Two-wheeler insurance: 7 ways to reduce premium
Insurance companies offer good discounts on premiums of policies bought online because there are no agent commissions.
A two-wheeler is an important mode of transport in India. If you own a two-wheeler, it is mandatory that you have an insurance cover of your vehicle. Two-wheeler insurance provides coverage against various risks. It acts as a cover by offering protection from the damages due to accidents, saves you from legal liabilities and absorbs financial impacts. When you purchase a two-wheeler insurance policy you have to pay an amount to the insurer as premium. Two-wheeler insurance premium depends on several factors.
Here are a few simple tips to help you reduce premium:
Compare before purchasing
It is beneficial to compare various two-wheeler policies in the market before purchasing. Check the inclusions, exclusions, add-on covers, benefits, premium payment channels, and more. Doing so will help you reduce your premium.
Buy online
Insurance companies offer good discounts on premiums of policies bought online because there are no agent commissions.
Avoid small claims
If there are any small claims, avoid raising them to benefit from the no-claim bonus. This bonus also helps significantly reduce your premium payable for the next policy year.
Opt for long-term policies
A long-term bike insurance policy is cost-effective as it avoids any increase in the annual premium. In addition, most of the insurance companies offer discounts on premiums charged on long-term policies.
Purchase riders wisely
When you are choosing riders covers for your comprehensive two-wheeler insurance policy, select important ones only. Choosing unwanted ones will only increase the premium amount.
Renew policy on time
If you want to avoid a higher premium amount, you must renew your existing two-wheeler insurance policy before the completion of the tenure. This saves all the benefits you have accrued.
Ask for discounts
When you are buying or renewing your bike insurance plan, you can ask the insurance agent for a discount on the premium. This can be an age-related discount, long tenure plan discount, and more.