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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
    • Royal Sundaram Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler is insured with Royal sundaram insurance from last 4-5 years, a premium of Rs 2000 has to be paid for this insurance policy. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , jaipur
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Yet to experience the claim"
      0.5 4.0/5 "Great!"
      I have not used the insurance policy so far. I never claimed anything in this policy. I have not spoke with the customer care. My friend has recommended me about the two wheeler insurance policy with Reliance. I pay the premium amount of Rs. 1500 for one year. I renew the policy through onine.
      Was this review helpful? 0
      , bangalore
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken a two wheeler insurance with HDFC Ergo. I got a Passion Pro and Scooty for both the vehicles, I used to renew with HDFC Ergo. The customer service is good. There is no claim experience. The policy coverage and the plan benefits are good. I pay 4,000K yearly for 2 vehicles. The policy period is one year.
      Was this review helpful? 0
      , tiruchirapalli
      Reviewed on Nov 16, 2018
    • HDFC Ergo Two Wheeler Insurance
      "Good insurance policy"
      0.5 4.0/5 "Great!"
      When i purchased the vehicle, the dealer has provided the insurance with HDFC Ergo. I have not used any claim with HDFC Ergo. I have not spoke with their customer care. I pay the premium amount through credit cards. Last year i have bought this policy. Since i'm existing customer of HDFC, i have selected my two wheeler policy with HDFC Ergo.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • Reliance General Two Wheeler Insurance
      "Good Policy to use"
      0.5 4.0/5 "Great!"
      My two wheeler insurance policy was taken from Reliance. The dealer was provided the two wheeler insurance policy when i purchased my bike. I have paid a premium amount of Rs. 7000 for two years. The policy covers all the parts of the vehicle. The documentation process was good. According to the bike condition, they have provided 100% coverage value.
      Was this review helpful? 0
      , ahmednagar
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      It is very good and I have a two wheeler insurance with Bajaj Allianz and it was recommended by the showroom person. I have a Honda Activa bike. It is a one year policy. I got the insurance papers on time. There is helpline number to reach the customer support. The premium was paid through cheque.
      Was this review helpful? 0
      , mumbai
      Reviewed on Nov 16, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a two wheeler insurance with New India Assurance from last 3 years, i am not aware of the premium amount as my company pays it. There was no claim experience so far with this insurance policy. I am happy with the policy coverage and plan benefits of this policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Nov 16, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Claim process is taking more time"
      0.5 4.0/5 "Great!"
      I have purchased the health insurance policy with Oriental. My entire family has been covered in this policy. My organization has provided the policy and they will be managing all the policy details. I never interacted with the oriental customer care services. I had a claim experience with oriental but my company taking care of that when i submitted the documents. Its taking 20 days to get settlement. They have given me a coverage value of Rs. 5 lakhs.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Best Policy"
      0.5 4.5/5 "Excellent!"
      Using the bajaj Allianz insurnace for my two wheeler for last 2 years. I used to pay the premium of Rs. 1240. They have provided the value of the bike Rs. 38000. They have covered for 70% of the bike value. I never faced any issues with the policy. Because of the lower price, i have selected the policy with Bajaj Allianz.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 16, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 3.0/5 "Satisfactory"
      I have a bike insurance with ICICI Lombard. Its a one year policy. I asked the service provider for an insurance and they was suggest me ICICI Lombard. I have paid 1300 rupees for a year through cash. I have claim experience, they have taken almost 18 months for the reimbursement. I am satisfied with the policy coverage and the plan benefits.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 15, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      The plan is good with Bajaj Allianz insurance company, in terms of coverage value, the insured value around Rs. 47,000 for my Honda Dream yuga bike, its just two years old. I have coverage for loss, damage, accidental. They have many service centers as well.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Nov 14, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      The bike policy was arranged through the dealer, since it mandatory purpose I took the policy from Bajaj Allianz. I don't have any option hence I took by paying some premium. I availed comprehensive policy for my bajaj discover bike for one year tenure.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Nov 13, 2018
    • Bharti Axa Two Wheeler Insurance
      " Its convenient policy renewal"
      0.5 5.0/5 "Blown Away!"
      Its convenient to go head to chose all the options, they have option to increase the IDV, even the premium is good. I have been experience with Bharti axa two wheeler policy around five years, whenever I renew the policy I get the no claim bonus.
      Was this review helpful? 2
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Average Policy"
      0.5 3.0/5 "Satisfactory"
      I did not have any claim experience with National two wheeler insurance. I have not spoke with the customer care service as of now. I made a premium amount of Rs. 1400 for one year. The reason for selecting the National insurance is when i purchase a bike from dealer who provided the policy with National and i'm continuing the same. They have given a value of the bike is Rs. 55K.
      Was this review helpful? 1
      , chennai
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      When I purchased the Honda Activa bike at that time they provided an insurance. It is a one year policy. One of my friend is working there so he will takes care of my policy. If anything goes wrong,they will recover 70% to 80% of the damage, remaining 20% from my end.I am planning to renew the policy again with National Insurance.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 13, 2018
    • National Insurance Two Wheeler Insurance
      "Good Protection for two wheeler"
      0.5 5.0/5 "Blown Away!"
      As per IRDI policy, National Insurance is following the terms, the premium is reasonable, I have taken bike policy for three years now they do have five years plan. I have comprehensive plan its always better to go with full cover its good for us.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Need improvement on service"
      0.5 3.0/5 "Satisfactory"
      I have bike insurance with ICICI Lombard, I paid Rs.8700 for three years policy. It has third party plan with personal accidental. But the guys are not responsible, when they want to sell some thing they call , during queries they wont respond.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Customer Policy"
      0.5 5.0/5 "Blown Away!"
      The customer service is good they are providing continuous follow up before expiring the policy they call and share the benefits on renewal. I have honda passion they gave me the best insured value its good. And providing good benefits on the policy.
      Was this review helpful? 0
      , new delhi
      Reviewed on Nov 12, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      For my Dream Honda bike, ICICI Lombard gave me best insured value for the premium amount around Rs.1500 for one year. I got my policy documents on time. I have taken the comprehensive plan with first party cover, therefore I am satisfied with them.
      Was this review helpful? 0
      , nagpur
      Reviewed on Nov 12, 2018
    • Royal Sundaram Two Wheeler Insurance
      "Better coverage"
      0.5 3.0/5 "Satisfactory"
      For my Yamaha R15 bike I took policy from Royal sundaram they gave me Rs. 70,000 of idv value for tenure of three years it was good. I purchased the bike for Rs. 1.3 lakhs, now it got good IDV value with third party liability cover, personal accident cover.
      Was this review helpful? 0
      , chennai
      Reviewed on Nov 12, 2018
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