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  • Tips To Reduce The Premium On Your Two Wheeler Insurance

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    A two-wheeler is one of the most economical and convenient mode of transport for most people in India. Reasoned to the same, two-wheelers are also exposed to a higher amount of risk and are involved in the maximum number of road accidents in India. This fact makes it really pertinent for two-wheeler owners to get their vehicles insured and have a financial cover for any misfortune that may occur.

    Many people in India have a perception that a two wheeler insurance is a futile expense as they never had the opportunity to take advantage of the same. They pay insurance premium every year and never get to utilise it. What they largely fail to understand is that an insurance is a contingency plan and an unfortunate event could happen without any notice. An insurance can be of great help during such times.

    There are different ways people can save on the cost of their insurance premium. But before you read them, it’s important for you to understand the factors that affect the premium of your insurance policy.

    • Type Of Insurance Policy: The kind of insurance policy you opt for is a major determinant factor of your insurance premium. The premium for a basic third-party is lower than that of a comprehensive insurance policy. This also because a third-party insurance policy offers a limited protection as compared to a comprehensive insurance policy.
    • Type Of Two Wheeler: The premium amount of your insurance policy depends on the type of your vehicle to a large extent. The make and model of the vehicle, the city where the vehicle is registered, and the accessories installed are all taken into account while determining the premium amount. The Cubic Capacity (CC) of your vehicle also affects your premium amount. The premium for premium sports bikes with higher power are charged high on premium than the commuter motorcycles.
    • Add-On Covers Opted: You may opt for different add-on covers to enhance the scope of your policy. Some examples are zero-depreciation cover, co-passenger accident cover, cover for accessories and more. These add-on covers can be opted for a certain extra amount of premium and hence increases the cost of insurance.
    • No Claim Bonus: No Claim Bonus in simple words is a reward that insurance companies offer policyholders for not making any claims on their policy during the preceding year. It is a kind of incentive for adopting safe riding practices. A No Claim Bonus reduces your insurance premium up to 50% based on the number of claim free years.
    • Voluntary Excess: In case of a damage or loss caused to the vehicle due to any unfortunate event, there is a certain percentage of claim that the policyholder has to pay from their own pocket. If the policyholder chooses to increase their contribution voluntarily, their premium cost will come down.
    • Other Discounts: Due to the increased competition in the insurance sector, the insurance companies these days are offering various kinds of discounts. For instance, you may avail discounts and benefits on buying a long-term insurance policy for a period up to 3 years.

    Tips To Reduce Premium Cost on Your Two-Wheeler Insurance

    • Selection Of Bike: The basic factor influencing the premium of your two-wheeler insurance is the kind of two-wheeler your purchase. The premium cost for superbikes and sports bikes is usually higher than that of the normal commuter motor vehicles. Higher the engine displacement and power, higher will be the premium cost. This is primarily because the expensive sports bikes need greater maintenance as compared to a normal commuter bike. So choose your vehicle wisely depending on your requirement.
    • Opt For A Basic Third-Party Insurance: As per the Indian Motor Vehicles Act of 1988, a basic third party insurance is legally enforceable and is a must. This is the cheapest form of insurance and covers any financial liabilities arising out of loss or damage caused to a third-party or their properties while riding your vehicle. It also covers the owner of the vehicle. Though the premium on this insurance policy is low, it offers a limited protection against unfortunate events.
    • Go For A Multi-Year Insurance Policy: If you go for a long-term policy for a period of up to 3 years instead of an annual insurance policy, you may avail a certain percentage of discount and get rid of the hassles of yearly policy renewals. This way you can reduce the premium cost on your insurance.
    • Avoid Making Petty Claims: A dent or scratch should be ignored and taken care by the owner of the vehicle. Making claims for such petty damages will restrict policyholders from availing ‘No Claim Bonus (NCB)’ which is awarded to the insured for having made no claims on their policy in the preceding years. An NCB can essentially reduce the premium cost of your insurance up to 50% depending on the number of claim free years.
    • Compare And Buy: The best way to buy a two-wheeler insurance is to compare the available alternatives online and then make a purchase. There are various neutral insurance portals where you can go and compare motor insurance policies based on the coverage, benefits and premium.
    • Install An Anti-Theft Device To Your Two-Wheeler: The other way to reduce the premium on your two-wheeler is to install an anti-theft device to your vehicle which will minimise the risk of theft. Consequently, you can avail a concession on your two-wheeler insurance cost.
    • Selection Of Add-Ons: Every add-on cover you choose adds to the cost of premium. Therefore, it is important to choose only those additional covers which you really need and avoid the unnecessary ones.
    • Get Membership Of A Recognised Motor Riding Organisation: Some insurance companies offer special concessions and discounts if you are a member of a recognised automobile, touring or riding association.
    • Choose A Higher Deductible: In case of damage or loss caused to the vehicle, the insurance company does not provide for the entire expenses on the repairs and retrieval of the vehicle. There is a certain percentage of the expenses that has to be borne by the policyholder. This amount is known as deductible. If a policyholder voluntarily chooses to increase their deductible, they will need to pay lower premium on their insurance.
    • A Word Of Advice: Though you might want to save on the premium cost of insurance, it is advisable not to compromise on the coverage that the policy offers. Therefore, do not let premium be the only determinant factor while buying an insurance policy.

    Two Wheeler Insurance Reviews

  • Page 1 of 50 1 2 3 4 5
    • Bharti Axa Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having two wheeler insurance policy from quite long time with Bharti Axa General Insurance. The premium amount for this insurance policy is not more than Rs 3000. I have no claim experience so far with this insurance and the coverage value is good in this policy.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 20, 2018
    • National Insurance Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with National insurance from last 1 year. A premium of Rs 2900 has to be paid for this insurance policy. I have not claimed anything so far with this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , secunderabad
      Reviewed on Sep 19, 2018
    • United India Two Wheeler Insurance
      "Good"
      0.5 4.5/5 "Excellent!"
      I hold a two wheeler insurance with United India Insurance from last 7 years, i pay a premium of approx Rs 800 for this insurance policy and it has tam happy with the coverage value.o be renewed every year. I have no claim experience so far from this insurance policy.
      Was this review helpful? 2
      , chennai
      Reviewed on Sep 17, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with HDFC ERGO from last 2 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200 has to be paid for this insurance policy and i have no claim experience so far.
      Was this review helpful? 3
      , mumbai
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with Bajaj Allianz from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1600 has to be paid for this insurance policy and i have not claimed anything so far with this two wheeler insurance.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with Bajaj Allianz from last 1 year, i pay a insurance premium of Rs 1400 for this insurance policy. I have not claimed anything so far from this insurance policy. I am happy with the coverage value of this insurance policy.
      Was this review helpful? 1
      , pune
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I am having a two wheeler insurance policy with HDFC ERGO from last 5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I pay a insurance premium of Rs 1100 for this policy.
      Was this review helpful? 1
      , rajahmundry
      Reviewed on Sep 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I had a two wheeler insurance with ICICI lonbard for quite long time. I am happy with the coverage value of this insurance policy. I am not aware of the premium amount of this insurance policy. I have claimed 3-4 times and all my claim experience was good.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Sep 12, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFc Ergo general insurance. The premium is low and I do not have any claim experience with the policy so far. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my requests in future.
      Was this review helpful? 3
      , bangalore
      Reviewed on Sep 11, 2018
    • L and T Two Wheeler Insurance
      "Excellent Service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy long time back and i had been making the payments of premium annually. Their customer support also had been good as well and i had also taken a claim which was a good experience. There has not been any hassle faced so far.
      Was this review helpful? 3
      , coimbatore
      Reviewed on Sep 07, 2018
    • New India Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with New India Assurance from last 2-3 years, i am happy with the coverage value of this insurance policy. My claim experience was good with this insurance policy. A premium of Rs 2500 has to be paid for this insurance policy. I am satisfied with the policy coverage and plan benefits of this policy.
      Was this review helpful? 5
      , chennai
      Reviewed on Sep 05, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 4.0/5 "Great!"
      My bike is insured with the HDFC Ergo. I do not have any claim experience with the policy. The premium is really less. So far there hasn't been any issues with their services. I'll have to wait and see how they respond to my request in future if I'll have any
      Was this review helpful? 3
      , chandigarh
      Reviewed on Sep 04, 2018
    • National Insurance Two Wheeler Insurance
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this two wheeler insurance a long time back. The premium amount which i had to pay every year had been nominal and i had been making the payments online. Their customer support also had been good as well. I had not made any claims so far.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Sep 04, 2018
    • Tata AIG Two Wheeler Insurance
      "Average policy "
      0.5 3.0/5 "Satisfactory"
      I have take a two wheeler insurance from Tata AIG insurance . This policy covers for 1 year . It covers bumper to bumper coverage ,cashless garage benefits . Am satisfied with premium amount which am making the payment. I'm satisfied with the customer care.
      Was this review helpful? 3
      , chennai
      Reviewed on Sep 04, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Normal Service"
      0.5 3.0/5 "Satisfactory"
      My Bike is insured with the ICICI Lombard General Insurance. I am paying a premium 12000, it only covers the metal parts. I do not have any claim experience with the policy so far. There hasn't been any issues with the services as well.
      Was this review helpful? 1
      , guntur
      Reviewed on Aug 31, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with ICICI lombard from last 10 years and it is a good policy to use. The premium amount for this insurance policy is nominal when compared to other policies. I have no claim experience with this insurance and the coverage value is good.
      Was this review helpful? 8
      , pune
      Reviewed on Aug 30, 2018
    • Tata AIG Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      Premium for this insurance is normal, they took the processing time was less, i have been making payment for this premium for past few years, they have given me the good benefits in this premium, i feel it will give good benefits will be given in future, over all it a good insurance.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with ICICI LOMBARD from last 3-4 years, i am happy with the coverage value of this insurance policy. I am not aware of the premium amount for this insurance. I have no claim experience so far with this insurance policy.
      Was this review helpful? 5
      , bangalore
      Reviewed on Aug 29, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insurance with ICICI Lombard from last 3 years, i am happy with the coverage value of this insurance policy. A premium of Rs 1200-1500 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 5
      , kolkata
      Reviewed on Aug 29, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good Service so far"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the HDFC Ergo general Insurance. I am paying a premium of 3000 Per year, It covers the entire bike. I do not have any claim expereince with the policy so far. So far there hasn't been any issues with their services.
      Was this review helpful? 5
      , chennai
      Reviewed on Aug 29, 2018
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