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Rediff.com  » Getahead » How to save money on two-wheeler insurance

How to save money on two-wheeler insurance

By Naval Goel
June 23, 2016 13:26 IST
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Simple to follow and effective ways to get cheaper two-wheeler insurance

How to save money on two-wheeler insurance

In India most of the two-wheeler owners love their vehicles like their child. They intend to take proper care of it to retain the look and feature the same as a new one. Recent surveys have stated that India has a large number of two-wheelers and also has the highest rates of motorcycle accidents as compared to other countries. With the reports like that, it is clear how much essential it is to have a two-wheeler insurance plan for your bike and yourself. Many people think that buying an insurance plan is expensive and requires lots of money while some think that it’s just a waste of money. But you must be aware of the law which stated that it is compulsory to have an insurance, no matter which vehicle you have.

Let’s come to the point straight. You want to know how can you save money, right? Let us tell you that there are different factors such as tailor made coverage, deductible, credit score and many more ways which can save you money on buying two-wheeler insurance plan.

Some of the effective ways to get cheaper two-wheeler insurance

Join a training course

Yes, it is a fact that with the help of two-wheeler training course you may be able to get huge discounts. It is a good choice for bikers who had an accident or are new to riding. It is possible that many companies put terms and conditions in the policy document as you can’t take training every year to reduce the cost or getting a discount.

Hold clean driving records

If your driving is safe and you have clean driving records, then you will surely get discounts. A clean driving record is one with no or very few accidents, tickets, or other violations. It is better to discuss your driving record with your insurer.

Most insurance companies offer important discounts to preferred motorcycle operators.

Tailor your coverage plan

It is advisable to choose the plan, according to your requirements. For instance, if you use your bike occasionally, then your two-wheeler insurance plan could be much cheaper than it would be as compared to those who ride many miles regularly. You should make sure that you are providing all and accurate information to your insurer related to you and your riding habits.

You must ask for age-related discounts

Yes, many companies provide age related discounts. For instance, according to some insurance companies, drivers between 32-60 age group are more responsible and hold a record of safe driving. But, still there are many discounts available to young drivers also, ask for it from your insurer.

Regulate your deductible

The deductible is the amount which you pay after an accident. Higher deductibles, lesser will be the premium. If it comes under your budget then choose a high deductible, but make sure that you are able to pay the deductible amount to meet the accidental expenses.

Check online

It used to be that only a few insurance companies offered two-wheeler insurance, but nowadays there is a huge market for the same.

It is the time to do a comparison. You should check online for free quotes. There are many insurance online web aggregators, which can provide you free quotes from top insurance companies in India.

Credit score

The bad credit affects your capacity to get a loan and insurance premiums as well.

If you just found that your credit score is low, then it is advisable to work on that for raising it and check status on a regular basis.

There are many factors that can help you in lowering motorcycle insurance costs. Do research well as it will assist in lowering your insurance costs.

Photograph: Courtesy, Vespa

Naval Goel is CEO and Founder, PolicyX

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Naval Goel