29/02/2024

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5 Tips For Saving Money On Bike Insurance Premiums

Two-wheeler insurance policies are essential for every bike owner due to the many vehicles and frequent infractions of traffic laws. However, one must select an appropriate approach and policy provider based on the budget and needs. The premium will be higher the more coverage one chooses. Sadly, some bike owners are unable to afford a higher premium.

So, they choose a low-cost insurance plan. Choosing insurance policies with lower premiums is not a wise move. This article will assist in obtaining adequate protection while minimising premium costs. ##

Ideal Practices For Lowering Bike Insurance Premiums

Bike owners should consider the variables influencing insurance rates before choosing a suitable two-wheeler insurance policy. The following are the ideal recommendations for reducing insurance premiums:

  • Don’t Make Small Claims

Policyholders shouldn’t file insurance claims for insignificant dings and scratches. As a result, they will be more likely to be eligible for a No Claim Bonus (NCB). When a policyholder maintains a year without filing a claim during the policy term, insurance companies offer NCB. *

  • Choose A Higher Deductible

In the case of claim settlement, insurance companies do not cover all expenses. Therefore, they charge policyholders for the deductible. Policyholders can get a lower bike insurance online premium by selecting a higher deductible. One must first ensure he can afford the higher deductible amount before deciding. This is because it will raise their out-of-pocket costs while they are claiming settlement. An early evaluation can assist in choosing the appropriate deductible amount. ##

  • Online Insurance For Bikes

A great way to reduce the cost of bike insurance is to buy bike insurance policies online. Policyholders are not required to rely on intermediaries and can select a suitable insurer at their convenience. The online transaction is also simple and free of extra fees like broker commission.

  • Install Theft-Prevention Tools

When installed, anti-theft devices certified by the Automotive Research Association of India (ARAI) can lower insurance costs. It’s because these theft prevention devices reduce the likelihood of theft. It consequently lowers the insurance company’s obligations to the insured vehicle. As a result, they provide insurance holders with lower  Bajaj Allianz comprehensive bike insurance premiums.

  • Comparing Various Insurance Programs

Comparing the insurance policies of various insurers is another efficient way to obtain lower premiums for bike insurance policies. Bike insurance policies come in a variety of options from insurance companies. A convenient policy can be selected based on needs and finances. ##

Therefore, policyholders have various options for lowering their Bajaj Allianz third-party bike insurance costs. However, they shouldn’t sacrifice the safety of their bike to save money. They can protect their expensive possessions while saving money by carefully picking a bike insurance policy. These five tips can help individuals save money on their bike insurance premiums. With careful planning and informed decision-making, enjoying cost-effective bike insurance while ensuring financial security and peace of mind is possible. ##

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* Standard T&C Apply

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. 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.