5 Simple Steps to Reduce Two Wheeler Insurance Premium

There is something about bikes that sets the pulse racing. The adrenalin rush that one experiences when on two wheels. Bikes and scooters are something that need to be ridden to be experienced! In addition to that, scooters and bikes have been an integral part of many middle class families in India and even internationally owing to their high fuel efficiency and load carrying capacities.
And with growing traffic woes, two-wheelers prove to be really efficient and convenient as well. No wonder people from all walks of life love them.

One thing that every two wheeler owner and rider needs to keep in mind is to have their Two Wheeler Insurance and other documents such as registration papers, PUC Certificate and Tax documents in place. Two Wheeler Insurance is mandatory for all vehicles in India. And today, it is really easy to buy Two-wheeler insurance online so you can do it really easily.

The Need for Two Wheeler Insurance

As mentioned earlier, insurance is mandatory for all vehicles in India. Moreover, an insurance can not only protect your vehicle but also you in case of unforeseen accidents and mishaps. Here are some of the important reasons as to why one needs a good Two-Wheeler Insurance Plan:

• Protect your bike against natural calamities such as fire, floods, and earthquakes.
• Protect yourself against third party liabilities such as injury to another person or even death. In case of accidents where a third party is involved, it is you who are responsible and your insurance cover is very important in such cases.
• In case of an accident, the policy also takes care of the damages to the vehicle and even injuries to you and your pillion rider.

Factors that affect Insurance Premium:

• Your Area of Residence: The premium of any vehicle is calculated on the basis of the area where you reside. This is mainly because thefts, accidents are robberies are at times more frequent in certain areas as compared to others.
• Your Age:  Your age can play a significant role in calculating the premium for Two Wheeler Insurance
• Your Driving History: If you have a history of insurance claims arising out of accidents, your insurance premium may be higher.
• Your Vehicle’s Make and Model: The make and model of your two wheeler plays the most important role when it comes to deciding the Two-Wheeler Insurance Premium. The engine size, its market resale value, depreciation and more are considered when insurance companies design an Insurance Policy.

How you can protect your No-Claim Bonuses?

A No-Claim Bonus or NCB is a form of discount awarded to those consumers who have not made any insurance claims during a given insurance period. You can protect this NCB by avoiding to make claims for minor damages to two-wheeler. 

The 5 simple Hacks to reduce Two Wheeler Insurance Premium:

1. Think and understand your Insurance requirements: As mentioned above, your insurance premium depends on several factors such as your vehicle’s make and model, your driving and insurance history and other factors. As such, insurance premiums can vary for different individuals. What may be your most affordable option may be an expensive one for your friend or even a family member. So select carefully. Do your research and compare insurance policies online before zeroing in on one.
2. Park your Bike in Safe Areas: Always lock and secure your bike. Park it in safe areas or supervised parking spaces. If you cannot always park it in a garage, at least ensure that you install an additional lock for extra safety and prevention from theft. If you live in places that are prone to heavy rains and storms, ensure that you cover your two wheeler with a good quality cover.
3. Compare Two-Wheeler Insurance Policies: Doing an online comparison of Insurance Policies Online can help you save a lot on insurance premiums. Moreover, there may be additional features and discounts that you may not be aware of and can learn about when you compare different policies.
4. Join a Club: No. We are not talking about random clubs. A membership of the Automobile Association of India or AAI, an organization which is powered by the Insurance Authority of India, IRDAI can get you an amazing 5% discount on your insurance premium.
5. Renew your policy Timely: Timely renewal of your insurance policy can save you a lot and also prevent the lapsing of your NCB. Also, opt for annual insurance premium payment or a multi-year insurance policy instead of paying monthly. This can help you get substantial discounts. 

While all of the above ideas will certainly help you save on your insurance premium, the best thing you can do is be a safe and smart rider. Ensure you follow traffic rules, renew your policies on time and protect your vehicle from damage. These really basic ideas will protect you from a lot of unnecessary expenses and grief as time goes on.