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How to Save Money on Two Wheeler Insurance?

Bike insurance will cover various kinds of risks. The risks involved while parking the vehicle as well as while moving on the road will be covered by a comprehensive insurance policy. The number of vehicles on Indian roads is on the rise on annual basis and there is rise in number of accidents as well. Hence, you should buy an appropriate policy as per the make and model of your vehicle and various risk factors. If you heed the advice of experts, you can cut down the insurance premium drastically.

  • Driving Course - New riders can enroll in a riding course so that they will be able to ride bike safely on the road. If you undergo the training program, you may get discount from the insurance company. Even though it is not possible to get discount every year, there is a possibility to reduce the premium after undergoing the training. You should be aware of the rules and regulations of the insurance company to avail the discount on the insurance premium.
  • Driving Record - If you maintain a clean driving record, you will get discounts on the insurance premium. When you manage clean driving record, there will be few or no traffic tickets. You will have zero or very few minor accidents. You can discuss your driving record with the insurance company to get discount on the two wheeler insurance premium.
  • Customize the Insurance Plan - The bike insurance plan can be customized as per your needs. If you travel many miles on daily basis, you should spend more on the insurance policy as the risk factor will be high. If you use the bike very rarely, then it is not worthwhile to spend much on the insurance premium. You can opt for a minimum bike insurance plan. You should share complete information about your riding habits with the insurance company to pay the most appropriate premium.
  • Add-Ons - To enhance the protection of your bike, you can go for add-ons. By including add-ons, you will have great convenience and assistance from the insurance company. Daily cash allowance, roadside assistance cover, personal accident cover for pillion rider and no-claim bonus retention rider are some of the worthy add-ons to enhance the power of the bike insurance.
  • Discounts Based on the Age - The two wheeler insurance company will offer discount based on the age. If your age is in between 32 and 60 years, you will get discount on the premium. Insurance companies will offer discount to responsible drivers. Hence, people in between 40 and 60 years are likely to get higher discount than lower age group.
  • Renew Policy On-Time - The two wheeler insurance plan should be renewed before the deadline. Most of the insurance companies offer paper-free online or offline insurance renewal options. The policy can be renewed by entering the policy number and the premium amount. If the policy is not renewed within the grace period, you will forego the special benefits offered by the insurance company. Hence, you should take action to renew the policy after getting the renewal alerts on mobile phone or email.
  • Installation of Security Features - The measures that you take to enhance the security of the vehicle will decrease the insurance premium. You can explore features approved by ARAI (Automotive Research Association of India) so that there will be discount on the premium. By installing security features on the bike, the risk exposure of the insurance company will decrease. The insurance will offer additional discounts on the premium.
  • Buy Policy from the Same Insurance Company - If you buy bike insurance policy from the same insurance company from which you purchased the health or life insurance, you will get discount on the premium.
  • Enquire About Discounts - Certain insurance companies will offer discount based on the gender and long premium tenure. Hence, you should enquire the insurance agent or the executive to find out the discounts under various heads.
  • Claim the Policy in Absolute Necessity - You should claim the insurance policy when you are involved in major accident or in absolute needs. For minor repairs, you are not advised to claim the insurance policy. As you make a claim, the insurance premium will increase in the coming years. Hence, you should make a judicious decision in claiming the insurance policy.
  • Manage the Deductible - The deductible should be managed as per your needs. The deductible is the amount which should be paid after the accident. If the deductible is high, the premium will be low. If you can manage expenses after the accident, you can choose high deductible.
  • Policy Tenure - The policy tenure will have an impact on the insurance premium. You can buy insurance policy for 1-year, 2-year or 3-year. As you choose long-term policy tenure, the insurance company will offer a discount.
  • Online Policy - You can buy bike insurance policy online. Earlier, very few companies offered online insurance for bikes. Now, most of the insurance companies are offering online insurance facility. You can buy a new policy as well as renew existing policy online.
  • Comparison of Insurance Policies - The comparison of various bike insurance policies will help you understand the features and premium. You can get quotes from two or more insurance companies as well so that your needs will be fulfilled in the best possible way. You can choose the best insurance policy from the insurance company which covers most of the risk factors that are relevant to you.
  • Credit Score - If you manage good credit score, you will not only get loans very easily and you can get lower insurance premiums as well. if your credit score is low, you can take steps to improve the score. You are advised to check your credit score on regular basis.

Is it Mandatory to Buy Two-Wheeler Insurance Plan?

As per ‘The Motor Vehicles Act, 1988’ you should buy at least third party insurance to ply your vehicle on public roads. The two-wheeler insurance will cover your risks and the risks associated with third-parties. Even though you are skillful in riding the bike, there are various kinds of factors which are beyond your control or reach. To reduce the out of pocket expenses, you should choose the best and most appropriate insurance policy as per your needs. 

The insurance policy is valid for one year from the date of subscription. Hence, you should renew the policy before the due date to enjoy the discounts offered by the insurance company. If you had not made a claim in the previous insurance year, the insurance company will offer no-claim bonus. The no-claim bonus will be in between 10% and 50% and it will increase with every claim-free year.

When you renew the policy before the due date, there will not be additional vehicle inspection charges. You can also reassess the vehicle insurance needs while renewing the policy and it is possible to subscribe to the best bike insurance policy without any issues.

Features of a Two-Wheeler Insurance Plan

  • Cashless network garages
  • Third-party insurance cover
  • Personal accident coverage
  • Policy term
  • No-claim bonus
  • Bike insurance renewal option

Protection of Vehicle - By insuring your vehicle, you will protect your vehicle from accidents and various kinds of damages. The accidental damage or manmade disaster will be covered by the insurance policy. Partial or complete loss of vehicle will be covered by the policy. When you buy the most appropriate vehicle insurance policy, you will keep yourself and the vehicle in a safe condition.

Cashless Garage Facility - The vehicle breakdown will be covered by the insurance policy. The vehicle owner will get assistance at various garages which are part of the insurance company’s network. You will not want to pay money when your bike is being repaired in the garage. The insurance company will pay the bill directly to the garage and there will be great convenience for the vehicle owner.

Insurance of Riders - In addition to the insurance to the owner of the vehicle, there will be insurance to the rider of the vehicle. The rider of the vehicle may change on day-t0-day basis. Regardless of the relation of the rider with the vehicle owner, the insurance company is obliged to pay the compensation as per the claim.

Transfer of NCB - The no-claim bonus can be transferred from the current vehicle to a new vehicle. It is possible to transfer from the current insurance company to a new insurance company. However, you should follow the guidelines of the insurance company to be eligible for transfer of NCB.

Two Wheeler Insurance Status

The two-wheeler insurance status can be found by visiting the official website of the insurance company. You can also walk-in to the nearest branch of the insurance company so that you can find the status very easily. You can also find the information from the website of Insurance Regulatory and Development Authority of India (IRDAI). The vehicle registration number and the accident particulars should be entered to find the status of the claim.

Should you Buy Long-Term Two-Wheeler Insurance Plan?

There are some insurance companies which offer insurance policies for 2 or more years. The insurance premium will be locked for all the years so that the insured will take the price advantage. When you buy the most appropriate insurance plan, you will not want to worry for about 3 years. The long-term bike insurance plan can be subscribed online and you can renew the plan before the due date.

When you purchase a long-term vehicle insurance policy and make a claim, the NCB will decrease and it will not become zero. With the annual policy, the NCB will become zero.

Some insurance companies will refund the premium of remnant years when you make a claim for theft during first or second year of the policy.

What is Zero Depreciation Cover?

Zero depreciation cover or bumper to bumper cover will be offered for new vehicles. The wear and tear of the vehicle will be included with every claim. The feature can be subscribed as an add-on policy.

Types of Bike Insurance Plans

There are two types of bike insurance plans.

  • Liability-only insurance plan
  • Comprehensive insurance plan

Liability-Only Insurance Plan

The liability-only insurance policy is also called as third-party insurance plan. The insured will get protection from the liabilities to a third-party through accidents. The plan will cover the property damage, death and injuries. As a matter of fact, third-party insurance is mandatory under the motor vehicles act.

The liability-only policy will also offer accidental death cover to the owner of the vehicle. The drawback of the liability-only policy is that it will cover third party damages. However, it will not cover the two-wheeler or the rider. The greatest advantage of the liability-only policy is that you can buy an insurance policy at an affordable price. The plan can be subscribed to all kinds of insurance plans (private as well as commercial vehicles).

Comprehensive Insurance Policy

The comprehensive insurance plan will offer additional features in addition to the liability-only policy. The vehicle will be protected from various kinds of risks such as theft, damages, man-made disasters and natural disasters. The third-party damage, protection for the two-wheeler and the rider will be available with the comprehensive two wheeler insurance plan.

It will cover the personal accident insurance for the owner and the rider. By buying a comprehensive insurance policy, you can minimize the costs to the great possible extent.

The following risk factors are covered by the comprehensive bike insurance policy:

  • Injury
  • Death
  • Damage of vehicle
  • Loss of vehicle
  • Personal accident cover
  • Theft
  • Natural calamities
  • Man-made calamities

Conclusion

It is possible to decrease your two wheeler insurance premium based on various factors. You should work out on the factors that influence the insurance company’s decision in offering the insurance plan at the lowest premium. The tips discussed above might help you in choosing the best plan at best premium.