Here’s how you can lower your bike insurance premium by avoiding minor claims

Bike insurance premiums can increase significantly if you make frequent claims, especially for minor accidents and damages. Insurance companies view multiple claims as indication of higher risk and charge higher premiums from such policyholders. However, there are some steps you can take to avoid making unnecessary claims and keep your premium costs low.

Rakesh Goyal, Director, Probus Insurance Broker, says, “One of the best ways to reduce claims is to practice defensive riding. This means being extra cautious on the roads, maintaining a safe following distance, using turn signals properly and obeying all traffic rules. Defensive riding can help you avoid many minor accidents caused due to negligence. Riding carefully during bad weather or low visibility conditions is also advisable.”

Regular maintenance of your bike is another important factor. Keeping your bike in good mechanical condition can prevent small issues from escalating into bigger problems. It will also ensure your bike meets the roadworthiness standards. A qualified mechanic periodically checks the brakes, lights, tires, and other parts. This can help identify small issues before they cause an accident.

“Opt for accessories like protective riding gear like helmets, jackets and boots. Safety gear can prevent injuries in case of small falls or collisions and eliminate the need to claim from insurance. Accessories like anti-theft devices also reduce the chances of theft, which is a common claim," said Goyal.

If you meet with a minor accident, carefully assess if the damage is significant enough to warrant an insurance claim. For minor scratches or small dents, it may be better to pay from your own pocket rather than make a claim. This is because even a no-fault claim will be recorded against your policy, increasing future premiums.

You can also consider increasing your voluntary excess amount which is the amount you pay per claim before insurance kicks in. “Opting for a higher voluntary excess lowers your premiums as the insurance company’s liability is reduced. However, this only makes sense if you are confident of not making frequent claims,” said Goyal.

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In addition to defensive riding and regular maintenance, Goyal says there are some more steps policyholders can take to reduce the risk of claims:

• Consider adding optional covers like engine protection or zero depreciation to cover repair costs for engine damage or full replacement value, respectively, in case of total loss. While this increases your premium, it ensures small repairs are covered without filing a claim.
• Enrol in pay-how-you-drive insurance if offered by your provider. This type of policy uses a telematic device to track your riding behaviour, such as speed, braking habits, mileage, etc. Safe riders see their premiums reduced by up to 30% with these policies.
• Park your bike securely either in your own garage or in designated parking whenever possible. Chain it properly if parking on the roadside. This reduces the chances of theft, which is one of the most expensive insurance claims.
• Join community groups and riding clubs in your area. Some clubs offer group insurance discounts of up to 15-20% to members as the risk is lower within such communities.
• Set reminders for policy renewal dates and negotiate premiums annually. You might also get renewal reminders from time to time, depending on the type of plan and insurer you choose.

Thus, regular maintenance, safe riding habits, secure parking, etc., are practical ways to retain your NCB and lower comprehensive bike insurance costs in the long run.

Hence, following these tips can help avoid unnecessary insurance claims and reduce your comprehensive bike insurance costs over the long run. Maintaining a clean claims record is always better, allowing you to negotiate lower premiums with your insurer at the time of policy renewal.