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Important Tips To Save Money On Bike Insurance Premium

You should know that buying a vehicle insurance plan for your two-wheeler in India is legally mandatory. As with all insurance policies, you are expected to make premium payments as part of the plan’s terms and conditions and keep your insurance cover active.

But do you know there are ways to save money on your bike insurance premium? This post reveals some essential tips to save money on motorbike insurance premiums. So next time your two wheeler insurance renewal is due, you can take comfort in knowing that you now know how to minimise insurance costs.

Here are ten noteworthy money-saving tips for your bike insurance.

Tip #1. Purchase a bike according to your income:

Since buying a bike insurance plan is mandatory, you can significantly minimise your two wheeler insurance renewal costs by purchasing a motorbike whose premium you can afford to pay over time. The more expensive your motorbike is, the greater your premium payment would be. So to avoid spending large amounts of money that you cannot maintain long-term, you should be prudent in the type of bike you buy.

Tip #2. It starts with the right bike insurance plan: 

Choosing the right bike insurance plan that works for you is crucial. For example, if you intend to ride your bike regularly, you might opt for a comprehensive two-wheeler insurance plan.  On the other hand, if you are known to identify your bike only every other weekend, then an online third party bike insurance plan should suffice. 

A comprehensive bike insurance plan will offer you much broader coverage, including impact damage, personal injury, third-party expenses, etc. However, third-party bike insurance only covers costs for third parties. The former would require a much higher premium than the latter, so choose the latter if you are not a regular bike rider.

Tip #3. Avoid filing small claims: 

You can benefit from the no-claim bonus offer of your insurer if you do not file a claim for small repairs. If you have minor damage to your vehicle, you can fix the damage with your personal funds instead of making an insurance claim.

This way, you receive a no-claim bonus and save on your premium while renewing your policy. If you file small claims, you will relinquish your right to receive the benefits from the no-claim bonus.

Tip #4. It does not hurt to request discounts: 

Do you know you can request a premium discount from your insurer before getting a two wheeler insurance renewal

Many policyholders do not know that insurance companies offer impressive discounts on vehicle insurance premium payments. Insurers do so based on many factors, such as the insured’s age, driving record, occupation etc.

Tip #5. Maintain a perfect driving record:

You can receive discounts on your expected two-wheeler insurance premium payment if you maintain a perfect driving record. 

If the motorbike owner is free from traffic infringement or accidents, you can save a bit more money with discounts on your premium.

Tip #6. Maintain annual premium payment: 

If you do your insurance renewal annually, you are more likely to pay a lesser premium than someone making monthly premium payments. 

Paying yearly also saves you the trouble of worrying about keeping up with your monthly premium contribution, which can come in handy in any unforeseen financial hardship.

Tip #7. Renew before the expiration date:

When you renew your bike insurance policy on time, you will not be expected to pay any extra charges incurred as punitive measures for the inspection of your bike after your two-wheeler insurance plan expires.

Tip #8. Higher deductibles equal lower premiums:

You should regulate the amount of deductibles (servicing or repair money) you spend on your two-wheeler; the higher your deductibles, the lower your expected premium payments. 

However, ensure that your out-of-pocket expense for repairs or servicing is not extravagant. 

Tip #9. Choose extended tenure plans:

Multi-year bike insurance plans help you lock in your premium payment amount throughout the plan. So you get to steadily pay a certain amount as a premium rather than being subjected to yearly hikes for your two-wheeler insurance plan.

Tip #10. Join a riders’ association: 

You may receive a premium discount from your insurer if you are an active member of a recognised riders’ association, touring organisation, riding course or something similar. 

In conclusion 

Following the ten tips highlighted in this post will save money on premium payments on your bike insurance plan. You can implement them and buy insurance covers for your bike smartly and effortlessly. 

As a parting tip, you can save money on your two wheeler insurance renewal premium by installing a security system on your motorbike. Insurance providers are likely to offer lower premiums and cheaper plans for bikes with anti-theft alarm systems.


Rajdeep is a well-known financial advisor with the ability to keep track and predict market trends with the utmost accuracy. He has been managing portfolios for over 10 years now, helping his clients achieve their dreams of security, financial freedom and total peace of mind.

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