A two-wheeler is one of the most common and preferred modes of transportation for majority of the population in India. The reasons for this are low maintenance costs, fuel efficiency, and ease of transport. When you buy a two-wheeler, it is mandatory to get it insured before you can ride it on Indian roads as per the law.
You need to look for the right policy for your vehicle to get the maximum benefits out of your insurance. You can follow the below steps to lower your premium payments for your preferred insurance policy.
How Can You Reduce Your Insurance Premium?
Choose your Two-Wheeler Wisely
The premium of your two wheeler insurance depends on the model and engine of your vehicle. If your vehicle is amongst the top selling models or has a heavy engine, you will probably need to pay a higher insurance premium. Similarly, if you buy a standard vehicle, you will need to pay comparatively lower two-wheeler insurance premiums.
Compare the Insurance Policies
While searching for a bike insurance online, you must compare the best deals offered by various financial companies before arriving at a decision. You should take quotes from different financial providers and compare them with your goals to maximize the benefits of your insurance policy. Since most online insurance companies now provide all the details on their websites, you can easily compare and buy best bike insurance policy online.
Select the Right Coverage
There are two major options you can choose from, while buying any bike insurance policy:
1. Basic third-party two-wheeler insurance policy
2. Comprehensive two-wheeler insurance policy
You must determine your needs, ability to pay the premiums, and choose which of the two plans you should go for. If you are a frequent two-wheeler user, you should ideally opt for a comprehensive plan. Similarly, if you hardly use your two-wheeler and are experienced in driving safely, you can reduce the insurance premium by choosing third-party liability only cover.
Install Security Devices
Similar to four wheelers, nowadays two wheelers also get the choice of installing security devices such as anti-theft, and GPS systems. The insurance companies offer discounts on your policy premium amounts if you have installed security devices in your vehicle.
Make Annual Payment of Premiums
Although some insurance companies offer options to pay the premiums half-yearly or quarterly, it is generally advised that you choose annual premium payments. This is because the overall premium amount in annual payment is comparatively lower than the partial premium payments. Hence, by choosing the annual payment option, you can reduce the amount of premium you pay.
Go for Long-term Tenors
You can buy two-wheeler insurance for 1 year, 2 years, or 3 years unlike car insurance policies that have to be renewed each year. Long-term tenors assure the policy provider that you trust the service of the company. The insurance provider in return offers a discount on your premium payments.
Refrain Small Claims
Usually, it is ideal to not file insurance claims for minor damages like dents or scratches to get comprehensive benefits of bike insurance policy. You can avail No Claim Bonus (NCB) while renewing your policy if you have not made any claims for one year.
Choose the Add-Ons Wisely
With a comprehensive third party two wheeler insurance policy, you can opt for add-on covers for which you need to pay some extra amount. Add-ons help you enhance the protection for your two-wheeler. Some of the add-on covers are zero depreciation covers, and accident cover for the pillion rider. You should also check the affordability of the premium payment while picking add-on covers.
Several reputed NBFCs (Non-Banking Financial Companies) provide you the facility to monitor your premiums and track your insurance updates online. Moreover, you can also easily renew your insurance policies when you avail it with a trustworthy provider such as Bajaj Finserv.