5 Tips to Avail Savings While Buying Two-wheeler Insurance 2021

Are you planning to buy a two-wheeler this 2021? Well, surely it does sound enticing. Besides, by now you would have started looking for options in regards to, which two-wheeler to buy. Now, that you are determined to buy a two-wheeler. Do not forget to buy comprehensive two-wheeler insurance during any loss/damage incurred; it will shield you from any unwanted monetary expenses.

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How to Save Big on Two-wheeler Insurance 2021?

Who doesn’t want to save money? Everybody loves a good deal as saving money is always a better idea. You can always invest the saved money somewhere else. Moreover, savings does not mean that you need to compromise on the quality. The same concept applies to buying two wheeler insurance.

In India, buying third-party bike insurance is a legal mandate.

Listed below are some quick tips, which will help you to save big while buying comprehensive two-wheeler insurance:

  • Buy/Renew Two-wheeler Insurance Online: Of course, you can buy two-wheeler insurance offline but that’s an outdated procedure. It is always better to buy comprehensive two-wheeler insurance online as it easy, quick, convenient and hassle-free. Besides, renewing bike insurance policy online is much easier than doing the same offline. In case, you buy the policy offline, you might have to pay the middle man such as a broker, insurance agent and so on a certain amount, which increases the overall premium amount that you will have to pay.
    The best way to get a good deal is to buy the two wheeler insurance online where you are the master and the judge. You certainly obtain two-wheeler insurance at a good discounted rate as the operational cost is low and the insurer also does not need to pay any sum to the broker or insurance agents. Therefore, to save big on insurance, it is recommended to buy two-wheeler insurance online.
  • Research, Analyse and Compare Two-wheeler Insurance Quotes: No matter what, buy two-wheeler insurance online as this helps you to make a better decision from a plethora of options and makes you understand certain essential aspects. To obtain the best deal it is always better to compare various two-wheeler insurance quotes online. Moreover, you can also calculate the premium amount, which you would end up paying, using a two-wheeler insurance premium calculator and avail the best plan.
    Comparing and analysing the features offered within the plan helps you to get the plan at a decent discounted cost. Remember, two-wheeler insurance quotes and features would differ from one two-wheeler insurer to the other. You do not need to buy separate covers from every insurer rather zero down a policy with one insurer, which offers the best two wheeler insurance coverage. Also, do not lock two-wheeler insurance based on minimal premium cost rather look, which plan can provide you with the maximum coverage at an optimal cost.
  • Be Alert and Drive Safely: We all love speed as it surely thrills us. But we sometimes underestimate the consequences of driving the two-wheeler at a high speed. There are plenty of road accidents cases happening in and around India almost every hour. Speed thrills and does create excitement but that does not mean that you risk your life. Nothing is more precious than your life. Therefore, it is imperative to follow the traffic rules and regulations and ensure that you do not violate them as it is made to safeguard us. Besides, if you drive safely, you can have a claim-free year, which gives the advantage to earn No Claim Bonus two-wheeler insurance.
    A No Claim Bonus implies that you are eligible to get a discount as you did not raise a single claim against the comprehensive two-wheeler insurance policy. Besides, it increases every passing year for each continuous claim-free year. This will be valid until the time you do not make a claim. Once you do that, it will come down straight at zero. Therefore, drive safely and in case you do not make any claim for five years, you can straight away save 50% on your two-wheeler insurance premium.
  • Install Anti-theft Devices: In India, every year there are cases registered at the police station in regards to vehicles being stolen or vandalized. We duly understand that buying any kind of two-wheeler involves a good amount of money. And in case you lose your two-wheeler, it drains you both financially and emotionally. So why not take extra care or protection and install anti-theft devices on your beloved beauty? Installing an anti-theft device is also beneficial as it will not only protect your two-wheeler from theft but also lead your two-wheeler insurance company to offer you savings option on the installation of anti-theft device.
    Be careful when buying the anti-theft devices. Make sure that the devices are approved by the Automotive Research Association of India. Before you buy the devices little research will be beneficial to give you a proper understanding of where you are investing your hard-earned money. Before you install the devices, speak to a trusted mechanic or an expert in regards to the same, which will help you to get a better buying deal.
  • Opt for Long-term Comprehensive Two-wheeler Insurance: When it comes to buying two-wheeler insurance, you can either opt for buying two-wheeler insurance for a long-term or short-term. You might be aware that buying third-party two-wheeler insurance is compulsory and definitely cannot be overlooked. However, you have the right to opt for the duration in regards to the own-damage cover as per your understanding and need. In any case, it is beneficial to opt for long-term comprehensive two-wheeler insurance as it will secure you from yearly price hike or inflation. Besides, opting for comprehensive two-wheeler insurance for long-term is beneficial as you do not need to think about renewing the bought policy every year and you end up saving big when buying comprehensive two-wheeler insurance for long-term.

To Conclude

When buying two-wheeler insurance and before signing the dotted line make sure that you are well-convinced with the policy you are planning to buy.

In case of any doubts or clarifications required, you have all the right to get in touch with the insurer and get an answer to your questions. Remember, it is always better to buy comprehensive two-wheeler insurance. Go through the policy schedule. Read the inclusions and exclusions of the two-wheeler insurance online.

Make a wise and informed decision and buy the correct comprehensive two-wheeler insurance.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis