According to the Motor Vehicles Act of 1988, a bike policy is required just like any other type of auto insurance policy. Motorcycle insurance includes two different types of insurance.
- Motorcycle third-party liability insurance
- Comprehensive motorbike insurance
The damages incurred by any third parties involved in an accident will be covered in part by third-party bike insurance. This insurance, for instance, would aid in covering any damage if your motorbike unintentionally struck a pedestrian crossing the street.
On the other hand, comprehensive insurance covers events like theft, burglary, natural disasters, fire, damage from fire, self-ignition or explosion, etc.
How can you get motorbike insurance at a lower price?
Because they believe it to be unnecessary and expensive, many people choose to forgo motorcycle insurance. But that viewpoint will undoubtedly alter if one compares the coverage offered to the premium paid.
Additionally, reducing the cost of your motorbike insurance would be best. These are the methods you can use to do it: –
Comparing various insurances
You can clarify many aspects by comparing the various online motorbike insurance policies. You can compare the advantages and costs of the various bike policies with different insurances and pick the one that best fits your requirements and price range.
Before the insurance expires, renew it
Before it expires, you should renew your motorbike insurance to ensure coverage continuity, avoid losing your No Claim Bonus, and avoid incurring obnoxious fees like late fees. By renewing your insurance before it expires, you can avoid paying these expenses, which significantly increase the premium for your policy.*
Limit your claims to major expenses
Repairing minor damages like dents can occasionally be done for a nominal price. Therefore, you can retain your NCB, or No Claim Bonus, if you do not file claims for minor repairs. Through NCBs, the majority of insurers provide quite a significant concession. You can only make a claim if your online bike insurance renewal is done.
Utilise add-on cover options to your advantage
Most motorcycle insurance policies include add-on coverage options, so skipping them can help you significantly reduce costs. These supplemental coverage options include additional fees for the policy’s base premium. You can dramatically lower the cost of your motorbike insurance by reviewing your policies and eliminating the ones you don’t need.
Increasing your voluntary excess
It refers to the amount you shell out if a claim is made. When you purchase the policy or renew it, you can lower your premium by a significant amount by raising your voluntary excess. You must speak with your insurer about the voluntary excess to take advantage of this benefit and reduce your premium. Use a bike insurance calculator to determine how much premium you must pay.
Due diligence is always beneficial when purchasing or renewing motorcycle insurance. Read the fine print before purchasing and after renewing your policy. Ensure you know how everything functions to avoid paying more for a policy that provides less.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.