5 Ways to save more on your motorcycle insurance
Getting a motorcycle insurance policy is the first thing that you have to have even before you ride out your motorcycle from the showroom. Motorcycle insurance helps to protect you and your motorcycle from numerous liabilities that might arise due to an accident.
However, most motorcyclists have a tendency to buy the first insurance policy that comes their way. By doing this, you limit yourself from availing of the benefits that the right motorcycle insurance policy would have afforded you. What’s more, you might have gotten a better policy for a lower price.
What you should know about motorcycle insurance?
Like any other vehicle insurance policy, motorcycle insurance is mandatory as per the Motor Vehicles Act, 1988. There are two types of insurances that come under motorcycle insurance. These are:
- Third-party motorcycle insurance
- Comprehensive motorcycle insurance
Third-party motorcycle insurance will help to cover the damages caused to any third party involved in an accident. For instance, if your motorcycle were to accidentally hit any pedestrian on the road, this insurance with help to cover the consequent damage.
Comprehensive motorcycle insurance, on the other hand, also covers incidents like theft, burglary, natural calamities, fire, damages caused by fire, self-ignition or explosion, etc.
How can you save more on motorcycle insurance?
Many people skip on motorcycle insurance because they deem it unnecessary and expensive. But if one was to look at the coverage provided vis-à-vis the premium paid, that perspective is bound to change.
At the same time, it is in your best interest to save more money on your motorcycle insurance. Here are the ways in which you can do it: -
- Compare different insurances
Comparing the different motorcycle insurances available online can give you clarity on a lot of aspects. With different insurances, you can compare the benefits and costs of the various motorcycle insurances, and choose the one that’s best suited to your needs and budget.
- Renew the insurance before it expires
When you renew your motorcycle insurance before it expires, you ensure the continuity of your cover and avoid the risk of losing out on your No Claim Bonus or paying unnecessary charges like late fees. These costs add a significant sum to your policy’s premium, those which you can save on by renewing your insurance before expiry.
- Avoid claims for small costs
Sometimes the cost of repairing things like a small dent amounts to nothing. So, if you can avoid claims for things like that, you can save a lot of expense through NCB or No Claim Bonus. Most insurers offer quite a substantial discount through NCBs.
- Make the most of add-on cover options
Most motorcycle insurance policies come with add-on cover options, excluding which can help you to save a lot of costs. Most of these add-on covers cost extra amounts added to the base premium of the policy. By reviewing and removing the ones you don’t need, you can considerably reduce your motorcycle insurance cost.
- Increase your voluntary excess
This refers to what you pay in the situation if a claim arises. If you increase your voluntary excess when you avail of the policy or when you renew it, you’ll see a significant reduction in your premium amount. To avail of this benefit, you must contact your insurer and know about the voluntary excess to cut back on the amount of premium you need to pay.
Doing your due diligence always helps while buying or renewing your motorcycle insurance. Having said that, make sure to read the fine print at the time of buying as well as during renewal. Make sure you understand how everything works so that you don’t end up paying more for a policy that offers less.
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