4 tips to Get the Best Two Wheeler Insurance Policy for Your Vehicle

In a country like India that charts startling two wheeler accident figures, having vehicle insurance is highly essential to save yourself from bankruptcy. But, as you may already know, bike dealerships offer a standard insurance policy when you buy a two wheeler, which you may or may not like. In case you are looking to do your own insurance policy shopping, here are a few ways to get the best and the most cost-effective insurance policy.

Find the right bike

Sometimes the kind of bike you buy will have an impact on how much insurance you are going to pay. To begin with, insurance companies believe that two wheelers are a riskier proposition, and the more expensive the two wheeler gets the more riskier the gamble.

For instance, you are likely to get a relatively cheaper insurance deal when you own a mid-range performance bike as opposed to owning a hunky, sporty super bike. This is because there’s a much bigger chance of you damaging yourself, your bike or others, when you own a high-performance bike. So, be mindful about the bike you choose.

Compare different policies

If we go by the IRDA figures, there are over 28 insurance companies in the country right now which suggest that there is no dearth in the number of . Rather than buying a policy suggested to you by a friend or a money-minded agent, go ahead and do your own research.

Compare at least a dozen policies and pitch them against one another based on premium, coverage, limitations, and exceptions. This will help you zero in on a policy that offers the best value-for-money deal for your vehicle.

Look out for limited time offers

Insurance industry is vastly buyer centric, which means insurers are likely to lure you towards choosing their product. This, they do by engaging in a game of one upmanship over their competitors. While doing so, insurance companies come up with several limited period offers particularly around festive periods to woo a larger audience. Be on the lookout for such offers and time your policy purchase such that it converges with these periods.

Choose higher deductibles

Deductible basically refers to your out-of-pocket expense you pay for any repairs after an accident. If you are a safe rider and want to get the best insurance deal, raise the deductible value to a much higher limit. This will give you a comparatively cheaper policy to work with and will even bring down your insurance premiums by about 30 percent.

Finding the right two wheeler insurance deal is not rocket science as long as you follow these four basic tips while going policy hunting.

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

This Page is BLOCKED as it is using Iframes.