Do you feel your bike insurance premium is too high every year? Many Indian riders pay more than they should. You might be missing out on simple ways to cut costs. Whether you ride a scooty or a Royal Enfield, these rules will help you save money.
Choose the Right Type of Policy
There are two main types of bike insurance in India:
- Third-Party Cover: This is mandatory by law. It covers damages to other people or property. It does not cover your own bike.
- Comprehensive Cover: This covers third-party losses plus damages to your own bike due to accidents, theft, or fire.
Tip: If your bike is old, a basic third-party cover might be enough. For new bikes, always go for a comprehensive plan.
Protect Your No Claim Bonus (NCB)
The No Claim Bonus is a reward for safe riding. If you do not make a claim during the policy year, you get a discount on the next year's premium.
- This discount can go up to 50% over five years.
- Avoid making small claims for minor scratches. Pay for small repairs yourself to keep your NCB discount safe.
Install Anti-Theft Devices
Insurance companies love it when you take care of your bike. If you install ARAI-approved anti-theft locks or alarms, you are less likely to face theft. Because the risk is lower, companies often give a small discount on your premium.
Choose the Correct IDV
Insured Declared Value (IDV) is the current market value of your bike. If you set a very high IDV, your premium goes up. If you set it too low, you get less money if the bike is stolen. Always set a "Right" IDV that matches the actual value of your bike to keep the price fair.
The PolicyBachat Advantage
Why visit ten different websites when you can see everything in one place? At PolicyBachat, we help you compare plans from top insurers in India.
- Compare and Save: View features and prices side-by-side.
- Big Savings: Our users save up to 80% on their premiums by choosing the right deal.
- Fast & Easy: Get your policy in just a few clicks with zero paperwork.
The PolicyBachat Advantage: Save Up to 80%
Why buy from the first place you see? At PolicyBachat, we act as your personal insurance expert. When you use our platform, you can compare PNB MetLife with other top insurers in India. By comparing features and prices side-by-side, you can find hidden discounts. Our users often save up to 80% on premiums just by making an informed choice. We make the process transparent, fast, and paperless.
Ready to save on your bike insurance? Visit PolicyBachat.com to get your free quotes today.
FAQs
Can I transfer my NCB to a new bike?
Yes. The No Claim Bonus belongs to the rider, not the bike. You can transfer it when you buy a new two-wheeler.
Does a higher CC bike have a higher premium?
Yes. In India, third-party rates are decided by the engine capacity (CC). Bikes with bigger engines have higher premiums.
What is a "Deductible" in bike insurance?
A deductible is the amount you agree to pay from your pocket during a claim. Choosing a higher voluntary deductible can lower your premium, but use it wisely.
Is it cheaper to buy bike insurance online?
Yes. Online plans are usually cheaper because there are no middleman fees or extra commissions.