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Two-wheeler Insurance is extremely important these days. With the rising number of vehicles on Indian roads, the frequency of accidents has also increased. Fortunately, a good insurance policy will safeguard you from the financial impact of an accident. It will cover the cost of repairs and ensure that the repair costs do not burn a hole in your pocket.Moreover, the Motor Vehicles Act mandates scooter and motorcycle owners to buy Third-Party 2-wheeler insurance before taking their vehicles out on the road. The Act also specifies steep fines for those who operate their vehicle without a valid Third-Party Insurance policy.Therefore, if you own a two-wheeler, having a good insurance policy is a must. If you are worried about the cost of a Two-Wheeler Insurance policy, there’s good news for you. You can now buy 2-Wheeler Insurance online for a lower premium, and this guide will tell you how! Also read: Getting Started with Two-Wheeler Insurance
Tips to avail discount on Two-Wheeler Insurance
Compare insurance policies
Before buying a Two-Wheeler Insurance plan, compare the available policies in the market. Browse multiple reputed insurance companies online and get Two-Wheeler Insurance quotes from different companies.Assess the policies based on the coverage amount, inclusions, exclusions, additional benefits offered by the insurer, tenure, and other crucial factors to find the most suitable insurance. By comparing the various Bike Insurance options, you can find the policy offering maximum coverage at a reasonable rate.
Assess policy tenure
The duration of your policy, or policy term, directly impacts the amount of premium you pay. Policies can be drawn out for a year, two years, three years, and so on. Generally, insurers give you a discount for purchasing Bike Insurance with a longer tenure.
Enquire about discounts
Apart from the policy tenure, your age and gender may also impact premiums. For instance, some insurers may offer greater discounts to women who wish to buy bike insurance due to the perceived notion that women take greater precautions while driving two-wheelers. To know if any other discounts are applicable, make it a point to always ask your insurer the same before buying the insurance policy.
Buy insurance online
The integration of the internet in the insurance sector has enabled people not only to find but also apply for different types of insurance plans online. Buying Two-Wheeler Insurance online will unlock the opportunity to research thoroughly and shortlist the most suitable policy. Moreover, you are more likely to get lucrative discounts for Two-Wheeler Insurance because of the negligible operational and zero intermediary costs applicable. Also read: 5 Reasons Why You Should Opt For Two-Wheeler Insurance Online
Maintain a clean driving record.
One of the most effective ways to avail of discounts on premiums is by ensuring you have a clean driving record. Along with helping you avoid penalties and unfortunate accidents, it ensures insurance companies see you as a responsible driver. This means your chance of making insurance claims is lower. As a result, insurers may offer lower premiums for your Two-Wheeler Insurance policy.
Opt for suitable add-ons
You can customise the Bike Insurance plan as per your needs. You can choose from multiple riders or add-ons, such as roadside assistance cover, daily cash allowance, non-claim bonus retention, or personal accident cover . Remember, while these riders enhance the coverage offered by your Two-Wheeler Insurance plan, they also come at an additional cost. So, insurance riders are usually more useful if you use your two-wheeler extensively or regularly ride on riskier routes such as highways, etc. Getting a Comprehensive or Third-Party Two-Wheeler Insurance may be sufficient if you ride your bike or scooter occasionally. Also read: What is the Difference between Comprehensive and Third Party Insurance for Two Wheeler?
Renew policy on time
Keep a tab on the renewal date of your Two-Wheeler Insurance policy. Renew it within the stipulated due date to prevent it from lapsing. If your motor insurance lapses, you may lose out on the no claim bonus (ncb) . A No-Claim Bonus is an incentive provided by the insurance company for every claim-free year. It can be either in the form of a lower premium or increased coverage. NCB is typically valid for 90 days from the due date. If you do not renew your Bike Insurance before the due date, you might lose out on the benefit. Also read: How to Renew Your Bike Insurance – A Step-by-Step Guide
Install security-enhancing equipment
Installing security-enhancing equipment like anti-theft alarms is a great way to enhance your vehicle's security and reduce the insurance premium. Many insurance companies offer Two-Wheeler Insurance at lower premiums if a vehicle is secured with security-enhancing equipment.To avail of a discount on the insurance premium, consider exploring the security devices approved by ARAI (Automotive Research Association of India). Insurers consider vehicles with security devices safer and offer better deals.
File claim only when necessary
Check your No Claim Bonus benefit before filing a claim in any year. Refrain from filing small or insignificant insurance claims, such as for minor repairs or damages, if the NCB benefit is more than the cost of repairs. For instance, if the damage repair expenses are ₹2,000, and NCB is ₹6,000, paying for the repair will prove more beneficial. Also read: 5 Common Reasons for Bike Insurance Claim Rejection
Buy from the same insurance company
If you have previously bought any type of insurance from a particular insurer, like Health Insurance , Life Insurance , or Travel Insurance, check for any offers for buying 2-Wheeler Insurance from the same company. Many insurance companies offer loyal points to their long-term customers that can be used as discounts on the Two-Wheeler Insurance premium. Also read: Long-Term vs Short-Term Bike Insurance
Manage the deductibles
You can manage the deductibles according to your insurance needs. The deductible is a fixed amount you must pay towards any claim before the insurance company starts covering the remaining expenses. The higher your deductible, the lower your premium amount will be. If you can manage your expenses after a two-wheeler accident, consider choosing a high deductible to avail of a low premium. Also read: 5 Steps to Get a Duplicate Bike Insurance Policy Online
Key Takeaway
- As per the Motor Vehicles Act, scooter and motorcycle owners must invest in a Third-Party Two-Wheeler Insurance policy.
- Plenty of tips and tricks help you get the most out of your insurance at a lower premium.
- When buying Two-Wheeler Insurance, consider comparing policies and buying them online.
- Maintain a clean driving record, avoid filing for insignificant claims, install security devices in the vehicle, get suitable add-ons, etc., to avail of maximum discounts on Two-Wheeler Insurance.
- Opt for higher deductibles to get a better deal on premiums.
FAQS - FREQUENTLY ASKED QUESTIONS
Why do we need Two-Wheeler Insurance ?
Two-Wheeler Insurance is mandatory to avoid the burden of unforeseen expenses arising out of an unfortunate bike accident, theft, or damages due to fire or natural calamities.
What is the premium discount in insurance ?
A premium discount can be defined as a volume discount applied to the premiums contributing to the cost savings associated with larger insurance premiums.
How many times can I claim Two-Wheeler Insurance ?
Typically, insurance companies do not limit the number of times you can file a claim for your Two-Wheeler Insurance. However, generally, it is better to refrain from raising multiple claims within a year, especially smaller trivial ones, to reap maximum benefits from the policy.
What are deductibles in a Two-Wheeler Insurance policy ?
A deductible in insurance refers to a specific amount that you must pay from your pocket towards any claim before the insurance company starts covering the remaining expenses. Put simply, it is a portion of the claim that you are responsible for. The amount of deductible varies depending on the policy terms and conditions.
The information contained herein is generic in nature and is meant for educational purposes only. Nothing here is to be construed as an investment or financial or taxation advice nor to be considered as an invitation or solicitation or advertisement for any financial product. Readers are advised to exercise discretion and should seek independent professional advice prior to making any investment decision in relation to any financial product. Aditya Birla Capital Group is not liable for any decision arising out of the use of this information.
