Six tips to reduce your two-wheeler insurance premium

By: | Published: September 17, 2018 3:24 AM

You can go for a three-year policy and save on the insurance premium.

In India, bikes are preferred as a daily mode of transport. As per law, if you own a bike, you have to get it insured. (Representational photo)

In India, bikes are preferred as a daily mode of transport. As per law, if you own a bike, you have to get it insured.

The buyer can opt for a basic policy or can choose a more comprehensive insurance policy by paying a high premium. Here are some tips that can cut down your two-wheeler insurance premium

Choose your bike well
Selection of a bike is truly an important point in order to decide insurance premium. If you select an expensive bike, you may end up paying a high insurance premium. On the contrary, if you select a standard bike, a slightly older model or a used bike, insurers are likely to offer you competitive insurance premium rates by considering the fact that repair, maintenance and replacement costs will be significantly lower in such cases.

Compare insurance plans
Prior to your purchase of an insurance plan, it is very much important that you compare various insurance plans offered by leading insurers in the country. This comparison can be done either by using online third-party insurance comparison portals or by visiting respective insurer websites. Make sure to read the benefits, features, claims procedure, premium payment channels and incurred claim ratio of the company. Request for premium quotes and choose a plan that gives you enough coverage at a competitive price.

Opt for long policy tenure
Unlike car insurance which is renewable on yearly basis, bike insurance plans can be purchased for a longer tenure. Therefore, with bike insurance, you can choose an insurance policy of up to three years. Selecting a long-term insurance policy will help you in saving insurance premium as it remains locked for the duration of the policy tenure.

Ask for discounts
Before opting for any bike insurance plan, ask the representative or the insurance agent for discounts. There are many insurers that offer age-related discounts to the buyer of the policy. Similarly, certain insurance providers offer gender-related discounts, discounts for purchasing for a long tenure plan, etc. Thus, it is advisable to check if the insurer offers any discounts that can lower the premium amount.

Don’t make small claims
No-claim bonuses are given to drivers who haven’t made any claim during a defined period. If a policyholder makes claims against small damages, he won’t be able to avail the no-claim discount for that particular year.

Boost bike’s security
The more secure the bike is against vandalism, incidental damage and theft, the more likely the insurers are to offer a lower premium rate. Since security measures and safety equipment minimise the risk posed, insurers are more likely to offer lower premium or discount.

-Source: Tax Guru

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