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Tips on Reducing Two Wheeler Insurance Premium

By Finserv MARKETS - Jan 29,2019
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Tips on reducing Two wheeler insurance premium

Buying the right Two-Wheeler Insurance policy in India is not just about comparing plans and shopping for the best policy. It’s also important to optimize your Two Wheeler Insurance premium so that it fits within your budget effortlessly. Here are some effective tips that will help you reduce your Two Wheeler Insurance premium:-

Choose the Right Bike/Scooter

The cost of your two-wheeler and your two wheeler insurance policy are directly related. When you choose a standard or older model, insurers tend to offer competitive premium rates simply due to the fact that replacement and repair costs tend to be significantly lower in such vehicles. On the other hand, when you choose an expensive bike with a powerful engine (high CC), you will be charged with a hefty premium as the bike may be classified as exotic and the repair/replacement costs will be significantly higher than the standard models. Furthermore, bikes with powerful engines tend to be driven at high speeds, which further increases the risk factor for insurance companies.

Pay Annually

Paying the premium in full right after purchasing the policy will cost you lesser than what you might have paid, by way of monthly premium payments.

Avoid Making Small Claims

If you don’t make claims during the policy term, you will receive a No Claim Bonus or NCB. A No Claim Bonus is a discount on premium awarded to drivers for driving responsibly and not making any claims. When you make a claim for small damages, you will lose out on the No Claim Bonus for that particular year. Therefore, if your vehicle suffers small damages such as a small dent or a scratch, you can pay for it from your own pocket and enjoy a bigger discount on your two-wheeler insurance premium.

Enhance Your Vehicle’s Security Features

The cost of insurance is primarily based on the degree of risks involved. The more secure your bike is against risks like accidents, vandalism and theft, the more likely insurers are to offer you a lower premium rate. By using additional safety equipment (ARAI approved) you can reduce the risks to your vehicle, thereby reducing your premium.

Join a Riding Association

Some insurers provide small to medium discount to customers who belong to a Touring, Riding or Automobile Association.

Bundle Your Insurance Policies

Insurance companies want their customers to buy more than just one policy from them. For instance, if you have a home insurance policy with a particular insurer, they will be more likely to provide you with a discounted premium if you also buy your two wheeler insurance policy from them.

Availing a two-wheeler insurance plan with Finserv MARKETS is easy, convenient, hassle-free and completely online. Additionally, we offer additional benefits such as bike roadside assistance, Cash-free Servicing etc. So, go ahead and buy bike insurance online with Finserv MARKETS today!

“Finserv MARKETS, a subsidiary of Bajaj Finserv, is a one-stop digital marketplace that has been created for consumers on the go. It offers 500+ financial and lifestyle products, all at one place. At Finserv MARKETS, we understand that every individual is different. And that’s why we have invested in creating a proposition – Offers You Value. A value proposition that ensures you get offers which are tailor made for you. We also offer an amazing product range and unique set of online offers across Loans, Insurance, Investment, Payments and an exclusive EMI store. Be it in helping you achieve your financial life goals or offering you the latest gadgets, we strive to offer what you are looking for. From simple and fast loan application processes to seamless and hassle-free claim-settlements, from no cost EMIs to 4 hours product delivery, we works towards fulfilling all your personal and financial needs . What’s more! Now enjoy the same benefits in just one click with our Finserv MARKETS App.”

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522