7 Tips To Reduce Two Wheeler Insurance Premium

The best bike insurance policy does not always come with a hefty premium. In order to ensure maximum benefits at a competitive rate, prospective policy buyers can therefore follow some tips to lower premiums, save a great deal of time and buy bike insurance online.

The premium cost is an important consideration when buying any type of insurance policy. This insurance premium depends on a number of variables, including engine cubic capacity, place of residence, type of coverage, etc. Nevertheless, paying a high premium is not always necessary to purchase the best bike insurance policy.

In order to ensure maximum benefits at a reasonable price, prospective policy buyers can therefore follow a few tips to lower premiums and save a lot of time.

How to reduce the cost of your motorcycle insurance

Selecting the best bike insurance plan for one’s needs and budget can be challenging because there are so many insurance companies in the nation.

These points will help significantly reduce insurance premiums:

Avoid filing any minor insurance claims

If the policy buyer has not filed a claim during the policy tenure, the insurance provider will offer a No Claim Bonus (NCB) when renewing a bike insurance plan. The bonus percentage for the NCB may reach 50%. Insignificant claims will prevent you from receiving the NCB bonus at policy renewal. Customers, therefore, pay a significant premium if they choose not to use the No Claim Bonus. *

Insurance policy comparison

Comparing the insurance policies offered on the market is one of the best ways to lower the premium before you buy bike insurance online. Online comparisons of bike insurance plans are the best way to accomplish this. The online purchase procedure is straightforward and requires little paperwork. Customers of these insurance companies can easily buy insurance through their website or mobile app.

Choose appropriate add-on covers.

In addition to the standard comprehensive bike insurance policy, these add-ons provide additional coverage. Customers must pay an additional fee for this, though. Unnecessary add-ons will result in higher insurance rates rather than lower premiums. Most comprehensive insurances will already have third party bike insurance.

Timely policy renewal

Customers must not let their bike insurance policies lapse and must renew them by the deadline. The NCB benefit is only valid after the motor insurance plan has expired for 90 days following the due date before it expires. Therefore, in order to avoid having to pay a significant premium, it is imperative to renew the bike insurance plan before the deadline. *

Install theft-prevention tools

Insurance companies typically offer lower premium rates if customers instal security features, like anti-theft alarms, on a two-wheeler. It outlines one’s intention to protect their car and prevent unforeseen harm or losses. To receive a concession on a two-wheeler insurance premium, one must, however, make sure that the security devices are approved by the Automotive Research Association of India (ARAI).

Decide on a higher deductible.

The cost of repair or recovery of the affected vehicle is not always covered by insurance companies in the event of damage or loss to the vehicle. The percentage of costs that each insurance company is responsible for varies. This sum is referred to as a deductible. The cost of bike insurance decreases when a higher deductible is chosen. *

Ask for concessions

Asking for concessions when renewing or getting a new two-wheeler insurance plan is not a problem. Additionally, insurance companies frequently provide offers to market their products. These can include things like long-tenor plans, age, etc. Offers are available to policy buyers who want to lower their premium payments. ##

Be sure to use the two wheeler insurance premium calculator to find out the amount of premium you will be paying.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## 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.

What is your reaction?

In Love
Not Sure

You may also like

Comments are closed.