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5 Ways to Save Your Two Wheeler Insurance Rates

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:

  • l The two wheeler insurance plan is a huge financial help to the insured. The plan pays for the medical expenses of the insured, the repairs of the insured vehicle and even any amount of money for a third party that is involved.
  • l The insurance policy takes care of legal work on behalf of the insurance holder.
  • There are a number of add on covers that can be added to one’s two wheeler insurance plan that are meant to benefit the insurance holder in a number of ways. The add ons can be handpicked by the insurance holder.
  • For those who have had a year or more of not claiming their insurance, they get discounts and bonuses on their existing insurance plan that is known as the No Deposit Bonus. This bonus discount keeps on adding up with each passing year.
  • The premium for a two wheeler insurance is not the same for each and every two wheeler. There are some companies that have a fixed rate, while in other companies the rate differs from one vehicle to another. There are also certain two wheeler insurance companies where the premium for the two wheeler insurance can be agreed upon mutually between the customer and the insurance company.
  • Customer care services from the insurance company and help are available for all policyholders on a 24 x 7 basis.

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.

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Tags: bike, insurance, vehicle

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