Two-wheelers are predominant on Indian roads as compared to four-wheelers. This is so because two-wheelers tend to be cost-effective as compared to four-wheelers. Also, for those who do not like to get stuck in busy traffic, two-wheelers are a great option for them.
If you have bought a two-wheeler or are planning to buy one, then you need to buy suitable two-wheeler insurance as well. A bike or scooter insurance will keep you stress-free as you will get complete coverage from the insurance company if you ever run into an accident.
However, the spiking rates of two-wheeler insurance premium is becoming a matter of concern for the policyholders. This blog discusses a few effective tips and hacks that you can use to save big on your two-wheeler insurance. Scroll down to know how to keep a check on your bike insurance premium.
Here’s How to Spend Less on Your Two-wheeler Insurance!
- Keep an untainted driving record: Your driving record can impact the premium to a great extent. You must drive your bike or scooter safely and abide by all the rules and regulations. This will help you to get discounts on your two-wheeler insurance premium. Your clean driving actually assures the insurance company that you are not a liability to them and that you are less vulnerable to the risk of an accident.
- Look for discounts based on your age: While buying your two-wheeler insurance, keep in mind that you can avail of attractive discounts based on your age also. Two-wheeler insurance companies offer discounts if your age is somewhere between 32 and 60 years. This is so because, as per insurance companies, people falling between this age group are responsible drivers.
- Make the most out of add-ons: It is possible to customise your two-wheeler insurance as per your requirements. So, if you are someone who rides his bike or scooter every day and covers huge distances, it is necessary that you ensure your financial safety.Choose add-ons that will help you do this. For instance, you can go for add-ons like personal accident cover for pillion riders, daily cash allowance, roadside assistance cover etc.
- Use security enhancement tools: Installing tools and equipment for strengthened security of your two-wheeler helps in bringing down the bike insurance premium charges. For instance, getting an anti-theft alarm installed on your bike or scooter will reduce its chances of being stolen. Hence, the premium charges will go down. But you can avail of the discount only when you invest in security enhancement equipment approved by the Automotive Research Association of India.
- Do not forget to renew your two-wheeler insurance on time: When you keep renewing your two-wheeler insurance on time, it helps significantly to bring down your two-wheeler insurance premium. Know that insurance companies offer online as well as offline policy renewal facilities to the policyholders. It is necessary that you choose an option as per your suitability and renew your two-wheeler insurance on time.
- File a claim when you feel it to be way too necessary: Avoid filing unnecessary claims and register your claim only if a major accident takes place. With every claim you file with your insurance company, the premium goes up gradually. So, it is better to wait and place a claim only when the situation is too difficult.
- Compare different two-wheeler insurance policies: It is advisable to compare different two-wheeler policies online so that you get the best deal and can save big on your insurance premium. Comparison always helps in detailed analysis and helps you crack the best plan with minimum premium.
- Make sure you opt for higher deductibles: When you choose to pay higher deductibles, you will have to pay low premiums. So, it is another great option to save your premium on two-wheeler insurance.
Q1. Which are the two categories of two-wheeler insurance?
Ans: The two types of two-wheeler insurance plans are third party insurance as well as comprehensive insurance. Having a two-wheeler third party insurance is compulsory as per Indian laws and regulations.
Q2. Is it possible to get a new bike registered in your ongoing two-wheeler insurance?
Ans: Yes, you can get your new bike or scooter registered by replacing the old vehicle.
Q3. Is it possible to get two-wheeler insurance without getting my bike inspected?
Ans: Yes! You need to buy your two-wheeler insurance online in order to avoid inspection.
Q4. How can I pay my two wheeler insurance premium online?
Ans: You are required to pay for your scooter or bike insurance premium online by using a debit/credit card, net banking or mobile wallet.