In India motorcycles and scooters are a popular mode of private transport, primarily because they are more fuel efficient and are easy to maintain as compared to a car. Moreover, bikes are easier to navigate on Indian roads and streets. As per the Indian law, a motorcycle has to be insured. While insurance prices are constantly on the rise, one needs to choose carefully so as to get the most out of his bike insurance.
Here are a few ways through which one can effectively manage their bike insurance premiums-
Try to maintain a clean record
You are more likely to avail a good premium deal if you are a safe driver. Thus, if one does not have a history of road accidents and has a clean slate when it comes to rash riding, they can avail a much lower premium for the insurance coverage.
Make a wise choice when purchasing a bike
This is a very important factor to consider when it comes to managing bike insurance premiums. If the bike that one purchases is very expensive and has a hi-tech engine and over the top features compared to the present market standards, the premium on the bike insurance will also be quite high. If a good but standard bike is purchased instead, its premium will be comparatively lower and more managble.
Make yearly premium payments
Pay the premium amount on a yearly basis rather than monthly basis. This way one may pay less on the total amount. A number of insurers reduce the premium amount if it is paid all at once.
Become a part of a riding association
Almost all bike insurers offer a small discount to members of a riding or Automobile Association.
Take proper security measure
Make sure that the bike is secure against any vandalism or damage. Insurers lower the premium payment in case of bikes that are equipped with effective safety measures.
Try not to claim insurance for small damages
Avoid claiming insurance in case of a small scratch or a mere dent. Get it fixed and pay for it yourself. This way one can enjoy a no-claim discount at the end of the year. If one does claim insurance for a tiny damage, he will not get a no-claim bonus for that year.
Opt for package deals
Insurers prefer that their customers opt for multiple policies. Thus, if one already has home insurance say with insurer A, opt for a bike insurance with him as well. He may offer a discount on the premium.