As per the legal norms, every two-wheeler must be insured against the third party liability. In India, the majority of the population are preferring two-wheelers for commuting due to the increased efficiency of the vehicles, low cost of maintenance and the convenience they provide. Along with the third party insurance, also vehicle owners should opt for comprehensive insurance so as to have full coverage of the driver and the pillion as well.
Now, with the increasing Insurance companies and stringency for laws, awareness among people for buying a two-wheeler insurance policy is also increasing. The process of purchasing insurance policies has also become convenient. People can sit at home, compare two wheeler insurance policies of different companies and buy two wheeler insurance online without any hassle.
Sometimes, it happens that people are ignorant about the rates of premium and taxes etc. resulting in high expenditure while purchasing insurances and also at the time of their renewal. Mostly this happens in case of bike insurance. Bike Insurance is usually done by the young masses in our country and since they are inexperienced they sometimes fall prey to expensive insurance. It is always better to buy two wheeler insurance online to ensure you buy a good policy.
Reasons for expensive two-wheeler Insurance
- Inexperienced vehicle riders – This happens in the case of bike insurance. Youngsters are inexperienced and hence insurers do not find them trustworthy for insurance. Hence, the cost of insurance rises for the bike riders.
- Unsatisfactory driving records – If you are having not so good driving records, then the Insurance Companies charge more from you.
- Wrong selection of vehicle – If you are ensuring an exotic vehicle with a very complex machine, then it implies very exotic Insurance rates as well.
- Paying for unwanted coverages – Sometimes, you are unaware or not so clear about your needs and end up taking additional coverages and add-ons. These bring a rise in Insurance premium as well.
Seven easy tips to bring down the cost of two-wheeler insurance
- Preference for an annual payment of premium – Instead of going for monthly installments for paying a premium, the vehicle owners should opt for annual payment of premium. If opting to pay annually, you might be offered with certain discounts and offers which in turn reduces your insurance cost.
- Small claims should be avoided – Every Insurance company provides the offer to claim the NCB i.e. No-claim bonus only when no claims have been made throughout the year. So, by avoiding small claims throughout the year you can claim a lucrative bonus at the end of the year.
- Wise purchase of add-ons – Selection of add-ons should be made wisely. Comprehensive Insurance policy offers along with it several add-ons like the Personal accident cover, Roadside assistance coverage, Daily cash allowance cover etc. So, it is advisable that instead of purchasing all the add-ons that are available you should select the ones which you need.
- Selection of the right coverage type – Selection of the right coverage type is essential in order to bring down the Insurance cost. Third party coverage or the comprehensive policy, you can choose according to your requirements. If you are a regular rider then you can opt for a comprehensive policy which offers full coverage. On the contrary, if you are an occasional rider then third-party coverage will be adequate for you.
- Comparison of plans before buying – With all the Insurance policy activities happening online i.e. from the purchase of policies to renewal, claims etc. it has become a convenient affair. Before purchasing, you can compare two-wheeler insurance online and then depending upon the benefits, offers, your requirements etc. you can select the policy. This will avoid the high cost of insurance.
- On-time policy renewal – Your insurance policy should not lapse. It needs timely renewal. You should remember the dates of renewal and accordingly, complete the renewal process. Renewal procedure has been made easier by online methods nowadays and can be done easily without any inconvenience. If the policy lapses then all acquired benefits will also go with it.
- Multi-year Renewal policy – You can choose Multi-year insurance renewal policy over Annual renewal policy because it does not have the limitation of remembering the renewal dates, once renewed the vehicle is secured for 3 years. Since it’s a long term payment you tend to get discounts and also avoid the annual hike on premium.
Hence, if you compare two-wheeler insurance online and do proper research before purchasing your policies then definitely you will be able to get economic two-wheeler Insurance policies.