Riding a bike is a great way to get around and have a lot of fun. But like most people, you don't want to spend a lot of money on bike insurance premiums. That's why we've put together this list of tips for saving money on your bike insurance policy. Follow these tips, and you'll be able to reduce your premiums without sacrificing coverage.

1. Avoid smaller claims

One of the best ways to keep your bike insurance premiums down is to avoid making small claims. Every time you make a claim, your insurance company raises your rates. So, if you can live with a little damage, it's often better to pay for it yourself than to file a claim. Of course, this isn't always possible, and sometimes filing a claim is the best option. But if you can avoid it, you'll save money in the long run. Moreover, riding safely is always advisable to avoid unwanted accidents.

2. Increase Voluntary Excess

The excess is the amount you pay towards a claim. If you increase your voluntary excess, your insurance company is likely to offer you a discount on your premium. Make sure you can afford to pay the increased excess if you have to make a claim. Along with this, make sure you don't reduce your excess to an unrealistic figure, as this could leave you out of pocket if you do have to make a claim.

3. Compare Products Online

One of the best ways to ensure you get the best bike insurance deal is to compare products online. Many websites compare different insurance products side-by-side. This is a great way to find the cheapest bike insurance option quickly. Just make sure to enter the same coverage and excess level when comparing quotes. Some insurers also offer discounts if you buy your policy online, so it's worth checking before you head to an insurance broker.

4. Consider renewing before the expiry

If you're happy with your current insurer, it's worth considering renewing your policy before it expires. This is because insurers often offer loyalty discounts to customers who stay with them for multiple years. Additionally, if you shop around and find a better deal elsewhere, your current insurer may match the price to keep your business. Either way, it's worth investigating all of your options before making a decision.

5. Reconsider Add On cover options

You might be tempted to add on unnecessary cover options when taking out bike insurance, but this can actually end up costing you more in the long run. If you don't think you'll need cover for personal belongings or windscreen damage, opting out of these extras is best. The same goes for excesses - the higher the excess, the lower your premium will be.

Of course, this means you'll have to pay more out of your pocket if you need to make a claim, but it could save you money in the long run.

The Bottom Line

Bike insurance is essential, but it doesn’t have to be expensive. You can do a few things to save money on your premiums, like shopping around, bundling your policies, and taking advantage of discounts. Following the tips mentioned above, you can get the coverage you need without breaking the bank.