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A two wheeler insurance policy is a financial security plan that comes with a number of benefits. The insurance plan is obligatory for every owner of a two wheeler in India as per a law passed by the Government of India. Having a two wheeler insurance plan protects the insured both legally and financially. It also takes care of any inconvenience that is caused to a third party.
A two wheeler insurance policy safeguards the policyholder and his/her insured vehicle in a number of cases. There are special discounts offered to a two wheeler owner at network garages. Though the two wheeler insurance policy has a number of inclusions and advantages, it is always advised for anyone buying a two wheeler insurance to understand the terms and conditions and the exclusions of the policy as well.
Benefits of Being Insured under a Two Wheeler Insurance Policy
In India, there are a great number of insurance companies that offer different types of two wheeler insurances to customers all around. Though there are different types of two wheeler insurance plans in India, the benefits of having a two wheeler insurance plan remains the same for all plans. Some of the benefits of owning a two wheeler insurance plan include:
Saving Your Two Wheeler Insurance Rates
The premium for a two wheeler insurance depends on the insurance company from where the two wheeler insurance is being bought. Though there are some companies that have a fixed premium for their customers, others have changeable premium rates that depend on a number of factors. Some ways in which any individual can save on their premium rate include:
1. The type of bike that you choose is very important for the premium to be calculated. Those individuals who have a high end two wheeler like a Harley Davidson or a Royal Enfield have to pay more in terms of premium as compared to other two-wheeler owners. The premium rates are higher for high-end bikes due to the fact that the repairs for these bikes are more compared to other bikes.
2. Paying the premium for a two wheeler insurance plan on an annual basis is recommended for every insurance holder because the cost for buying an insurance on an annual basis is much less compared to the amount that is paid for it on a monthly basis.
3. The times when an insurance can be claimed are all important. Small claims that are trivial should not be made on a two-wheeler insurance plan. The more the claim-free years are of an insurance policy the more will be the discount for the same. In order for a policyholder to reduce their premiums, it is important for them to not make small claims on their two wheeler insurance policy.
4. For those individuals who have been insured a number of times by the same insurance policy, they will get a discount with each added policy that they have bought. For this reason, it is always advised to have a number of policies bought from the same insurance holder in order to get discounts on premiums for each policy.
5. It is important for every individual who is looking to buy a two wheeler insurance to check the different types of insurances that are provided by different companies. They need to explore more in terms of the inclusions of the insurance, the benefits and the premiums. It is not only important to go for an insurance plan that has a low premium, it is also important to note that the insurance plan provides adequate coverage to the customer.