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Tips To Reduce Your Motorcycle Insurance Cost

Insurance is an important and sometimes mandatory expense. However, everyone wants to pay for only what is needed. As a result, people are constantly searching for ways to reduce premiums while getting the best deal.

While insurance companies offer different packages, they all follow some standard factors when determining their prices. For example, most consider your location, vehicle type and make, and the coverage you want when deciding how much to charge you. Unfortunately, you can’t control these factors. But you can take various steps to reduce the amount you pay for motorbike insurance in Singapore and get the best deals. Here are some helpful tips to try.

Buy a Basic Motorcycle

The more high-end your motorcycle is, the higher the premium. So if you don’t have a bike yet and are thinking of buying one, it’s better to choose a small bike best for cruising. Sportbikes have powerful engines ideal for an ultimate riding experience. But insuring them is expensive since insurers factor in the cost of repair and replacement in case of an accident.

Only Purchase the Coverage You Need

When buying insurance, we tend to pay for products that aren’t necessary most of the time. As a biker, your motor insurance should cater to bike parts, labour costs, and hospital stays. These expenses are crucial as you may be forced to pay them out of pocket during an accident.

Most places require motorists to have liability coverage. But you can buy more to protect yourself. However, that would mean that you spend more money on policies. If you can do without coverage, it’s often advisable to exclude it. Collision, accessory, and trip interpretation insurance policies are crucial, but most motorists can survive without them.

Be a Safe Rider

Insurance companies favour safe drivers over those who ride recklessly. Violating rules and causing accidents always increases your premium, and in most cases, you will lose your discounts. It’s better to drive safely and avoid breaking the set regulations. Even though accidents aren’t preventable sometimes, you can take several steps to ensure your safety and other users.

Think of taking a motorcycle safety course, whether you are a newbie or a seasoned rider. These courses help you become a better driver. Plus, they often entice insurers to offer you a discount.

Join a Biker Club

All cyclists need to be part of a reputable club or organisation for bikers. Most of these clubs or organisations qualify for a discount. Therefore, you may get cheaper insurance premiums on your motorcycle. Some clubs you could join include BMW Motorcycle Club and Harley Owners’ Group. Besides these, there are many other groups you can join. Just make sure that you confirm with your insurer whether the club membership can get you a discount.

Avoid Raising Small Claims

Insurance companies usually offer a No Claim Bonus for customers that haven’t raised any complaints when renewing their policies. You may get as high as a 50% bonus. But people who’ve raised many small complaints may not qualify for this bonus. In that case, they will pay a higher cost than someone on the No Claim Bonus discount.

Speaking of renewing your policy, please make sure you do that on time. Don’t let the set renewal time-lapse to renew your contract. Remember that most insurance companies offer the No Claim Bonus only for 90 days from the due date period. After this, it will no longer be valid, so it’s essential that you renew before the due date to avoid higher premiums.

Tips To Reduce Your Motorcycle Insurance Cost

Combine Insurance Policies

If you have another policy from the same insurer, such as a home or health insurance, think of merging it with your motor insurance. Bundling your policies reduces your premiums significantly.

Lastly, think of increasing your deductible since it reduces the cost you’ll spend purchasing insurance. But please make sure you can afford the deductible amount you are choosing otherwise, you’ll strain your finances.

Written by Mia

Hey Everyone! This is Mia Shannon from Taxes. I'm 28 years old a professional blogger and writer. I've been blogging and writing for 10 years. Here I talk about various topics such as Fashion, Beauty, Health & Fitness, Lifestyle, and Home Hacks, etc. Read my latest stories.

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