Two-wheelers offer the convenience of zipping around narrow lanes with ease as well as affordability with low fuel consumption as compared to four-wheelers. No wonder, two-wheelers are one of the preferred choices of travel for the majority of Indians. However, on the flip side, two-wheelers are more prone to thefts and accidents. Hence it is very important to secure your two-wheeler against losses caused by unforeseen events. Besides financial protection, two-wheeler insurance is also a mandatory requirement as per Indian traffic laws. Failure to do so can invite hefty fines and penalties. While choosing two-wheeler insurance for your vehicle, it is important to select one that is right for you and at the same time does not hurt your pockets.
Here are some valuable tips to reduce your two-wheeler insurance premium:
Compare different two-wheeler insurance plans before you buy
Most of us do a lot of homework in the form of comparison while buying electronic gadgets and other things. Buying two-wheeler insurance should be no different. Before purchasing two-wheeler insurance, always compare the premium, inclusions, exclusions, add-on covers and benefits offered by different insurers.
Opt for a longer-term policy:
While purchasing a two-wheeler insurance policy one can opt for a policy of either 1, 2 or 3 years. By choosing the longest policy term, the amount of premium remains constant for the entire duration of 3 years.
Ignore minor claims
No-claim bonus (NCB) is a discount offered by insurance companies to policy holders in case there is no claim during the policy term. The amount of NCB can go as high as 50% with every passing policy year where no claims have been made. However, NCB cannot be claimed while renewing the policy even if you have made a minor claim. Hence it highly advisable to avoid making minor claims.
Get anti-theft devices installed on your two-wheeler
Anti-theft devices can not only keep your two-wheeler safe but also get you additional discounts while purchasing or renewing your policy as it shows how careful you are with your vehicle’s safety from theft. However, while installing an anti-theft device you have to ensure that it is approved by ARAI.
Choose your add-ons wisely
Insurance companies offer a wide variety of add-ons along with the insurance policy which you can choose while purchasing the policy such as consumables cover which provides coverage for consumable items like filters, oil, bearings etc., roadside assistance for vehicle breakdown, key loss cover for loss of keys, passenger assistance cover for additional protection for the pillion rider and loss of personal belongings etc.
Choose higher deductible
In the event of a claim, the policyholder is liable to bear a portion of the claim. This is known as deductible. The rest of the cost for repair will be borne by the insurance company. By opting for a higher deductible one can effectively reduce the premium of their two-wheeler insurance policy.
Bottom line
The above tips can come in handy for saving a decent amount of money when you buy or renew a two-wheeler insurance policy.
– Written and contributed by Pradeep Sukumaran.
