4 Nifty Ways To Cut Down On Your Two-Wheeler Insurance Premium Costs
Compared to other vehicles, two-wheelers account for the largest share of the Indian transportation market. Every two-wheeler needs to be mandatorily insured in case of any tragic loss or damage. Your motorcycle must have third-party insurance coverage. You must purchase comprehensive insurance for two-wheeler coverage to safeguard your bike. It’s crucial to acquire the most coverage possible for your bike at the lowest possible cost when buying insurance. Here are some quick ideas to lower the cost of your two-wheeler insurance.
When you are looking for the greatest bike insurance policy available for your bike, it is only logical to want the best at the lowest price. If you have maximum coverage while paying a reduced two-wheeler insurance rate, this is possible. The cost you pay to the insurance company depends on several factors that are included in your bike insurance price. Before you purchase or renew two-wheeler insurance, it is imperative that you have a thorough understanding of the premium’s components. ##
Guidelines for lowering your two-wheeler insurance premium:
You must be aware of the variables that affect insurance rates in order to get the most from your insurance policy. You can obtain the most affordable bike insurance rates by doing this.
Here are a few crucial pointers for lowering your bike insurance premium:
- Insurance policy comparison
Start by comparing the insurance plans that are offered for your two-wheeler on the market. Online bike insurance comparison is the most effective way to do this. You may get two-wheeler insurance quotes from insurance firms by using the internet to communicate with them. You can use a two-wheeler insurance premium calculator to calculate the average cost of premiums. *
- Refrain from filing small claims
If you haven’t filed a claim throughout the policy period, the insurer will offer a No Claim Bonus (NCB) when you renew your bike insurance policy. This may reach 50%. When renewing the policy, making little or negligible claims will prevent you from receiving the NCB concession. Consequently, your premium will be more than insurance would be if you used the NCB as a reduction. *
- Select appropriate add-on covers
The standard comprehensive insurance policy is supplemented by add-on covers, which offer more protection. However, there is an additional fee that must be paid. By selecting unnecessary or superfluous add-ons, you will only be able to raise the cost of your bike insurance rather than lower it. *
- Timely renewal of your insurance policies
Make sure to renew your bike insurance by the deadline and do not let it expire. The NCB bonus only lasts 90 days after the due date after the automobile insurance expires and before it expires altogether. To avoid paying a higher premium, it is essential to renew your bike insurance before the deadline. *
Is purchasing a two-wheeler insurance policy required?
According to the Motor Vehicles Act, you must carry at least third-party insurance on your bike. Riding a two-wheeler on Indian highways without a valid insurance policy is a traffic infraction. Although comprehensive insurance is not required, it financially protects you in the event that your two-wheeler is damaged or stolen. By insuring your car with comprehensive two-wheeler insurance coverage, you can lessen the financial consequences of losses or damages to it and save money. ##
There are many ways to reduce your insurance for two-wheeler premium costs. By choosing a higher deductible, opting for third-party insurance, maintaining a clean driving record, and comparing different insurance plans, you can reduce the amount you pay for insurance. *
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
