14.2 C
New York
September 21, 2023

Pointers To Reduce Two Wheeler Insurance Premium

Motorcycles are one of the primary modes of transport in India. As per the Motor Vehicles Act, every two wheeler owner needs to have a third party liability insurance policy. Because of this, vehicle owners usually look for benefits and deals during bike insurance check online to ensure it covers for their vehicles. It is not just about comparing quotes and shopping around for the best policy. There are some effective ways to understand what the insurer can bill you for in your premium.

Compared to other vehicles, two-wheelers account for the largest share of the Indian transportation market. The two-wheeler needs to be insured in case of tragic loss or damage. Your motorcycle must have third-party insurance coverage. You must purchase a comprehensive bajaj allianz bike insurance coverage to safeguard your bike. It’s crucial to acquire the most coverage possible for your bike at the lowest possible cost when buying insurance.

Listed down are a few tips to help you reduce your Two Wheeler Insurance premium online without compromising on the coverage of the policy.

  • Decide what bike to buy?

Selecting the right two wheeler is indeed a heavy investment. Buy a two wheeler, which caters to your needs and is worthy of the money you have spent. Purchasing an expensive bike would cost you a higher premium due to a higher IDV. *

  • Read and evaluate the policy

Always read and evaluate the policy document inclusive of the terms and conditions when you do a bike insurance check online. It will help you choose a better two wheeler insurance plan for your bike and save money in the process. You may come across an insurer offering similar benefits at pocket saving rates.

  • Avoid smaller claims

A claim free year is beneficial as it lets you avail no claim bonus (NCB). You can bear the expense of repairing the minor damage caused to your two wheeler in terms of dents and scratches instead of filing for a claim with the insurance provider. *

  • Compare policies

One of the most effective ways to reduce your premium rates is to compare plans. Assessment of multiple options helps you understand which policy is the best fit for you, your vehicle and all your requirements. You can easily evaluate your options on the internet. Company websites provide you with the features and benefits they offer, the coverage you receive, exclusions of your policy and also the option to calculate the premium with the help of online two wheeler insurance calculators.

  • Opt for long policy tenure

Car insurance is renewable on a yearly basis, but bike insurance plans can be purchased for a longer tenure. Therefore, with two wheeler insurance, you can choose an insurance policy of up to three years. Selecting a long term insurance policy helps in saving insurance premium as it remains locked for the duration of the policy tenure. Opt for a long term bike insurance policy as the annual premium rates for the duration of the policy are fixed and to also avoid missing out on two wheeler insurance renewal.

  • Timely renewals

Renew your policy on time to avoid having a lapsed two wheeler insurance. You cannot claim a lapsed policy hence it is imperative to make sure you always have a valid policy.

To get the right insurance premium from the two wheeler insurance premium calculator, enter the basic two wheeler details such as bike number or bike make, model, registration centre. Fill up the details in the bike insurance calculator. Once done the policy details and premiums from different insurers will be displayed. Then, you can compare the policies, premium breakups and the amount charged for each feature and select as per your needs.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Subscribe to Bajaj Allianz General Insurance YouTube Channel here!

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Related posts

How Can You Get the Most Out of the SIP Calculator?

Jake Theodore

What to Look for in a Fast Cash Lender

Jake Theodore

Ways To Get And Finance A Franchise Purchase In Canada

Jake Theodore