Nine-point guide to reduce your two-wheeler insurance burden

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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.