4 Simple Ways to Lower Your Two-Wheeler Insurance Premium

by Jessica Kappor Project Manager

In India, you may end up paying for penalties if you are riding a two wheeler without having a bike insurance policy bought alongside; it is mandatory by law to have third party two wheeler insurance at the very least. That said, people who understand the value of buying two wheeler insurance usually buy a comprehensive plan, and not just third party liability insurance. In case of an unfortunate road accident, a two wheeler owner would end up paying for expensive repair work himself if he did not have a motor insurance policy already bought in place. That is why having the right two wheeler insurance policy is imperative. If cost is the reason behind delaying to buy a plan, it is also possible to lower the cost of bike insurance premium in simple ways.

Given below are a few ways to reduce the premium for a bike insurance plan:

1. Buy a long-term two wheeler Insurance Plan

You know all too well that you will need to renew the bike insurance every year for sure if you have bought a one year plan. In comparison, buying bike insurance for a longer term of 2-3 years at a time will help you save money in the long run. Renowned insurance providers aim to benefit their customers by offering long term motor insurance plans at comparatively lower rates than the regular one year plans.

2. Never Delay Renewing your Bike Insurance Policy

Renewing the two wheeler insurance policy you have bought for your bike in a timely manner is more like a responsibility of the bike owner. For those who fail to renew their two wheeler insurance, the coverage might be affected. So, if an unfortunate accident or similar other situation would occur post the date of bike insurance renewal, he will not be able to get the expected insurance coverage.

3. Avoiding Claiming Insurance Benefits for Small Dents and Scratches

When you have a bike you ride regularly, you can expect smaller functional issues or even dents to occur at any time. Claiming insurance coverage for each and every repair work covered by the bike insurance plan will take away your NCB or No Claim Bonus benefit at the time of next renewal. As a matter of fact, most of the bike insurance providers offer 10 to 20 per cent discount on policy renewal if you have not asked for any claims during the term of insurance.

4. Buy Bike Insurance Policy Online

When you prefer to a buy a two-wheeler insurance plan from local agents of renowned insurance companies, the companies are paying those agents as well in between. By buying and renewing bike insurance online, you can get insurance quotes at comparatively lower premiums.