7 Tricks to Get the Best Quote for Bike Insurance Renewals


If you own a bike, you also have to own a valid bike insurance policy on it. The Motor Vehicles Act, 1988 prescribes that every vehicle running on Indian roads should have a valid third party cover at all times. To fulfil the legal mandate of the Act, every bike owner is required to buy a bike insurance policy when buying a bike. Moreover, the bike owner is also required to renew bike insurance as and before the coverage due date comes to an end. Bike insurance online renewals are, therefore, mandatory for continuous coverage.

While the mandatory renewal might seem like a burden, what if you can save on the premium costs?

Yes, there are some tips and tricks which, if you follow, would allow you to get the best quote when you renew bike insurance. Here are seven such tricks –

1.   Renew online

Always opt for renewal of the policy online. Bike insurance online renewal is done directly from the insurance company which cuts down on the commission payable to the middleman. Since the commission element is eliminated, you get the best rate on your policy.

2.   Compare before renewing

It is not necessary to continue your bike insurance plan with the same insurance company. You can change insurers when you renew. So, at the time of renewal, use an insurance aggregator’s website to compare the bike insurance plans offered by different insurance companies. Look for plans which have the best coverage features and coverage level at the lowest premium rate. Comparing would, therefore, allow you to choose a policy which has the best premium rate and you should compare when you renew your coverage.

3.   Look for premium discounts

Two wheeler insurance policies offer a range of premium discounts which help in lowering the premium payable. Look for these discounts to reduce the premium cost. Discounts are available for installing safety devices in your bike, for becoming a member of a recognized automobile association, for buying the policy online and for other factors too. Hunt for the policy with the maximum possible discounts to enjoy the best rates.

4.   Use your policy’s no claim bonus

If you have not made a claim in your existing policy in the current year and also in the previous years, there would be a no claim bonus available in the policy. This bonus starts at 20% and goes up to 50% depending on the number of consequent claim-free years. Find out the available no claim bonus of your plan and use it to reduce the renewal premium.

5.   Choose voluntary deductible

Voluntary deductible is that amount of claim which you choose to bear yourself. When you choose a voluntary deductible limit, the insurer’s claim burden lightens. As such, the insurance company rewards you with a discount in your premium. So, if you are a careful rider, opt for voluntary deductible to receive a premium discount and get the best quote for your insurance policy.

6.   Choose add-ons which are required

Comprehensive bike insurance plans offer optional additional coverage benefits which increase the scope of coverage under the plan. These coverage benefits are called add-ons and each add-on comes with an additional premium. Though choosing add-ons is a good way to enjoy comprehensive coverage, be wise when selecting such covers. Choose only those add-ons which are required so that you don’t end up paying unnecessary additional premiums for irrelevant covers.

7.   Renew on time

The last and also the most important trick for getting the best quote is to renew on time. Bike insurance plans should be renewed on or before the due date to avoid lapse of the coverage. If the policy is allowed to lapse and then renewed, there would not only be unnecessary hassles in getting the bike insurance plan renewed, the premiums would also be higher. So, always renew bike insurance on time to get the best premium rates.

You can choose as many as these tricks that you want and you would get the best quote for your bike insurance plan at the time of renewals.

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