It has never been this easy to buy a two-wheeler insurance. Policyholders can now buy an insurance policy for their two-wheelers from the comfort of their home or office. However, if they are looking for competitive premiums for their insurance policies, they need to consider several other factors too.
According to the Indian Motor Vehicles Act of 1988, all motor vehicles – including two-wheelers, must be insured by law. Here are a few tips to help you get an affordable two-wheeler insurance policy at lower premium costs.
Compare The Insurance Policies
There are multiple online portals available in India where you could go and compare not only the premiums, but other features before buying a two-wheeler insurance cover. There are a range of insurance options available today. Each plan offers a different set of benefits, and the premiums differ accordingly.
“If you are looking for low-cost bike insurance coverage, you should first ‘digital shop’ the products. Policyholders should check the coverage and additional benefits offered by the insurance companies, and also ensure they find the most suitable bike insurance. You could then select a policy that provides the lowest premium rate without compromising on the overall coverage,” says Rakesh Goyal, director, Probus Insurance.
Choose Suitable Add-On Covers And Avoid Raising Small Claims
Add-on covers provide additional coverage to the standard comprehensive insurance policy. By choosing unwanted or unnecessary add-ons, you would only increase the bike insurance rate and not reduce the bike insurance premium.
“While renewing a two-wheeler insurance policy, the insurer will offer No Claim Bonus (NCB) if the policyholder has not raised any claims in the policy period. Small claims like a minor scratch or a small dent can be taken care of by the policyholder, instead of getting the insurer to reimburse it. Hence, you will be paying a higher premium compared to a situation when you take advantage of the NCB as a discount,” says Goyal.
Renew Policy On Time
Many policyholders do not renew the policy two-three years after buying the two-wheeler. Renewing your policy before the due date not only avoids legal complications, but also helps you to enjoy additional discounts and other benefits. So, you should ensure to renew the bike insurance within the stipulated due date, and not let it lapse. When the motor insurance lapses, the NCB benefit is valid only for a period of 90 days from the due date, and later lapses. It is crucial that your bike insurance renewal is done before the due date to avoid a higher premium.
Opt For A Higher Voluntary Deductible
While settling the claim, the insurer will not bear the entire cost of repair. A policyholder will have to pay a certain percentage, which is known as deductible. If you opt to pay a higher deductible, the premium outgo will reduce. You should understand that the voluntary deductible is decided by the policyholder and not the insurance company.
By choosing a higher voluntary deductible, you could reduce the overall premium cost. So, if you are looking for a low premium two-wheeler insurance cover, then you could opt for higher voluntary deductibles.
Instal Anti-Theft Device
Insurance companies offer lower two-wheeler insurance premiums if the policyholders secure their bike with security devices, such as anti-theft alarms. It reflects the intent to secure the vehicle and avoid any unwanted damage or loss. Most common anti-theft devices sound an alarm when a thief tries to tamper with the bike, thereby alerting passers-by. The latest anti-theft devices even send an alert to your mobile, indicating that someone is attempting to unlock the bike forcibly.
Insurers reduce the premium costs for bikes that are fitted with these devices. However, the anti-theft you install on your bike must be authorised by the Automotive Research Association of India for you to get benefit of a lower premium on your insurance policy.
