• 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
    • ICICI Lombard Two Wheeler Insurance
      "Good Bike Insurance"
      0.5 4.0/5 "Great!"
      I've been using the ICICI Lombard bike Insurance for few years now and I'm happy about the annual premium I pay. Even though I never had any claim experience with them, I'm happy with their services. Their customer support is also good and helpful in case of any issue.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 24, 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 3 years, i am happy with the coverage value of this insurance policy. They cover up to 60-70% and i am satisfied with it. I do not have claim experience so far with this insurance and i pay a premium of Rs 4000 for this insurance.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 24, 2018
    • New India Two Wheeler Insurance
      " Two Wheeler Insurance with NEW INDIA"
      0.5 3.0/5 "Satisfactory"
      From NEW INDIA ASSURANCE i have taken a two wheeler insurance and the premium which i am paying was 1800. This policy have the accidental coverage for the bike and for the third party. There is no claim experience till now. The customer service was fine.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 23, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Icici two wheeler insurance service is good. The payments are through cash. I use to pay my premium yearly directly as a cash. They use to intimate regularly through Sms. I am paying 1k yearly as a premium. It was an good experience with Icici two wheeler insurance service.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 23, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good"
      0.5 4.0/5 "Great!"
      Icici two wheeler insurance service is good. The payments are through online. Also the online portal is easy for navigation. The process was been fast with Icici two wheeler insurance service. It was an good experience with Icici two wheeler insurance service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 23, 2018
    • Reliance General Two Wheeler Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I have an two wheeler insurance with Reliance. The documents process was been smooth with Reliance two wheeler insurance service. I use to pay my premium through online. It was a excellent service with Reliance Two Wheeler insurance for my Bajaj Pulsar 220 CC bike.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 23, 2018
    • Bajaj Allianz Two Wheeler Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      From BAJAJ ALLIANZ GENERAL INSURANCE i have taken a health insurance and the premium which i am paying was 13600. This policy have the accidental coverage for the bike and for the rider. There is no claim experience till now. The customer service and response was good.
      Was this review helpful? 0
      , kolkata
      Reviewed on Apr 21, 2018
    • ICICI Lombard Two Wheeler Insurance
      "best card"
      0.5 5.0/5 "Blown Away!"
      I had a two wheeler insurance policy in ICICI LOMBARD GENERAL INSURANCE. Since now i did not faced any issue like online transactions while am renewing the insurance. I feel very comfortable. I can recommend this ICICI LOMBARD GENERAL INSURANCE two wheeler insurance policy to my friends.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • HDFC Ergo Two Wheeler Insurance
      "good experience"
      0.5 4.0/5 "Great!"
      I had a two wheeler insurance in the prestigious insurer IE: HDFC ERGO GENERAL INSURANCE. I can say it is a one of the best insurance which i had . Mostly all plan benefits will cover under this policy. I can use their website to check the quotes and to renewal the two wheeler insurance policy on time. I recommend their services for my friends.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 20, 2018
    • Oriental Insurance Two Wheeler Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a two wheeler insurance with Oriental Insurance from last 7 years, i do not have any claim experience so far with this insurance policy. The coverage value of this insurance policy is 60-70% and i am satisfied with it. I pay a premium of Rs 1200 every year for this insurance.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Apr 20, 2018
    • New India Two Wheeler Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company NEW INDIA ASSURANCE along with my vehicle. My annual premium is very reasonable by comparing with other insurance products and it is a Five year old policy.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 20, 2018
    • ICICI Lombard Two Wheeler Insurance
      "Good service"
      0.5 4.0/5 "Great!"
      I insured my two wheeler from the ICICI LOMBARD GENERAL INSURANCE company . I have recently renewed this policy for the second time. I have paid Rs,1200 to renew this two wheeler insurance policy from the ICICI Lombard. They give intimations to renew the policy on time which is very helpful from the ICICI LOMBARD GENERAL INSURANCE company.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 19, 2018
    • United India Two Wheeler Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have my two wheeler insured with United India Insurance from last 2 years, i do not have claim experience so far with this insurance. I am happy with the coverage value of this insurance policy. A premium of Rs 800-900 has to be paid for this insurance policy.
      Was this review helpful? 0
      , chandigarh
      Reviewed on Apr 19, 2018
    • ICICI Lombard Two Wheeler Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company ICICI LOMBARD GENERAL INSURANCE. My annual premium is very reasonable by comparing with other insurance products which is 1900/-. . I can prefer online to renew my two wheeler insurance policy with in the due date. I had bought this two wheeler insurance policy along with my vehicle.
      Was this review helpful? 0
      , mumbai
      Reviewed on Apr 18, 2018
    • New India Two Wheeler Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have my two wheeler insured with New India Assurance 1 year back, i am happy with the coverage value of this insurance policy. I did not claim anything so far from this insurance policy. A premium of Rs 1200 has to be paid for this two wheeler insurance.
      Was this review helpful? 0
      , noida
      Reviewed on Apr 18, 2018
    • Liberty Videocon Two Wheeler Insurance
      "better experience"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the public sector insurance company LIBERTY VIDEOCON GENERAL INSURANCE. My annual premium amount is quite high by comparing with other premiums. I did not received my policy document by mail and hard copy too.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • HDFC Ergo Two Wheeler Insurance
      "best policy"
      0.5 5.0/5 "Blown Away!"
      I had taken a two wheeler insurance policy from the public sector insurance company HDFC ERGO GENERAL INSURANCE. My annual premium amount is Rs. 4000/- which is very reasonable by comparing with other premiums. I had received my policy document by mail.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
    • National Insurance Two Wheeler Insurance
      "best policy"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the public sector insurance company NATIONAL INSURANCE. My annual premium amount is Rs. 1600/- which is very reasonable by comparing with other premiums. I had received my policy document by mail.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Apr 18, 2018
    • ICICI Lombard Two Wheeler Insurance
      "good policy"
      0.5 4.0/5 "Great!"
      I had taken a two wheeler insurance policy from the top most private sector insurance company ICICI LOMBARD GENERAL INSURANCE. My annual premium amount is very reasonable by comparing with other premiums. I had received my policy document to my registered communication address.
      Was this review helpful? 0
      , new delhi
      Reviewed on Apr 18, 2018
    • Iffco Tokio Two Wheeler Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      I have got the two wheeler insurance policy from the IFFCO TOKIO around 2 years ago. I have paid Rs, 1800 to get this policy from the Iffco tokio and this policy has the tenure of 2years. The customer support service and the response is good here, and they won't give the intimations to renew the policy on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 18, 2018
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