5 Ways to Reduce Your Bike Insurance Premium

As you should be aware, if you own a motorcycle in India, the law requires you to have insurance. According to statistics, India has the highest two-wheeler accident rate as compared to other countries. It emphasizes the need for insurance for its two-wheeler.

Although insurance is important and cannot be sidelined, it can be costly and can add burden to your finances. And these days the price of everything seems to be shooting through the roof. So, you are obliged to pay your bike insurance premium with a heavy heart. Well, we can help 5 easy ways to reduce your bike insurance premium. Read on to find out how!

# 1 Choose your bike well

Yes, more exotic bikes or larger engines will definitely cost more. In addition, unusual or modified bikes are considered more expensive when it comes to repair and replacement of their spare parts. Therefore, it would make sense to go for an entry-level motorcycle with a smaller engine. This will attract a lower premium accordingly.

# 2 Maintain a clean driving record as a rider

The insurance company can check your record for any ticket or accident. Therefore, if you have more experience as a rider, you will appear in the eyes of a low-risk insurer. This will help you get the best possible premium. Safe driving will help keep your claims down. Which will give you the benefit of a no-claim bonus in your premium.

In addition to a clean driving record, the insurance company also looks at your ride time and experience. That is, how long have you been riding a motorcycle and what experience do you have with a specific motorcycle to be insured. The more experienced you are as a driver, the lower the risk and the premium cost accordingly.

# 3 Avoid making small claims

If you have not made a claim within the stipulated period, then you are provided with a no claim bonus and rebate by the insurer. Therefore, if you claim for a small loss, you miss out on the no-claim exemption for that particular year.

So, next time you notice a dent here or a scratch there or a broken tail light, skip the trip to the insurer. You can only take care of these minor losses from your pocket at the local mechanic shop.

# 4 increase your bike safety

If your bike is more protected against theft, vandalism and accidental damage, then insurers are obliged to give you a lower premium rate. Therefore, if you install safety equipment and additional security measures, this will reduce the risk to the insured property. Make sure you park your bike in a safe area like a garage. And then insurers are more likely to offer you a premium discount.

# 5 Bundle Your Policies

Why not get the benefit of packaged deal? Which covers all your insurance needs by one insurer. Suppose, if you have a car insurance policy with the insurer, you are also more likely to offer a discounted premium for your bike insurance by the same insurance company.

Apart from these, you have the option of paying premium in yearly or monthly installments. Paying your bike insurance premium annually will also cost you less. In addition, some insurers offer you some discounts if you are part of a riding, touring or automobile association. Not moving the puppy may give you some extra leeway and therefore limit your profit. And when all these factors are taken care of, it will ensure that the insurance premium will not dent your wallet.

Therefore, when it comes time to renew your insurance, don’t settle for just your current insurer. Instead be smart enough to take some time and do deep research online. Compare the various options available and choose the best one according to your requirement.