For most people in India, a bike is one of the most
economical and convenient modes of transport. Reasoned to the same,
two-wheelers are often subject to higher risk and engage in the highest number
of road accidents in India. This reality makes it very important for
two-wheeler owners to have their vehicles insured and have financial protection
for any potential misfortunes.
Many people in India have a view believe insurance adds to
their expense because they never understood the benefits of the same. Every
year, they pay the insurance fee and never get to use it. What they often fail
to realise is that a policy is a contingency plan, and without warning, an unfortunate
accident may happen. Plus, it is mandatory. During these times, bike insurance
can be of great help.
Tips to reduce the premium on your two-wheeler insurance
Type of bike: The primary factor influencing your
purchase is the type of motorcycles. The premium cost of superbikes and sports
bikes is typically higher than that of regular motorbikes. It is mainly because
more maintenance is required for the costly sports bikes compared with a
regular commuter bike. So, choose your vehicle wisely according to your needs.
Go for Third-party insurance: A basic third-party
insurance is legally enforceable and a must under the Indian Motor Vehicles Act
of 1988. It is the cheapest type of insurance, covering any financial risks
that result from injury or harm done to a third party or their property while
riding your car.
Avoid making small claims: The vehicle owner should
disregard a dent or scrape and be careful. Claims for these minor penalties
would exclude policyholders from the use of No Claim Bonus, given to the
insured for not making any claims on their policy in the previous years. It
substantially reduces your insurance premium cost by up to 50 per cent
depending on the number of years free of claims.
Compare: The best way to purchase two-wheeler
insurance is to compare the alternatives available online, and then make a
purchase. You can go through different neutral insurance websites and compare
motor insurance plans based on coverage, advantages, and cost. Lots of
insurance companies offer good deals on online bike insurance.
Install a safety device: The other way to reduce the
premium on your two-wheeler is to mount your vehicle with an anti-theft system
that minimizes the risk of theft. You can, therefore, make use of the
concession on your policy premium.
