How to Get Cheap Bike Insurance and Reduce Your Costs

Getting cheap bike insurance is a great way to save money without sacrificing coverage. You can reduce your costs by opting for a higher excess, which can lower your premiums by up to £150 per year.

In the UK, the average cost of bike insurance is around £200 per year, but this can vary depending on factors such as the value of your bike and your location.

Opting for a smaller engine, such as 50cc, can place your bike in a lower insurance group, leading to reduced premiums.

Older models might lack the latest features but can offer significant savings on insurance. Well-maintained older models can be a great value, balancing performance and affordability.

Choosing a bike that's two or three years old is cheaper to insure, partly because it's less likely to get stolen.

Buying bike insurance online can save you money, as it doesn't involve commission to third-party dealers.

Choosing a smaller or older bike can lead to significant savings on insurance premiums. These bikes are typically in lower insurance groups and considered less risky by insurers.

Opting for a bike with a smaller engine, such as 50cc, can place it in a lower insurance group, leading to reduced premiums. I've found that well-maintained older models can be a great value.

Older models might lack the latest features but can offer significant savings on insurance. High-end bikes are attractive but come with higher insurance costs.

You'll probably find the biggest, more expensive machines in insurance groups 16-17, typically with engine sizes of 1000cc or above. A 50cc moped is more likely to land in insurance group 2.

It's essential to balance cost savings with your riding needs and preferences. Choosing a bike that balances performance and affordability is key.

By choosing a smaller or older bike, you can potentially save money on insurance premiums. This is because insurers view more powerful motorbikes as having a greater chance of being in an accident.

Shopping around and comparing quotes can make a big difference in finding cheaper options. Loyalty doesn't always pay off in the insurance market, and providers often offer better deals to new customers.

You can use comparison websites to find cheaper options, and also reach out directly to insurers to discover better deals and more comprehensive coverage options. Remember to compare like-for-like coverage to ensure you're getting the best value.

Buying bike insurance online allows you to compare different two-wheeler insurance policies before making a purchase decision. This way, you can make an informed choice depending on the coverage offered.

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A standard bike plan typically doesn't cover damage to nuts, bolts, oil, or other consumables. This can leave you with unexpected expenses during a claim settlement.

The Consumables Cover in Bike Insurance can provide coverage for these expenses, giving you peace of mind.

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Buying your motorcycle insurance online can save you money by eliminating overhead costs associated with call centers. You can also get quotes 24/7, making it more convenient for busy bike buyers.

Many insurers offer discounts for various reasons, including no-claims bonuses and membership in recognized motorbike clubs. I've learned to always inquire about available discounts and ensure I'm taking advantage of any offers.

Here are some ways to save on bike insurance premiums:

It's essential to balance cost savings with your riding needs and preferences, and to ensure you're financially prepared for the upfront cost of annual payments.

Negotiate with your insurer to potentially trade off an agreed mileage limit or a higher excess for a lower premium.

It's essential to stick to your side of the bargain, so don't say you'll do 5000 miles and then do 10,000.

You can negotiate even if you switch from one insurance provider to another, so don't worry about changing insurers.

Increasing the excess on your policy can dramatically reduce your premium, but you'll have to cover a larger amount of the costs in the event of an accident.

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Getting a discount on your bike insurance is easier than you think. Buying your motorcycle insurance online can save you money, as it eliminates the overhead costs of a call centre.

You can also get quotes at any time of day or night, making it more convenient for busy bike buyers. This flexibility is a big advantage of buying online.

Many insurers offer discounts for various reasons, such as no-claims bonuses or membership in a recognized motorbike club. Inquiring about available discounts and taking advantage of offers can lead to significant savings.

Some insurers offer discounts for opting for a multi-year bike policy, such as a 2 or 3-year plan. Additionally, using your No Claim Bonus (NCB) discount during renewal can also save you money.

Here are some ways to save on bike insurance premiums:

By implementing these strategies, you can significantly reduce your bike insurance premiums and save money in the long run.

Helmet Protect is a valuable add-on in bike insurance that provides financial protection for your helmet in case it's damaged or stolen during an accident.

The coverage amount for a damaged or stolen helmet is up to ₹1000. This can be a lifesaver if your helmet is damaged beyond repair or if it's stolen along with your bike.

Having a Helmet Protect cover can give you peace of mind while riding, knowing that you're protected financially in case of an accident.

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There are three main types of motorbike insurance to choose from: Third-party only, Third-party, fire and theft, and Comprehensive.

The higher the level of cover, the more expensive the policy is. However, the difference in prices between the higher and lower levels of cover might not be significant, especially for experienced bikers.

If you use your motorbike only occasionally, you might decide that you don’t need Comprehensive cover. Here's a quick summary of the types of bike insurance plans:

There are three main types of motorbike insurance to choose from: Third-party only (TPO), Third-party, fire and theft (TPFT), and Comprehensive.

The main difference between these types is the level of coverage they provide. TPO covers damage to other people, property, and vehicles in accidents that are your fault, while TPFT adds coverage for theft and fire damage to your motorbike. Comprehensive, on the other hand, provides the most extensive coverage, including damage to you and your motorbike, even if an accident was your fault.

The higher the level of cover, the more expensive the policy is. However, the difference in prices between the higher and lower levels of cover might not be significant, especially for experienced bikers.

Here's a comparison of the three types of motorbike insurance:

This table illustrates the difference between the three types of motorbike insurance, making it easier to choose the right policy for your needs.

Comprehensive insurance is the most comprehensive type of motorbike insurance, covering damage to both you and your motorbike, even if an accident was your fault. It's a good idea to consider this type of insurance if you use your motorbike frequently.

Consider reading: Is Comprehensive Insurance Compulsory for Bike

The main types of motorbike insurance are Third-party only, Third-party, fire and theft, and Comprehensive. If you use your motorbike only occasionally, you might decide that you don't need Comprehensive cover.

Comprehensive insurance covers damage to your motorbike, theft, and fire, in addition to covering damages to third-party vehicles or property and injuries to third-party individuals. This type of insurance also provides personal accident coverage, natural calamity coverage, and coverage for man-made calamities.

Comprehensive insurance is the most expensive type of motorbike insurance, but the difference in prices between Comprehensive and lower levels of cover might not be significant, especially for experienced bikers.

Here's a comparison of the different types of motorbike insurance:

Standalone Own Damage insurance is a type of bike insurance plan that provides coverage against damages to your two-wheeler, but it won't cover third-party liabilities.

You can choose from three main types of bike insurance policies: Standalone Own-damage, Comprehensive, and Third-party. Each type offers different coverage options, so it's essential to understand the differences between them.

Here's a breakdown of the coverage options for each type:

Standalone Own Damage insurance is an ideal policy to buy if you already have a third-party policy for your bike, as it provides coverage against damages to your two-wheeler.

You can calculate the premium for your bike insurance policy using online tools, such as IFFCO Tokio's bike insurance premium calculator, which fetches the necessary bike details from the registration number.

The premium for bike insurance consists of two main parameters: Third-party Liability Premium and Own Damage Premium. The Third-party Liability Premium is fixed by IRDAI depending on bike engine capacity, while the Own Damage Premium depends on several other factors, including the bike's make, model, and manufacturing year.

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Zero Depreciation is a must-have add-on for new bike owners. This coverage ensures that you get the full claim amount without any deductions related to the depreciation of vehicle components.

It's an essential add-on if you're insuring a new bike, as it protects your investment from depreciation-related losses.

Personal Accident (PA) is a mandatory add-on cover for all bike owners, providing financial protection of up to Rs.15 lakhs in case of unfortunate events.

This cover offers financial protection against events such as disability or death due to an accident while riding your bike or scooter.

It's essential to note that Personal Accident cover is similar to third-party bike insurance, but it provides protection for the rider, not the vehicle.

As per law, Personal Accident cover is mandatory, making it a crucial addition to your two-wheeler insurance policy.

This cover can provide a significant financial safety net for you and your loved ones in the event of an accident.

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Liabilities are a crucial aspect of insurance policies, and understanding them can help you make informed decisions. A bike insurance plan will cover your legal liability for third-party losses.

Having the right insurance coverage can provide peace of mind and financial protection in case of an accident. This type of coverage can help you pay for damages or injuries caused to others.

Liability coverage is essential for protecting your assets and reputation. Bike insurance plans can cover third-party losses, giving you a sense of security on the road.

Consider reading: How to Get Public Liability Insurance

Your bike's engine capacity directly affects the premium, with higher engine capacity typically leading to higher premiums. A simple bike for everyday use will cost less to insure.

The age of your vehicle also plays a role, with newer bikes generally having higher premiums than older ones. This makes sense, as a newer bike is likely to be more valuable.

Here are some key factors to keep in mind:

Your riding habits and location can also impact your premium. If you ride infrequently, you might consider a policy with limited usage benefits, and premiums can vary depending on the area you live in, with urban areas typically having higher premiums.

Limiting your mileage is a simple yet effective way to reduce your premiums. By reducing your riding, especially during off-peak seasons or when alternative transportation is available, you can see a decrease in premiums.

Reducing your mileage has led to lower premiums for some riders. I've found that aligning my insurance with my actual riding frequency, rather than a generic estimate, has led to more accurate and often lower premiums.

Considering your lifestyle and riding patterns is key. Don't hesitate to discuss them with your insurer to get a more accurate premium quote.

The Insured Declared Value (IDV) of your bike plays a significant role in determining the premium amount. IDV is the approximate market value of your vehicle.

A higher IDV leads to a higher premium, but ensures you get the full value in case of a total loss. This is because the IDV reflects the market value of your bike, which is bound to be on the higher side for an expensive motorcycle.

The IDV of your bike is affected by its age, with newer bikes typically having a higher IDV and premium compared to older ones. The market value of your bike also declines due to depreciation over time, which reduces the premium amount.

Here are some key factors that determine the IDV of your bike:

It's essential to note that the IDV is not the same as your bike's resale value.

If you're looking to file a claim for your bike insurance, you have multiple options to choose from. You can use the QCS mobile app, call the call centre, visit the website, walk-in to a branch, send an SMS, or even email your insurance provider.

There are two types of claims you can make: cashless and reimbursement. A cashless claim is where your insurance provider pays the repair bill directly to the network garage, while a reimbursement claim requires you to settle the repair bill and then claim the reimbursement with supporting documents.

To make a cashless claim, you can follow these three simple steps: intimate your claim, upload documents and photographs of the damage, and claim settlement will be done directly with you or the network garage.

If your bike is stolen or damaged beyond repair, you can file a claim under the Return to Invoice (RTI) cover in Bike Insurance. This cover ensures that the insurer will pay you the original purchase price (invoice value) instead of the current market value.

The RTI cover is a valuable feature that can provide financial protection in case of a total loss. According to the insurer, if your bike is stolen or damaged beyond repair, they will pay you the original purchase price.

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To get the original purchase price, you'll need to have proof of the invoice value, such as the receipt or bill of sale. This is essential to ensure that you receive the correct amount in case of a claim.

In case of a total loss, the insurer will compensate you by paying the IDV amount, which is the Insured Declared Value of your bike. The IDV is usually set when you buy a new policy and is calculated based on the bike's make, model, and age.

The Return to Invoice cover can give you peace of mind, knowing that you'll receive the original purchase price in case of a total loss. It's a feature worth considering when buying bike insurance.

Filing a claim for your bike insurance policy is a relatively straightforward process. You have multiple options to register a claim, including using the QCS mobile app, calling the call centre, visiting the website, walking into a branch, sending an SMS, or emailing the insurance provider.

You can choose the method that suits you best, and the insurance provider will guide you through the process. To initiate the claim process, you'll need to intimate the insurance company about the damage to your bike.

The claim process involves three simple steps: intimating the claim, surveying the damage, and claim settlement. You can upload documents and photographs of the damage caused to your bike as part of the survey process.

You can choose to get your bike repaired at a network garage, which offers cashless repair services. This means that the insurance provider will directly pay the repair bill to the garage, and you won't have to pay anything out of pocket.

Alternatively, you can get your bike repaired at a non-network garage and claim reimbursement from the insurance provider. To do this, you'll need to settle the repair bill and raise a claim with supporting documents such as the original repair bills and payment receipts.

If you have a comprehensive or own damage bike insurance policy with the engine protect add-on, the insurance plan will cover engine repair costs. However, please note that the engine cover add-on is subject to availability.

Here are the various methods to register a claim for your bike insurance policy:

A grace period is the time after your policy expires, typically 30 days, during which you can renew your policy without a vehicle inspection or premium hike, but the policy remains inactive.

This period depends on the insurance provider's terms and conditions.

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A surveyor plays a crucial role in the insurance process, especially when it comes to assessing damage to your two-wheeler.

Their main task is to inspect and assess the damage suffered by your vehicle and, if necessary, the third party involved.

During this inspection, the surveyor will evaluate the extent of the damage and take note of any other relevant details.

The surveyor's report is then submitted to the insurer to process the claim request.

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