It is mandatory for every vehicle owner to purchase at least a third party liability only insurance policy for their two wheelers. Or they can purchase a more comprehensive insurance plan that will provide enhanced coverage for themselves, their co passengers, and their vehicle. Following are the few tips to help you reduce your insurance premium without compromising on the type of coverage.
Avoid making small claims
Motor insurance companies offer a no claim bonus to policyholders who don’t make any claims during a given policy year. No claim bonus plays a significant role in reducing your premium payable for the following policy year. Make sure to avoid making any small insurance claims during the policy year in order to keep the no claim active.
Choose the right coverage type
While purchasing a two wheeler insurance plan, one can opt for a third party liability only cover, a comprehensive insurance plan, or a long term policy. Always make sure to assess your needs and premium payment capacity before purchasing an insurance plan. If you ride your vehicle often, then you can go with a comprehensive or long term insurance plan. And if you use your two wheeler very minimally, you can opt for a third party liability insurance policy and save on the premium.
Purchase add ons wisely
Motor insurance companies allow you to purchase add ons to increase the protection accorded by the base insurance plan. Certain add ons include a Personal Accident Cover for the pillion rider, Roadside Assistance Cover, No Claim Bonus Retention Cover etc. Make sure to only purchase the add ons that you really require.
Opt for a long policy tenure
Two wheeler insurance plans can be purchased for a longer tenure. You can opt for a policy tenure of 1 year, 2 years, or 3 years. Opting for a long policy tenure helps you to save on the premium amount as it remains locked for the duration of the policy tenure.
Opt for deductibles
The deductible amount is fixed by the insurance company. Higher voluntary deductible reduces your premium payable and vice versa. However, you need to ensure that you have the necessary funds to pay for your part of the claim amount before opting for a high voluntary deductible.
Renew your policy on time
As a policyholder, you need to remember to renew your two wheeler insurance plan before the completion of the policy tenure. Missing out on two wheeler insurance renewal within the completion of the grace period could lead to termination of your insurance cover and loss of your accrued benefits. Thus, make sure to set up an online policy renewal reminder.
Compare insurance plans
Before purchasing an insurance plan, always compare various insurance plans. While comparing policies always read through the policy features, benefits, claims procedure, incurred claim ratio of the company, premium payment channels, etc. You can evaluate premium quotes on the insurer’s website using a two wheeler insurance premium calculator and proceed with a plan that provides you with adequate coverage at a competitive price.