5 Ways to Find Discounts on Bike Insurance This Holiday Season

5 Ways to Find Discounts on Bike Insurance This Holiday Season

The holiday season is a great time if you are a shopaholic. There are discounts everywhere! Even the bike insurance industry is not far behind. Availing bike insurance is something that is mandatory as well as beneficial in case of a mishap. It is not a one-time activity and bike insurance needs to be renewed before its expiry date. Therefore, if your two-wheeler insurance is expiring anytime soon, the holiday season is the right time to buy two-wheeler insurance. Read ahead to know 5 ways to find discounts on two-wheeler insurance this holiday season.

Renew or buy two-wheeler insurance online

Rise in online insurance providers has made it extremely easy to purchase or renew your bike’s insurance policy. New-age insurance companies offer comprehensive policies at a low price without compromising on the policy’s coverage. They can afford to do that because they spend less on physical infrastructure.


As there are no intermediaries, you can purchase the policy directly from the insurance company. This eradicates any scope for commission as well as over or under insuring the customer. Online bike insurance facilitates making an informed decision. It is not only cost effective but also convenient.

Make the most of exclusive offers

Bike insurance can be categorized into two buckets. One is the mandatory Third-party Liability insurance and the other is the more extensive, Comprehensive Bike Insurance. Cost of third-party liability plans is stated by the Insurance Regulatory and Development Authority of India (IRDAI).  Therefore, not much can be done in terms of discounts on that front. However, cost of Comprehensive policies varies from insurer to insurer.

Online insurers might provide some exclusive offers on their website regarding their Comprehensive plans. This can be in terms of bundling a Comprehensive policy with one or two Add-on covers as well. You can make the most of these offers by visiting the insurer’s website.

Get the No Claim Bonus (NCB)

Insurance company provides you a discount on renewal if you do not raise a claim during your policy period. Such a discount is known as No Claim Bonus. This NCB can be availed while renewing your policy. It stays active even if you switch insurance providers at the time of renewal.

Make sure that your insurance company has considered this NCB (If applicable) while providing you a bike insurance quote. This discount has the potential to go up to 50%. Therefore, you do not want to miss this one at any cost. Note that NCB is an incremental benefit. Which means that it increases marginally every year. And it resets to zero if you raise a claim. Thus, one must think through while raising a claim.

You have the option of going for voluntary deductible

A certain part of the claim amount has to be paid by you. This is known as compulsory deductible. If you want, you have the option to go for voluntary deductible. This is over and above the compulsory deductible.

What this means is in case of a claim, you will be contributing a considerable amount thereby reducing the burden faced by the insurance company. As the insurance company has to face less risk, it offers a discount on insurance premium.

Long-term Policy

Going for a long-term policy is a good way to ensure that you stay insured for a longer period of time. You do not have to worry about renewing the policy every year. Also, you are not affected by price hike as you purchase the long-term policy for three years at one go.

If you compare purchasing bike insurance policy every year for three years, with buying a long-term bike insurance for three years, the long-term policy is available at a discounted price.

Make sure to follow rules and regulations while riding your bike on the road and stay insured.


Also published on Medium.