How to Get Discounts on Two wheeler Insurance Premiums?

New Delhi [India], April 2: Bike accidents in India are very common, and it has been found that 1 out of every 3 such accidents is fatal. Owing to the gravity of the situation, it is now mandatory to at least have third-patry bike insurance according to the Motor Vehicles Act of 1988. With offline or online insurance for bikes, you will protect your bike from any uncertain events on Indian roads. To help you buy this insurance plan at affordable premiums, various discounts are offered by insurers. So, in this blog, let’s talk about some of the best ways to get discounts on two wheeler insurance premiums.
Types of Bike Insurance

Bike or two-wheeler insurance is a type of insurance plan that provides protection against any damage to your two-wheeler due to an accident, theft, natural disaster, etc. It is mainly of three types: Third-party, Comprehensive, and Standalone Own-damage Insurance policy. While the third-party plan is mandatory as per the Motor laws, the other types can be purchased depending on the requirements of the policyholder. Please note that the premium will vary depending on the bike insurance policy you bought.

Tips to Get Discounts on Bike Insurance
Sometimes, the high premium of bike insurance plans can demotivate bike owners to buy such plans. However, you should not fear the high premiums; instead, look for ways to save on premiums. Some of the tips in which you can get discounts on bike insurance policies are as follows:
* Have a Safe Driving Record: When you have a safe driving history, there is a high chance that the insurer will give you discounts on premiums. This is because the chances of you raising claims and your insured bike’s liability to the insurance company will be lower, and hence, the premiums will be lower, too.
* Renew Your Bike Insurance on Time: Whether you are going for bike insurance renewal online or following the offline route, your insurer can sometimes offer renewal discounts. Renewing your policy not only gives extended insurance coverage but also provides additional benefits at times. So, renew your policy on time to avoid the chances of policy lapse and losing on discounts.

* Installing Safety Devices: The installation of safety devices like anti-theft alarm reduces the risk of the bike from getting stolen. You can also install other safety devices that has been approved by the Automotive Research Association of India (ARAI). On installing these devices, the insurance company gets less liable and thus charge lesser bike insurance premiums.

* Add-ons: While add-ons like Roadside Assistance Cover, Zero Depreciation Cover, No Claim Bonus Protector, etc provide enhanced protection, however, they also increase the bike insurance premium rates. You should opt for these add-ons only if you need comprehensive coverage and occasionally ride your bike.
* Get Different Insurance Policies from the Same Insurer: If you bought a car or life insurance plan from one company, you should try to buy bike insurance also from the same company. This will help in getting discounts on your bike insurance plan.
* Choose Long Policy-term: The policy term refers to the duration for which you will get bike insurance coverage. The policy term can be decided as per the will of the policyholder. Generally, multi-year bike insurance plans come at discounted rates. So, to save on bike insurance premiums, you can buy a multi-year bike insurance plan.
* Opt for Deductibles: Every bike insurance plan has two components: deductibles and voluntary. Deductible is the amount that the policyholder decides to pay from their own pocket in case a claim is raised. This also means that higher the deductibles, lower will be the bike insurance premium.
* No Claim Bonus: No Claim Bonus refers to the discount given to the policyholder in case they do not raise claim in the given policy year. The higher the NCB, the higher will be the discounts on bike insurance premiums. So, make sure to accumulate your NCB, if you do not raise any claim.

Take Away
With the above-mentioned points, it is clear that you can get discounts on bike insurance premiums and stay away from paying excessively on premiums. Just remember that you buy the best bike insurance policy that provides adequate coverage for your bike.