Two-wheeler insurance is compulsory for each and every bike which runs on the road in India according to the motor vehicle act.
If you own a two-wheeler then a few important facts you should know are that it is also important to have a valid third-party insurance policy for your two-wheeler.
The third-party insurance policy covers you from any legal liability that arises, harm to a third party due to an accident. Anyway, third-party insurance does not ensure the damage caused to you and your bike.
This is the main reason everyone should buy a comprehensive two-wheeler insurance policy that covers all the promised expenses.
Comprehensive two-wheeler insurance plans are more important than third-party insurance because comprehensive two-wheeler insurance has ample scope of coverage.
Thus you should not avoid comprehensive bike insurance. You can avail of the discount and the best coverage as well. Below are a few recommendations to consider when buying an insurance plan.
1. Use Accrue NCB (No Claim Bonus)
Suppose you have not claimed your two-wheeler insurance for any of the years then your two-wheeler insurance provider rewards you for that year as an NCB (No Claim Bonus). NCB will help you to get a discount on your two-wheeler insurance policy.
NCB discount will increase by every claim-free year. The minimum discount by NCB you can get is 20% and the maximum can go up to 50% if you have not claimed your two-wheeler insurance for 5 continuous years.
In order to get the best two-wheeler insurance, you should use your NCB while renewing your bike insurance and enjoy the discount on your policy.
2. Choose Add-On Covers Wisely
Sometimes your two-wheeler insurance offers some additional add-on that will ensure the insurance coverage. One thing that remembers this add-on will increase the insurance coverage but also cost more premiums for insuring your bike.
Thus you should make sure the add-on you are choosing will not cost you more. It is wise to choose the necessary add-on only and avoid unnecessary add-ons in order to minimize the premium. Here are a few add-ons for example zero depreciation, roadside assistance, etc.
3. Don’t Forget to Renew Two Wheeler Insurance on Time?
Most popular bike insurance policies are for 1 to 3 years and after that, you have to renew your two-wheeler insurance immediately to avoid the premium hike. If you fail to renew your bike insurance on time you may have to pay a higher premium to insure your two-wheeler.
However, if your bike insurance policy lapsed then you have to pay a higher premium to get the policy. Thus our suggestion, renew your two-wheeler insurance on time.
4. Good Driving History
It is important to maintain a safe driving history. When you drive safely there is less chance of an accident so a two-wheeler claim also is minimized. If you have not claimed your bike insurance so many times the NCB will be higher.
However, bike insurance companies consider you at a lower risk. Thus these two factors help you to get your two-wheeler insurance premium lower.
5. Compare Insurance Policy before You Buy
Do have any idea how many two-wheeler insurance providers are present in the current market today? More than twelve bike insurance companies are there and they all promise the best insurance coverage. In order to get the best, two-wheeler insurance policy one should always compare policies online.
Today there are a few leading insurance aggregators that provide the facility to compare insurance policies online for free. Be wise and use these aggregator’s websites to compare the policy and buy one which suits your requirements.
One of the best benefits of comparing and buying a two-wheeler insurance policy through this online insurance aggregator is they will provide assistance 24×7. Sometimes online brokers can also be good to choose a two-wheeler insurance policy.
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The Bottom Line!
It is recommended not to compromise on the insurance coverage in order to lower the two-wheeler insurance premium. Better buy a comprehensive two-wheeler insurance policy and enjoy the wide range of coverage for the bike.
If you are still worried about a higher two-wheeler insurance premium do try to mention tips it will help you to cut down your insurance premium.