In India, majority of population travels through two wheelers. With the ever-increasing traffic on the roads, commuting through two wheeler is considered as a better option. It is also an affordable option for the masses. However, misfortune may happen anytime on your two wheeler. It could be stolen or met with a road accident. In order to cover the costs that incurred due to these instances, you need to have a two wheeler insurance cover. Having a two wheeler insurance is also compulsory on the legal ground.
A two wheeler insurance provides cover against financial liability that may arise due to loss/damage caused to a third-party and physical damage & any loss caused to your two wheeler. To buy an insurance cover, you need to pay a premium amount which depends on various factors such as age of vehicle, zone of registration, coverage opted, Insured Declared Value, and Cubic Capacity.
This article suggests you some key tips that will help to reduce the two wheeler insurance cost.
Type of Cover
A two wheeler insurance is available in two types, third-party and comprehensive cover. A third-party covers you only against the third party liability, however a comprehensive cover provides protection for third party liability and loss/damage caused to your own vehicle and covers your bodily injury as well. A comprehensive insurance is somehow higher than the third-party cover, but it provides complete protection as well.
You need to assess the insurance needs for your two wheeler and then pick a right one.
Pay Premiums Annually/ Choose a longer policy Term
Insurance companies usually offer a discount on premiums, when you pay annually. It helps you to save on two wheeler insurance cost. Also, there are motor insurance policies which offer you a policy term of 2 to 3 years a discounted premium cost.
Choose Add-Ons/Riders Carefully
Before buying an insurance policy, you may opt for riders that will enhance protection under a base two wheeler insurance policy. Choosing riders under the policy will add up the cost of insurance and thus, it is advisable to choose additional cover/s after assessing its need.
Compare & Buy Online
When you are seeking to insure your two wheeler, it is advisable to log on to an insurance web aggregator website, compare plans, read policy benefits, its inclusions & exclusions and then pick a policy that suits the insurance needs. By buying a policy online, you can avail premium discounts, plus enjoy a hassle-free buying procedure as well.
Switch to Other Insurer
When renewing a policy, you have the option to search for different insurers and can switch to other insurer, if you are getting all the features at an economical price. It also helps you reduce the insurance cost.
No Claim Bonus
With a claim-free policy year(s), the insurance company will reward you with a discounted premium. Thus, with a no claim bonus, you can reduce the cost of two wheeler insurance.
If you are an experienced driver, you are less prone to accidents and thereby less risk for an insurance company. If you are driving for a long time, you may be charged with a lower premium.
Enhance your Two wheeler Security
If you have installed safety equipment and other security measures, your bike becomes less prone to theft or vandalism. Considering the security measures you have opted for your vehicle, the insurer may offer you insurance at a lower premium.
Additional Reading: Why you should buy Two wheeler insurance policy?
Avoid Modified Two wheelers
Picking a bike having lots of modifications will increase the cost of your two wheeler insurance, as these types of bikes are considered to have a high repair or replacement cost. These bikes are also at a high risk of theft and burglary. Imported bikes are also considered as expensive bikes and thus, charged with higher premiums. So, when going to buy a two wheeler, avoid picking modified & imported motorbikes.
Considering the above mentioned tips, will help you reduce the two wheeler insurance cost. Prior to buying a policy, it is essential to primarily assess the insurance needs and then do a thorough research to pick a two wheeler insurance that fulfills those needs. It is also recommended to read the policy terms & conditions, its inclusions & exclusions, before choosing an insurance policy for your two wheeler.