduce your bike insurance premium?

Every person is on the lookout for cutting costs in their daily lives. With the cost of living increasing regularly, no individual would like to pay higher premiums on their insurance policies and thereby it becomes a prerequisite that we educate ourselves about the various ways in which we can reduce our policy premium. Reduction in bike insurance premium should not come at the cost of compromising with absolutely necessary features of the policy. Hence one has to think smart and adopt the following measures:

  • Choice of vehicle- Smaller, older and less expensive vehicles have less powerful engine and thus reduces the premium of the policy because the repair and replacement costs for them is lower than a new and more expensive bike. Also any extra, expensive modifications in the bike should be avoided as it tends to raise the premium cost due to difficulty in its replacement.
  • Reduced mileage- Lesser is the time spent by the bike on the road less will be its wear and tear. Not only that, it also reduces the risk of accidents and other mishaps on the road and thus reduces the chance of making a claim. Premiums tend to reduce if the claim made by the insurance holder is less.
  • Protection of your bike- It is always advisable that you take proper care of your bike to reduce the risk of damage. It should be kept safe in garage when not in use and proper servicing should be carried out from time to time to increase its longevity. All these ensure reduced claims and thus reduced premium.
  • Experience of the biker- Needless to say, the more experienced the biker, lesser are the chances of accidents. This makes the insurer trust the policy holder more and based on their past history can lead to reduced premiums.
  • Choosing voluntary excess- As per this rule if the biker chooses to pay the excess costs when involved in an accident they the premium allotted against the policy reduces.
  • No Claim bonus- As per the rules if a person does not make a claim for one whole year, he/she is entitled to receive a discount the following years. This builds up in the progressive years if you do not claim any insurance and can thereby lead to a reduction in premium to be paid in the successive years. Over the years the No Claim Bonus facility can reduce the premium by almost 50%.
  • Paying the full premium at a go- If the policyholder chooses to pay the entire amount of premium at one go it premium value is lesser as compared to when he/she opts to pay in monthly installments.
  • Always compare before settling for a policy- It is best to keep your options open and compare all the policies in the market before choosing the one that suits you the best. It is not necessary to go for the comprehensive bike insurance, which is more expensive.  


So keeping the above points in mind you can opt for a more pocket friendly premium for your bike insurance.


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