Tips to Reduce Premium on Two-wheeler Insurance

When it comes to the transport segment in Indian, two-wheelers take up a huge share compared. Bikes/scooters are always considered a convenient way to move around congested cities. It is also easier to work your way through narrow roads when you have a two-wheeler. It is crucial that you insure your two-wheeler in case there is any damage to t eh vehicle. Premiums for two-wheelers includes a lot of components that could affect the money you pay in total to get the insurance. Once you understand the different components of an insurance premium, you will be able to take better decisions regarding the insurance you take for your two-wheeler.

  • Try not to Raise Minor Claims
  • When you renew your two-wheeler insurance policy, the insurer offers you a 'No Claim Bonus (NCB)’. This happens only if you have not raised any claim in the course of the policy period. This number could be up to 50%. When you raise minor claims, it avoids the discount as NCB when you renew the policy.

  • Make sure to Compare a lot of Insurance Policies
  • You should compare many insurance policies before you decide to take one. The ideal method is to compare many two-wheeler insurance policies online. You have to check additional, the coverage, and other important factors. When you compare insurance policies, you will be able to select the policy which gives you a better coverage and also a lower insurance premium.

  • Renew The Policy in Time
  • You should always renew your two-wheeler insurance within due date period. Once your insurance lapses, your NCB benefit will only be valid for 90 days (from the due date).

  • Look Through the Add-on Covers
  • A lot of insurance policies offer add-on covers. These provide coverage over and above the standard insurance policy. You will have to pay an additional premium to get these benefits.

  • Buy Your Insurance Policy from the Same Company
  • If you bought health insurance, travel insurance, etc. from one insurance company, you should buy your two-wheeler insurance also from the same company. The company could give you loyalty points and these can be used to get a discount on the premium of your two-wheeler insurance.

  • Make sure to get an Anti-Theft Device
  • A few insurance companies could offer lower premiums on your insurance if you get security devices like anti-theft alarms for your two-wheeler. This shows the company that you want to secure your vehicle and also try and avoid unwanted damages. Make sure to get the security devices which are approved by the Automotive Research Association of India (ARAI) in order to get a discount on the premium of your insurance.

  • Requests for Discounts
  • You can always ask the company for a discount when you renew your insurance policy for the two-wheeler. In order to promote the policies, a few companies may give you discounts.

  • No Claim Bonus (NCB)
  • When you renew your insurance with the same insurance company, use your NCB to get a discount the premium. If you renew your insurance with the same company, make sure to not raise minor claims. This will help you not lose out on the NCB.

  • Higher Deductible
  • When you settle the insurance claim, the insurer will not bear the cost of the repair. You have to pay a percentage. This is known as a deductible. When you choose to pay a higher deductible, the premium on your two-wheeler insurance reduces.

  • Your Driving Records
  • When get an NCB for not raising claims and driving safely, the digital insurance insurer could review your driving habits and then determine your premium. So, make sure to maintain a very good driving record.

  • You Could Become a Member of Automobile Association/ Recognised Motor Riding Organisation
  • A few motorcycle organisations offer discounts to the members. This could be towards the insurance of your two-wheeler vehicle. If you become a part of the organisations like a touring club/automobile association, you can get discounts on your insurance premium.

    FAQs on Tips to Reduce Premium on Two-wheeler Insurance

    1. How can I claim my NCB on a two-wheeler insurance?
    2. Your NCB can be easily claimed when you renew the insurance policy. This serves as a discount when you do not raise a claim in the policy period. You can transfer this to a new insurer when you renew the insurance.

    3. How do I choose the best two-wheeler insurance for my vehicle?
    4. You can compare various insurance policies online and you can choose one that meets your requirement and also offers a good coverage.

    5. Can I buy a two-wheeler insurance online?
    6. Yes, you can buy a two-wheeler insurance online. This is a hassle-free experience. You can buy/raise claims/ renew policies online as well.

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