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The pandemic has hit the sale of two-wheelers in the country. In September 2021 the sale dropped more than 11.5%. However, insurance remains one of the mandatory things to have if you own a two-wheeler. Money9 offers a guide on how you can reduce your insurance burden.
Compare multiple plans
Before going for a two-wheeler insurance plan, one should compare at least five-six insurers before deciding on a plan. The premium charged by different companies is different.
Extra cost
Almost all insurers have multiple inclusions, exclusions, add-on covers etc. So before opting for the insurance, check all other charges and fees.
Longer term
While buying a two-wheeler insurance policy, choose a term of either one, two or three years. When you choose the longest policy term, the premium amount remains the same for three years.
Higher deductible
A portion of the claim known as deductible has to be borne by the policyholder. By choosing a higher deductible you can reduce your two-wheeler insurance premium.
Avoid minor claims
Insurance companies offer a discount in premium known as No-claim Bonus (NCB) of up to 50% if there is no claim during the term of the policy. Therefore, it makes sense to avoid making minor claims.
Install anti-theft devices
Anti-theft devices also get additional discounts while purchasing the two-wheeler insurance policy as it indicates that you are a cautious vehicle owner.
Same company
If you have life or health or car or home insurance with a specific insurer, then you could consider going with that company. It would cost less.
Choose add-ons wisely
Always choose add-ons intelligently. Ignore the unnecessary ones. These add-ons cover finally decide the premium of the insurance.
Renew on time
If you want to avoid a higher premium amount, make sure you renew your two-wheeler insurance policy before the completion of its tenure.
Expert opinion
“With the easy availability of information at your fingertips and a wide variety of insurance companies to choose your two-wheeler policy from, selecting the right one is just a breeze,” said Abhishek Misra, CEO, Bonanza Insurance Broker Pvt Ltd.