Possessing valid two-wheeler insurance is compulsory in India. To encourage people to buy the insurance and ensure protected driving, the Motor Vehicles Act, 1988 made it mandatory to have a valid two-wheeler and four-wheeler insurance before plying vehicles on roads. The Motor Vehicles (Amendment) Act, 2019 has increased the fine for driving without valid insurance to Rs 5000.

All this makes it imperative for a bike owner to ensure that they buy and renew bike insurance regularly. However, the vast number of insurance companies and plans for bike insurance can confuse buyers. It is vital to look at the features, claim settlement ratio and inclusions of the bike insurance before buying it.

However, if the price is your primary concern while buying bike insurance, then read on to find out how to get cheaper bike insurance.

How to get a Bike Insurance at Cheaper Rate?

1. Buy Online:
   Insurance companies have started offering their products online to make the process seamless for buyers. Buyers get every information, including policy details, features, inclusions, add-ons, premium price, etc. at one place. Along with the ease, buying bike insurance online eliminates the agent commissions and such other price components. You get a cheaper premium price while buying two-wheeler insurance online. When you buy bike insurance online, you get to calculate the applicable premium through premium calculators. You can choose the plan, add-ons and other features and check the effective premium. You can customise the policy based on your target price and buy the bike insurance at a price comfortable for you.
2. Compare:
   Many insurance comparison websites online allow you to compare plans and insurance offerings of multiple bike insurance companies simultaneously. You can put in your requirements, bike details, required policy features, add-ons, etc. and the portal will display a list of plans. You can arrange the list as per price – lowest to highest, and then choose the policy with an affordable premium.
3. No Claim Bonus:
   As a reward for safe driving and the resultant no claim year, insurance companies offer a ‘No Claim Bonus’ on renewal of bike insurance. However, even a single claim of a minuscule amount can cancel the NCB. Therefore, avoid making small claims on your policy. If the NCB value is going to exceed your claim value, it makes sense to prevent claiming through the policy and make an out-of-pocket payment for a small scratch or dent to guarantee NCB while renewing.
4. Add-ons:
   Add-ons or riders are additional features you can avail with your base policy to fortify your coverage further, like a pillion rider cover, etc. However, it is crucial that you are decisive about what add-ons to avail. As these add to the premium amount, you should only select add-ons that are necessary for your coverage.
5. Tenure:
   Insurance companies now allow you to buy bike insurance with a longer tenure, like a 2-year term or 3-year term. Buying bike insurance with a longer tenure shields you against any premium price hike. Your insurance premium remains locked for the whole tenure; thus, saving you a considerable amount of money.
6. Timely Renewal:
   It is imperative to renew your bike insurance on time to continue enjoying your benefits. Many companies offer discounts on timely renewals. So, renew your two-wheeler insurance on time to ensure a cheaper premium.
7. Security Features:
   The Automotive Research Association of India (ARAI) has approved a list of safety measures and equipment that shield your bike. These guarantee lower chances of theft, vandalism, and incidental damage and ensure lower liability of the insurance provider. Many insurance companies offer discounts on premium prices if your bike is equipped with these features.

Following the aforementioned tips can ensure a cheaper insurance premium and help you save a lot of money. However, it is necessary to first list down all your policy requirements before buying bike insurance. Merely focussing on the price might lead to insufficient coverage, and you may lose all the money saved on premiums to repairs and damages. Read the policy document carefully, be aware of all the inclusions and exclusions, keep track of your liabilities and ensure timely renewals.