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6 Tips To Help You Reduce Your Two Wheeler Insurance Premium

Listed below are 6 tips to help you reduce your two wheeler insurance premiums.

  • 08 May 2018
  • 2 min read

If you own a two wheeler (or a car), it is mandatory that you have a third party motor insurance cover. However, this may not be enough. Third party covers only take care of payments due to anyone that may have been hurt by your vehicle. To protect yourself and your vehicle, you need to apply for a comprehensive motor insurance policy.

In case you own a two wheeler, a comprehensive two wheeler insurance policy would be your best bet. That being said, you should make sure to find the best and most affordable two-wheeler insurance policy, that covers all of your requirements. Here are a few tips to help you reduce your two-wheeler insurance premium:

Compare Insurance Plans

It is beneficial to compare various insurance plans offered by general insurers. You have to check the coverage, the bonuses offered, and tailor the policy according to your requirements. Doing so will help you reduce your premium. For example, if you’re buying a policy to cover a bike that is rarely used, it won’t require as much coverage as a policy for a bike used on a daily basis. This makes the former much cheaper.

Avoid Making Small Claims

It is better to pay for minor repairs caused due to an accident by yourself, instead of making a claim. This is because most two-wheeler insurance policies offer a no-claim bonus for every year that you don’t make a claim on your policy. This bonus also helps significantly reduce your premium payable for the next policy year. So keep your bonus intact by not making small claims.

Purchase Add-Ons Wisely

Motor insurance policies offer add-ons called riders for extra coverage. Some of these riders like the roadside assistance rider, zero depreciation cover, etc. are common to most general insurance policies. However, it is important to choose your add-ons wisely, and only according to your requirements.

Opt for Long Term Policies

Two-wheeler insurance comes with an option to choose a 1-, 2- or 3-year policy. Opting for longer terms reduces the premium, since the premium will not change for the duration of the policy term. Yearly renewal of the policies, on the other hand, usually raises the premium with every renewal.

Renew Your Policy on Time

You must remember to renew your existing two-wheeler insurance policy before the completion of the tenure. This saves all the benefits you have accrued, and let’s you pay online without much paperwork. All you have to do is provide some policy details and make an online payment of the required premium. If you need a reminder you can set one up online.

Buy Policies from The Same Insurer

If you have taken other general insurance policies, like health or travel from a particular insurer, try to bike insurance online from them as well. This way, you are likely to receive loyalty discounts on your premium.

Also read:

Disclaimer: The information provided in this blog is for educational and informational purposes only. It may contain outdated data and information regarding the Insurance industry and products. It is advised to verify the currency and relevance of the data and information before taking any major steps. ICICI Lombard is not liable for any inaccuracies or consequences resulting from the use of this outdated information.  

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