Insurance is like a spare tyre. You may not require it, but not having one is not an option.
  • 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
    • HDFC Ergo Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a two wheeler insurance policy with HDFC ERGO from last 3 months, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. A premium of Rs 2100 has to be paid for this insurance policy.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jul 20, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good insurance policy"
      0.5 5.0/5 "Blown Away!"
      I did the insurance and keeping the paper. I'm not aware of the plans and benefits the policy. I have purchased this insurance nearly 1 year before. I made the premium amount of Rs. 1600 and i used to make the payment through cash. I never experienced of the claiming process in ICICI hence i did not speak with the customer care service also.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 19, 2018
    • Bharti Axa Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have my two wheeler insured with Bharti Axa from last 11 years, i am happy with the coverage an plan benefits of this insurance policy. A premium of Rs 1100 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 1
      , chennai
      Reviewed on Jul 18, 2018
    • Bharti Axa Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have taken a two wheeler insurance with Bharti Axa from last 7-8 months, i am happy with the coverage and plan benefits of this insurance policy. I have not claimed anything so far from this insurance policy. I have to pay a premium of Rs 1400 for this insurance policy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 18, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've been using the Bike Insurance policy with the Oriental Insurance Company. I am paying a premium of 2000, the policy covers the entire bike. I do not have any claim experience with the policy either. So far it has been a good experience with their services.
      Was this review helpful? 2
      , bangalore
      Reviewed on Jul 17, 2018
    • National Insurance Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a health insurance policy with National Insurance from last 15 years, it is a family health policy with the coverage value of Rs 3 lakhs. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount as the company pays it.
      Was this review helpful? 2
      , new delhi
      Reviewed on Jul 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 7 years, i am happy with the coverage value of this insurance policy. A premium of Rs 800 has to be paid every year for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 17, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a bike insurance policy with the Bajaj Allianz. I am paying a premium 1200 per year. The policy covers the entire bike. I never had any claim experience with the policy. I'll have to wait and see how they respond to my claim requests in future.
      Was this review helpful? 2
      , kolkata
      Reviewed on Jul 16, 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 6 years, i am happy with the coverage value of this insurance policy. I pay a premium of Rs 1200 for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 16, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      My two wheeler insurance is with Bajaj Allianz from last 9 months, i am happy with the coverage value of this insurance policy. A premium of Rs 3000 has to be paid for this insurance policy. I have not claimed anything so far from this insurance policy.
      Was this review helpful? 4
      , kolkata
      Reviewed on Jul 13, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured the Reliance General insurance. I have paid a premium of 4000 for three years, I do not have any claim experience and the policy covers the entire bike. So far it has been a hassle free experience with the policy and I'll have to wait and evaluate their services in future.
      Was this review helpful? 2
      , kochi
      Reviewed on Jul 13, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      I was using the Bajaj Allianz bike insurance policy initially. The policy was very good, It was approaching maturity and I changed to a different provider. I do have a claim experience with the policy. The claim process was seamless and hassle free. It is a recommendable bike insurance provider.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Jul 12, 2018
    • Reliance General Two Wheeler Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      My bike is insured with the Reliance general Insurance. I am paying a premium of 1500 year, the policy covers only metal parts. I do not have any claim experience with the policy and so far it has been a smooth experience. I'll have to wait and see about their approach in case if I will have any claims in future.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 12, 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 1.5 years, i am happy with the coverage value of this insurance policy. I have not claimed anything so far from this insurance policy. I am not aware of the premium amount but i am satisfied with the plan benefits of this policy.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 11, 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 8-9 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 premium of Rs 1200 for this insurance policy.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the ICICI Lombard General Insurance. I pay a premium of 1600 annually. The the policy covers entire bike. I do not have any claim experience with this policy either. So far it has been a smooth experience with their services.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jul 10, 2018
    • New India Two Wheeler Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      My bike is insured with the New India Insurance company. I pay a premium of 1200 per year, I do not have any claim experience so far and The policy covers the entire bike. I make payments online. Overall it has been a good experience so far.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jul 10, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Average Policy"
      0.5 1.0/5 "Really Bad"
      I have taken two wheeler insurance from Icici Lombard general insurance . Am satisfied with the premium amount what am paying . I made the payment through on-line for one year. Its an average policy wont be recommending . Their customer service and response is not up to the mark.
      Was this review helpful? 0
      , greater noida
      Reviewed on Jul 10, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      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 to be renewed every year. I have no claim experience so far from this insurance policy and i am happy with the coverage value.
      Was this review helpful? 1
      , guwahati
      Reviewed on Jul 09, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "The Service needs Improvements"
      0.5 2.5/5 "Just OK"
      I've a bike insurance policy with the Bajaj Allianz for which I pay a premium of 1600 per year. I got accident, no service was provided. I am not at all happy with their services. Overall they need to be more customer oriented and provide proper assistance to their customers.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 06, 2018
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