9 Tricks To Get a Lower Two Wheeler Insurance Premium

Did you know you can lower your two wheeler insurance premium?

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The Motor Vehicles Act, 1988, states that it is mandatory to have a third-party two wheeler insurance in India. However, you may also opt to buy a comprehensive insurance policy and enjoy the benefits of enhanced coverage. Such a policy is beneficial because it covers you, your co-passengers, third party damages, as well as your vehicle. But with such a plethora of options available, it may sometimes become tricky to pick the one that offers you maximum coverage at the best price.

Choose your bike with care

You may wish to purchase a high performing bike with the latest technological specifications. However, it is important to note that an expensive bike with a powerful engine means that you may have to shell out a higher premium. Insurers generally charge a higher premium to offset their risk, as claims for expensive bikes are generally costly. Hence, if you are purchasing a new two-wheeler, ensure that you keep this fact in mind.

Avoid making small claims

Did you know that insurance providers offer the benefit of No Claim Bonus (NCB) to those who do not make any claims during the policy period? It is a reward given to you for safe driving. However, in case you do make a claim even for small damages during the policy period, you no longer qualify for NCB at the time of renewal of your policy. You may therefore avoid making claims in case your bike suffers a small damage. Instead, it is wise to make an out-of-pocket expense for a dent or a small scratch.

Compare various options

Don’t you enjoy the satisfaction of knowing you’ve landed the best deal? The best way to enjoy attractive premium rates is to compare multiple two wheeler insurance providers. While comparing insurance policies from different insurers, you may check various aspects such as the policy benefits, add on covers included, features, procedure for making claims, channels of making premium payment, among others. You should also request a quote for a two wheeler insurance online and then choose the one that offers the best coverage at the most convenient price.

Increase your bike’s security features

Increasing your two-wheeler’s security features will not only give you peace of mind, but also help you avail of a lower premium rate. The liability of the insurance provider is lower if your bike is secured against incidental damage, vandalism, and theft. Insurance providers therefore offer discounts if your two-wheeler is equipped with safety equipment and additional security measures that are approved by the Automotive Research Association of India.

Be very decisive with your add-ons

Add-ons, also known as riders, enhance the coverage of your motorbike insurance. Some of the most common add-ons for two-wheeler policies include roadside assistance, No Claim Bonus cover, personal accident cover, zero depreciation benefit, and hospitalization cash allowance cover, among others. You may select from among various options based on your needs and requirements. Remember, these add-ons require additional premiums, and hence choose only those riders that are absolutely necessary.

Choose a higher tenure

If your budget allows you to choose a longer tenure, go for it! Opting for a longer tenure allows you to save a significant amount of money. You may go in for a 1-year, 2-year or 3-year policy tenure, as the premium amount remains locked during the policy tenure. Long-term policies do not attract a hike in premium, thereby allowing you to enjoy the best rate.

Choose a No Claim Bonus Protector

Many insurance companies offer an add-on or a rider called NCB Protector, this basically means your No Claim Bonus will be protected even if you make a claim. This add on comes at a nominal rate and can save you a lot on discounts you get for not making a claim. Just one claim can take away your entire No Claim Bonus.

Renew your insurance policy on time

In case of non-renewal of your insurance policy within the completion of the grace period, the policy will be terminated. You may lose out on benefits in case an unfortunate incident occurs. What’s more is that you may have to pay a higher premium on subsequent renewals.

It is therefore imperative to renew your insurance policy on time to avoid discontinuation of your policy. Most insurers have a hassle-free online two wheeler insurance renewal process available on their website. All you have to do is enter details about your policy and pay the required amount, and voila! Your policy is renewed!

Maintain a good riding record

If you have a good riding record, you are perceived as low-risk, and hence insurance providers will offer you attractive rates that will be easy on your wallet. It is therefore necessary to ensure that your riding record is clear, i.e. devoid of any tickets or accidents. Lesser accidents lead to lesser claims, which will result in a higher NCB for you to claim. These factors help reduce your insurance premium and help you get the best quote possible.

You may keep in mind the aforementioned tricks and use them to lower the premium amount to a great extent. You therefore have to shell out only the amount you are comfortable with and at the same time you can enjoy the best deal on your motorbike insurance policy!


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Trade Logo displayed above belongs to Dewan Housing Finance Corporation Limited and used by DHFL General Insurance Limited with modification under license.
Coco (By DHFL General Insurance) is the Trademark used by DHFL General Insurance for its digital platform.