Having an insurance policy as a biker in India is common knowledge and compulsory by law. Statistics shows that India has one of the highest rate of bike related accidents when compared to other countries, this highlights the importance of buying a premium bike insurance policy as a biker just to be on the safe side.
Although bike insurance is compulsory by law, it does not determine the price of the insurance policy you can get and as such, it up to you to shop around for a good bike insurance deal that will suits you.
So, to help you find a very good bike insurance policy at a fair price, I have listed a few tips on how to reduce your premium and get a good deal.
- Choose a modest motorcycle: Well, a bike with a big engine or an older or classic bike would surely attract a more expensive bike insurance premium. Also, any bike that has been customised with different parts will also be expensive. So, it’s advised to go for a modes entry level bike with a small environmentally friendly engine.
- Ride safe and keep your driving record clean of accidents: Any good motorcycle insurance company will most likely check your driving record for any history of reckless driving or accidents, this will help them decide how much your premium should be, which is obviously good for them and bad for you. so, if you want to save more money , it in your best interest to drive safely.
- Don’t make small unnecessary insurance claims: It is very important to avoid making small unnecessary claims on minor dents or scratches that you can easily fix. The reason for this is so that you can qualify for the NO CLAIM BONUS and discounts on your insurance policy for each of those years you don’t claim on your motorcycle insurance policy, which helps you save on your premium.
- Better motorcycle security: Improving your bike security is a very good way to convince your desired bike insurance company to give you a discount on your insurance policy. Reason being that the additional security measure would significantly decrease the risk posed to your motorcycle and as such the likelihood of you claiming for damages or the theft of your bike is very low.
- Get a packed deal: You are more likely to be offered a discount when you choose to insure your other assets through one insurance company, simply they want your business, also they will have both monthly and annual paying option for you to choose from, I would advise you to pay annually if possible because it costs the insurance company more time and resources to process your insurance payment on a monthly basis and as such they would be more likely to offer you a discount on an annually paid insurance package deal.
With good research and the list of tips I have listed above, I am sure you will find a good deal on your motorcycle insurance deal, so that you can concentrate on enjoying your ride safely and with a peace of mind knowing your are well covered and you are not over paying for it.