Do you want to take out affordable two-wheeler insurance? Keep these things in mind
It has never been so easy to take out two-wheeler insurance. Policyholders can now take out an insurance policy for their two-wheelers from the comfort of their home or office. However, if they are looking for competitive premiums for their insurance policies, they must also consider several other factors.
According to the Indian Motor Vehicles Act 1988, all motor vehicles including two-wheelers must be insured by law. Here are some tips to help you get an affordable two-wheeler insurance policy for less.
Compare insurance policies
There are several online portals available in India where you can compare not only premiums but also other features before buying two-wheeler insurance cover. There is a range of insurance options available today. Each plan offers a different set of benefits, and the premiums differ accordingly.
“If you are looking for low-cost bicycle insurance coverage, you must first “buy online” the products. Policyholders should check the coverage and additional benefits offered by insurance companies, and also ensure that they find the most suitable bike insurance. You can then select a policy with the lowest premium rate without compromising overall coverage,” says Rakesh Goyal, Director of Probus Insurance.
Choose appropriate supplementary covers and avoid raising small claims
Top-up covers provide additional coverage to the standard comprehensive insurance policy. By choosing unwanted or unnecessary add-ons, you will only increase the price of bicycle insurance and not reduce the premium for bicycle insurance.
“When renewing a two-wheeler insurance policy, the insurer will offer a no-claims premium (NCB) if the insured has raised no claims during the policy period. Small claims such as a minor scratch or a small dent can be handled by the policyholder, instead of asking the insurer to reimburse it, therefore you will pay a higher premium compared to a situation where you take advantage of the PNE as a discount,” says Goyal.
Renew the policy in time
Many policyholders do not renew the policy two to three years after purchasing the two-wheeler. Renewing your policy before the expiration date not only avoids legal hassles, but also helps you take advantage of additional discounts and other benefits. So you need to make sure you renew the bike insurance on time and don’t let it expire. When the automobile insurance expires, the PNE benefit is only valid for a period of 90 days from the expiry date, and expires thereafter. It is crucial that your bike insurance renewal is done before the due date to avoid a higher premium.
Opt for a higher voluntary deductible
When settling the claim, the insurer will not cover all the repair costs. An insured will have to pay a certain percentage, called deductible. If you choose to pay a higher deductible, the premium amount will be reduced. You must understand that the voluntary deductible is decided by the policyholder and not by the insurance company.
By choosing a higher voluntary deductible, you could reduce the overall cost of the premium. So, if you are looking for low premium two-wheeler insurance, you can opt for higher voluntary deductibles.
Install an anti-theft device
Insurance companies offer lower two-wheeler insurance premiums if policyholders secure their bikes with security features, such as anti-theft alarms. It reflects the intention to secure the vehicle and avoid any unwanted damage or loss. The most common anti-theft devices trigger an alarm when a thief tries to tamper with the bike, alerting passers-by. The latest locks even send an alert to your mobile that someone is trying to unlock the bike by force.
Insurers reduce the cost of premiums for bikes equipped with these devices. However, the lock you install on your bike must be authorized by the Automotive Research Association of India for you to qualify for a lower premium on your insurance policy.