Best tips to reduce the premium of your two wheeler
Best tips to reduce premium of your two wheeler 12th August 2021
Two-wheelers like scooters and motorcycles are the most commonly used vehicles due to their fuel efficiency and ease of use on congested roads and streets. As a result, the number of two-wheelers sold is several times that of cars. But, at the same time, more two-wheelers fall prey to numerous road accidents daily.
Two-wheeler owners must get their vehicles insured as it protects them financially against any accident. Unfortunately, people always assume that insurance is an expensive liability as it drains the money in premium and is rarely used. People fail to understand the importance of having insurance cover for those unfortunate events.
Whether you just have basic liability insurance or comprehensive coverage, it's important to ensure that you're getting the best deal possible. In this article, we bring seven strategies to reduce the premium of your two-wheeler insurance.
1. Compare policies:
Start by comparing different policies and their features. It makes sense to examine two or three companies, just in case, there is a better policy with lower prices out there. There are many policy comparing tools available online to help you estimate the insurance premium. You can also find multiple plans directly from the websites of reputed insurance companies that come with the best features and premiums.
But remember here, a lower premium doesn't always mean a good deal, and going with the lower-quoted company isn't always the sensible decision.
2. Add-on covers:
Add-on covers are great to increase coverage without buying multiple policies at a time. However, be wise with the add-ons you choose. You may not need all of them in a policy, withdraw unnecessary ones as they will only increase the premium. Read your policy document line by line and ask your insurer to remove anything you don't need.
3. Claim loyalty points from the existing company:
If you have bought your other insurances like health, home, travel, from a particular company, there are chances to get a loyalty discount coupon from the existing company. In addition, several insurance companies offer bonus points to loyal customers and support them with additional benefits for their future purchases.
4. Try negotiations:
There is no harm in asking for an additional discount. Companies with an aim to promote their policies often give in to such negotiations. So give it a try and test your luck. More often, you will succeed in bargaining.
5. Maintain a good driving record:
Many insurance companies look into your past driving records to determine the premium. If you drive safely and do not raise any claims during the policy period, you are rewarded with No-Claim Bonus points. Maintaining a good track record is key to getting a lower insurance premium. In addition, driving safely is always a good thing to secure you and others on the roads.
6. Pay a higher deductible:
In case of any mishaps, if a policyholder pays some amounts from the total repair cost during claim settlement, this is called deductible amount. The deductible is inversely proportional to the premium. Therefore, the 2 wheeler insurance premium lowers if you choose to pay a higher sum as deductible.
7. Additional discount to 32 to 60 years age group:
Companies offer more discounts to responsible drivers. People in the age group of 32 to 60 are considered responsible drivers. If you meet this age criteria, ask for a possible discount on your premium for the policy.
Auto insurance prices are likely to continue increasing in the future; however, you can apply many smart tips to reduce the sting. These 7 tips should help you cut-cost to a great extent on your premium.