How to Reduce Two Wheeler Insurance Premium

When it comes to two-wheeler insurance, holding at least a third party insurance is a compulsion, as per the Indian Motor Tariff. This insurance cover safeguards you against financial and legal liabilities which may arise due to the damages incurred towards a third party or property with the involvement of your bike or scooter. However, this basic insurance policy does not offer coverage for damages or losses sustained by you or your bike. Due to this, a comprehensive bike insurance is recommended for its wider scope of coverage which covers you and your bike along with the third party damages.

However, no matter how good your bike insurance plan is, you must know some points to avail it in the best manner, otherwise, you might not get satisfactory benefits.

Following are the tips to reduce two wheeler insurance premium:

1. Compare to Choose Bike Insurance Plan

There are many insurance companies, which offer bike insurance plans. To find the best insurance cover with reasonable premium, you must compare the available plans before buying one. There are many insurance portals which offer the ease of comparison. Apart from the insurance plan comparison, they also offer you top-notch technical assistance during the time of purchase, two wheeler insurance renewal and claim settlement. Therefore, it is recommended to visit an online insurance platform, compare various bike insurance quotes and purchase one that suits you best.

2. Maintain a Good Driving Record

When you drive responsibly and safely, the chances of accidents reduce and you develop a good record of driving. With no or less accidents, the number of claims filed by you will also lessen and by doing this you can accumulate more No Claim Bonus with every claim free year. In addition to lowering your premium with NCB, your decent driving record can help you get some additional offers, waivers, and premium discounts from your insurance company as a reward of getting a lower risk from you.

3. Choose Two Wheeler Add-on Covers Wisely

When it comes to extending the coverage of a bike insurance plan, different add-on covers are available which can be included in the plan such as roadside assistance, zero depreciation benefit, return to invoice, and so on. Although, these add-on covers do not just enhance the policy coverage but also increase the premium of your bike insurance plan. Therefore, it is widely suggested that add-on the add-on cover in your insurance plan wisely and strictly as per your requirement, otherwise it may become a burden on you.

4. Renew Bike Insurance Plan on Time

To continue to avail the benefits of a bike insurance cover, you need to renew it on time. Failing to do so could either make you lose it or you may have to pay for a higher amount of premium if your plan is lapsed. Also, due to being late, you might not be allowed to compare different plans to choose the best insurance plan quote. Therefore, you need to be attentive with your bike insurance renewal time as being quick could make you enjoy different benefits while being late could result in losing various offerings.

5. Avail the Accumulated No Claim Bonus

Your bike insurance plan provides you a reward in the form of NCB for not making a claim in a policy year. You can avail your No Claim Bonus (NCB) benefit only at the time of renewal and can get a discount on the following year’s premium. This discount is progressive in nature and can be earned with every claim-free year which may range from 20% to 50%. To enjoy the premium discounts with NCB benefit, you should remember to use the NCB benefit earned by you and renew your plan before its expiry without fail.

Take Away

Sometimes, the same bike insurance policy can give different levels of benefits to different people. The reason for this distinction is the way of using the insurance plan by different policyholders. The above-mentioned tips may help make the most of your bike insurance plan by reducing the premium, delivering the best deals, and so on. Hence, go through the simple tricks described in this article and avail your bike insurance plan in the best possible manner.

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Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.