A two-wheeler is an easy and convenient way to commute and navigate through congested, narrow lanes in India. No wonder it is one of the most preferred vehicles among the Indian masses. Consequently, it is important to get two wheeler insurance to be secure in the event of an unfortunate event like an accident or total loss due to theft or burglary. Bike insurance is also mandatory as per law. To keep your two-wheeler protected, it is better recommended that you get a comprehensive two-wheeler insurance policy. When purchasing a policy, the bike insurance premium is one of the most important considerations. It might be a huge chunk of money going out of your pocket and hence, you may need to look for ways to reduce your premium. Your focus is to get maximum coverage at a fair and competitive premium amount.
In this blog we discuss a few simple tips that you can follow to reduce the premium without compromising on your coverage –
Should I go for the lowest available bike insurance premium?
It is quite natural to consider the cheapest two-wheeler insurance policy when purchasing insurance. But getting a cheaper policy can reduce your coverage or may not be sufficient in times of need. A bike insurance premium has a myriad of elements that can impact the premium amount. Hence, it is vital that you understand all these elements and make an informed decision before paying the bike insurance premium when purchasing a two-wheeler insurance policy.
Tips to reduce bike insurance premium
To make the most of the insurance policy, it is important that you are aware of the following factors that impact the insurance rates. These will help you in availing a better coverage at a lower premium!
- Do not forget to compare insurance policies: When you purchase a two-wheeler insurance policy, do spend some time in comparing policies from different insurers. The best way to do so is by comparing bike insurance premiums online. This helps you connect with your choice of insurers easily and get the required information. You can also check benefits, quotes, add-ons and coverage and choose the policy that deems most suitable to you. Additionally, by comparing you can also avail of higher coverage at a reduced premium.
- Avoid raising smaller claims: When you renew an existing insurance policy, you are liable to avail of a no-claim bonus when you have not raised a claim for the entire policy tenure. This no-claim bonus can even go as high as 50% of the total amount for not raising a claim for a few consecutive years. By raising a small claim, you are at risk of losing this discount and ending up paying a higher bike insurance premium amount.
- Choose the right add-ons for the policy: An add-on cover gives your bike additional coverage beyond the general two-wheeler insurance policy coverage. But these add-ons come at a cost that is included in the premium amount. Hence, adding too many add-ons may also cost you a lot. Choose the add-ons wisely and let go of unwanted ones to get a reduced bike insurance premium amount.
- Renew your bike insurance on time: Make sure that you renew your two-wheeler insurance before the date of expiry and avoid the policy getting lapsed. After lapsed insurance, you are at risk of losing the no-claim bonus. After the grace period, you may also need to purchase a new policy altogether, leading to higher premiums and more hassles. Hence, to avoid paying a higher premium, do not forget to renew your insurance policy on time.
- Invest in anti-theft devices for your two-wheeler: Many insurers offer a discount on premiums for bikes that are secured with an anti-theft device like alarms and sensors. This shows your intent on keeping the bike secure and responsible behaviour towards unwanted losses. However, it is also important to have a device installed that is approved by ARAI to get the discount.
- Stick to the same insurer: When you have multiple types of insurance policies like travel, health, and motor, it is better to purchase them from the same insurance company. You may get more discounts and loyalty points that can get you additional discounts on the bike insurance premiums.
- Maintain a good driving history: While you are given a no claim bonus for being a safe driver, having not raised any claims during the policy tenure can also benefit you with reduced premium amounts. Hence, by maintaining a good track record of driving habits can benefit you in many ways.
- Review the deductibles: When you are settling a claim, the insurer does not bear the cost of deductibles and that cost has to be borne by you. But, at the time of purchasing the two-wheeler insurance policy, you can increase your deductibles and reduce the premium amount.
The above-mentioned tips can help you reduce your bike insurance premium and save a lot of your hard-earned money. However, it is also important that you opt for an insurance policy that is not just good for your pocket but also fulfils all your insurance needs. Remember not to settle for a cheaper insurance policy just to save money. You can compare a variety of two-wheeler insurance policies and take a plan that fits you the best.
Disclaimer: The above information is for illustrative purposes only. For more details, please refer to the policy wordings and prospectus before concluding the sales.