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How to Reduce Your Bike Insurance Premium by Avoiding Small Claims?

For two-wheeler owners, adequate coverage is crucial to keep their prized possessions financially protected in case of major accidents. However, some utilize it even to cover minor bumps or scratches on their bikes, which is wrong. In this article, you will understand the significance of minimizing bike insurance claims for minor repairs.

How to Lower Your Bike Insurance Premium?

In motor insurance, the NCB or No Claim Bonus holds significant weight, representing the most effective discount attained on your bike insurance premium. This discount increases each consecutive year if you do not raise a single claim. The table below illustrates how the NCB percentage rises annually to give a discount on own-damage insurance premiums:

1st claim-free year: 20%
2nd consecutive claim-free years: 25%
3rd consecutive claim-free years: 35%
4th consecutive claim-free years: 45%
5th consecutive claim-free years: 50%

True to its name, NCB is a reward two-wheeler insurance companies give for maintaining a claim-free record. However, it is crucial to note that when you file a claim, your NCB resets to zero.

For instance, you have not raised a single claim in the last five years in your two wheeler insurance renewal. Unfortunately, this year, you unknowingly file a claim for all the minor dents and scratches that trigger a reset of your NCB cycle. During the policy renewal, you realize the premium has increased substantially as you claimed for nominal damages. Hence, it is advisable to file a claim only for significant losses or damages, theft, or incidents involving third parties.

Remember, the NCB does not affect the premium of third party bike insurance. This is because third-party coverage does not encompass damages to the insured bike or damages caused to the own vehicle. Understanding the nature of NCB, you should judiciously make claim decisions for minor dents.

Final Words!

Comprehensive bike insurance is an investment, as it will financially protect you in case of significant damages or repairs. However, you must avoid raising minor claims in your bike insurance policy to enjoy the benefit of NCB and save on your premium.

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Disclaimer: The list mentioned is according to the alphabetical order of the insurance companies. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website www.irdai.gov.in