How to Save Money on Two Wheeler Insurance Policy

How to Save Money on Two Wheeler Insurance Policy

Two-wheelers are the most comfortable transport in countries like India. People, while buying a vehicle, check several things like mileage, comfort, price, etc. But they generally ignore the most important thing, that is the two-wheeler insurance policy.

There is always a risk of accidents and damage while on the road. You also can’t ignore the risk of theft while your vehicle is parked. But a comprehensive insurance policy can get you covered against any loss resulting from these events.

The premium amount will depend on the make and model of your vehicle and past driving records. However, some ways can help you save money on two wheeler insurance premium.

Improve your bike security with anti-theft equipment

You can reduce your insurance premium amount by lowering the risk of theft. Explore some security-enhancing equipment like an anti-theft alarm and install it in your two-wheeler.

When you have such a device installed, there will be a low risk of theft and reduced insurance premium on your vehicle.

Follow safety-driving rules and keep your record clean

Safe driving habits can save you money on your insurance policy premium. Follow all the driving rules and keep your driving record high.

Your bike insurance company will happily give you a discount on premium if your driving is safe as there will be a low risk of accident and damage.

Maintain a high credit score by paying premiums on-time

A higher credit score not only helps you get loans but also helps save on insurance policy premiums.

You should check your credit score regularly and take steps to improve if it gets lower. A high score will help save money on your insurance policy cost.

Avoid filing claims for minor damages

Some two-wheeler owners claim for minor damage, that too frequently. But remember that frequent claims will attract higher premiums in the coming years. You will also fail to get a No Claim Bonus. File a claim only if there is severe damage to avoid this.

Any claim for small repairs would attract high premium costs and is not advisable.

Consider the same provider for all your insurance needs

Any insurance company would offer a discount on your new policy if you already have several policies with them. Many insurance providers offer plans for home, health, and life insurance. Consider this to save on your next bike insurance policy.

Choose inclusions and insurance period smartly

If you are a long-distance rider, you can get personal and financial losses covered under a single insurance policy. Depending on your daily travel distance, you can opt for roadside assistance, daily cash allowance, personal accident cover, and No Claim Bonus. Thus you can customize your bike insurance policy and save on premium.

Buy and renew the insurance policy online

Checking for the most affordable insurance options online can help you bargain and ask for a discount. Paying premiums online will also save your money that would otherwise go to the agent’s pocket.

Compare the plans from different companies online and choose the one that covers the most at the lowest cost.

Wrap up

Two-wheeler insurance is a must as per rule, and it also ensures your safety from loss and damages. However, it doesn’t need to be heavy on your pocket, and we hope that the tips mentioned above would help you save on premiums.

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