When you purchase a two-wheeler, you must have a third-party motor insurance cover as it is mandatory according to the Motor Vehicles Act, 1988. However, this cover is not enough, as third-party cover will only pay for any third party affected by your vehicle. If you are looking for something that will protect you and your vehicle, then go for a comprehensive motor insurance policy.
However, make sure that you are buying the best two-wheeler insurance policy for your vehicle that will cover all of your requirements. To help you reduce your two-wheeler insurance premium, here are a few tips:
The first and most crucial step that will help you reduce your premium is to compare various insurance plans that are offered by general insurance companies. Make sure to check the coverage provided to tailor the policy as per your requirements.
- Do not make Small Claims
Instead of making a claim, it is always better to pay for the minor repairs that are caused due to an accident by yourself. Reason being, many two-wheeler insurance policies offer a no-claim bonus for each year that you do not make any claim on your policy. With the help of this bonus, your payable premium also reduces significantly for the next policy year. Hence, don’t make any small claims and keep your bonus intact.
- Purchase correct Add-Ons
Motor insurance policies also offer add-ons that are known as riders so that you can get extra coverage. Riders such as the roadside assistance rider, zero depreciation cover, etc. are familiar to many general insurance policies. You must select your add-ons wisely, as per your requirements.
- Go for Long-Term Policies
Along with two wheeler insurance, you get an option of choosing a one, two or three-year policy. To reduce the premium, opt for longer terms as the premium won’t change for the duration of the policy term.
- Renewal of policy
Make sure to renew your existing two-wheeler insurance policy before you complete your tenure. You only have to provide a few policy details and make an online payment of the premium required.
Buying Bike Insurance online is very beneficial; here’s why:
- You can make an Informed Decision
The Internet has plenty of information about various insurance policies. You can easily select the products as per your specific requirements from a wide range of offerings.
- You can buy directly from the company itself
There is no need for a middleman; you can get all the policy-related information from the insurer online.
- You get Payment Security
You can make your payments using net banking, debit or credit cards. This is a secure payment gateway that eliminates the risk of fraud.
Implementing these tips in the process of purchasing a two wheeler insurance policy will surely help you find an affordable plan. You can also make use of the two wheeler insurance premium calculator and choose the policy that best suits you.