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.
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!
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