Bike insurance plans are one of the most common forms of insurance sold in India. This is mainly because two-wheelers are widely used in our country and every vehicle plying on the road needs insurance. If you are a bike owner, you must have a good motor insurance policy in place. Did you know that you can get some attractive discounts on bike insurance? If you don’t know how, then read this article and find the answer.
Important Bike Insurance Policy Conditions
Before we begin our discussion on the discounts, let us first understand how a bike insurance plan works. Here are a few bike insurance policy conditions that you should know about:
- Type of cover: If you opt for a third party motor insurance plan, you cannot make a claim for the damages to your own vehicle. For that, you need a comprehensive cover.
- Exclusions: There are certain exclusions under your motor insurance plan. For example, if an accident occurs due to drunk driving, your claim would be rejected. . Similarly, if someone without a valid licence was riding the bike when the mishap happened, the insurance provider won’t compensate for the losses. So be aware of the policy exclusions when buying the plan and also when making a claim on it.
- Insured declared value: Insured declared value, or IDV, is the current market price of your vehicle. As your bike gets older, the value falls. If your bike is damaged or stolen, say after two years, the IDV will be deducted from the original price and you will get compensation of a lowered amount. This is an important motor insurance clause.
Got stuck? Try these tips to streamline your bike insurance plans
Now that you know what exactly to expect from your bike insurance cover, let us look at how you can streamline the plan and get discounts on your premium:
- Choose the model wisely: If you are buying the two-wheeler to use regularly, opt for a less fancy model. A very high-end bike will obviously be more valuable and more expensive to insure. Buy a regular, smaller or even a used bike if you want to save money on your bike insurance premium.
- Opt for annual premium: You can pay your bike insurance premium in one go or in installments. Opt for the annual premium payment option and pay the entire amount in a single installment. If you do this, the insurance provider will offer you a discount and you will walk away with a cheaper policy.
- Install safety gadgets: If your bike is equipped with anti-theft devices approved by ARAI it is less susceptible to theft. This will make you a less risky customer and the insurance provider will offer a discount of 2.5% on your bike insurance policy.
- Engine capacity: Higher the cubic capacity of your bike, higher would be your insurance premium.
- No Claim Bonus: You get eligible for a no claim bonus (NCB) ranging from 20% to 50% for 5 claim-free years. This discount is nothing but a discount on your bike insurance premium.
- Voluntary deductible: Voluntary deductible is an amount that you would need to pay at the time of claim. This is one way of lowering your bike insurance premium.
- Approach a single insurance company: You may need to buy a motor plan, a travel insurance plan, a home insurance plan and a health insurance plan simultaneously. Approach a single insurer for all your insurance needs. When you buy many policies, you get a discount from the insurance company.
- Compare: Last but not the least; do not forget to compare the available options when buying your two wheeler insurance plan. Comparing the various plans will help you find the most suitable plan and that too at the cheapest price possible. You can complete the process in just a few minutes. So if you really want to pay a lower premium on your bike insurance plan, don’t forget to compare.
The bottom line
Bike insurance is important. It is also very useful and allows you to ride your bike with a lot of mental peace. So if you have a bike and have not insured it yet, do so at the earliest. Don’t worry about the expenses. Just keep the points mentioned above in mind and you will be able to save a considerable amount of money on your motor insurance plan.
Conrad Armer 
Raymond Bilger