A good two wheeler insurance comes a long way in protecting you or a third party against accidents or damages to your insured ride. By reading this guide on how to purchase a cheaper two-wheeler insurance policy, you can learn to make the most of your money by purchasing one that is most suitable for your needs.
In India, it is now considered illegal to ride a bike without having purchased two-wheeler insurance. There are insurance plans that cover any potential damage to the insured two-wheeler, or physical accidents to the rider and pillion, pedestrians or damage to a third party’s property.
Based on the extent of coverage and the insurance company, these insurances are available at various possible costs. A small amount of research into the kind of insurance that is good for you will enable you to save money and also remain stress-free while riding your new bike.
Here are some points to consider if you wish to get the cheapest two-wheeler insurance in India.
- Purchase the Right Bike: The first point is that you make sure your bike is cost-efficient. Select a bike that has good features, while at the same time retains a subtle cost of purchase. Pay attention to the engine capacity of the bike as it plays a key role in deciding its premium. The costlier the bike is, the more expensive the premium for its insurance. Avoid picking altered or unique bikes as it becomes more complicated to insure them. They would also become more prone to thefts raising their insurance value.
- No Claim Bonus: Most insurance companies offer discounts on premiums ranging between 20-50% at the time of renewal of the policy depending on the number of claim-free years. For the first claim-free year, you are eligible for an NCB discount of 20%, which increases with every additional claim-free year and goes up to 50%. This comes to zero for any year in which the claim has been filed. Thus, avoid making small claims from your insurance, to ensure you can get the benefit of this NCB in the premium of next year.
- Increase the Voluntary Deductible Option: You can avail discounts on your bike insurance premium if you choose the option of voluntary deductibles, as compared to a compulsory deductible. A voluntary deductible implies that a fixed amount of money will be paid by you every time you file a claim. This cuts down on the burden of the insurance company, and they offer you discounts on your premium.
- Compare Costs: Probably the most important tip while selecting your insurance policy is to compare costs across various companies. Different plans charge different coverage rates for different premiums. The features of policy also differ from company to company. It is important to discover the most cost-effective policy out there for you to invest in, rather than just the cheapest one.
- Increase Bike’s Safety Features: If your bike has a good amount of security to it, you can further avail discounts to your insurance premium. However, make sure the safety gadgets installed are approved by the Automobile Association of India (AAI) to claim discounts on your insurance policy.
- Consider Long-term Two-Wheeler Insurance: Rather than renewing your two-wheeler insurance policy every year, you can buy a long-term policy of up to 3 years. While you have to pay upfront for the next three years, it works out to be cheaper than the annual policy.
Thus, with all these features, it becomes easier to look for affordable, cost-effective two-wheeler insurance. Stay safe physically and ride your two-wheeler stress-free with the right insurance policy for your bike or scooter.