It is mandatory to have a third party two wheeler insurance in India as per the Motor Vehicles Act, 1988. However, you can opt for a comprehensive insurance policy and enhance your coverage. This policy covers you, your copassengers, third party damages, as well as your vehicle. You can also opt for long termtwo wheeler insurance. This policy is convenient and avoids the hassle of going through the renewal process repeatedly.
Choose your bike with care
People wish to purchase a high performing bike with the latest technological specifications. However, it is important to note that an expensive bike with a high cubic capacity engine will have a higher premium.
Avoid making small claims
Insurance companies 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 for driving safely. However, if in case you 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. Therefore, avoid making claims in case of minor damages.
Compare various options
You can enjoy attractive premium rates by comparing multiple two wheeler insurance providers. While comparing insurance policies from different insurers, you may check various features such as the policy benefits, addon covers, features, the procedure for making claims and channels of making the premium payment. You can also request a quote for a two wheeler insurance online and then select the one that offers the best coverage at the most convenient price.
Be very decisive with your addons
Addons enhance the coverage of your motorbike insurance policy. Roadside assistance, NCB cover, personal accident cover and zero depreciation benefit are some of the most common addons. One can select from among various options based on your needs and requirements. As the addons require additional premiums, choose only necessary ones.
Choose a higher tenure
If you have the budget, you to opt for a longer tenure. Opting for a longer tenure allows one to save a significant amount of money. You can select 1 year, 2 year or 3 year policy tenure, as the premium cost remains locked during the policy tenure. Longterm policies don’t attract a hike in premium, thereby allowing you to enjoy one constant rate.
Renew your insurance policy on time
In case two wheeler insurance renewal is not completed within the grace period, the policy will be terminated. If in case an unfortunate incident occurs, then you might not get the benefits. In addition, you may have to pay a higher premium during subsequent renewals. It is imperative to renew your insurance policy on time to avoid termination of your policy.
While doing research for the best deal, it is also important to know the premium amount that you pay so you can maximize the benefit you receive. A tool that comes in handy is a two wheeler insurance premium calculator, which helps you to calculate the premium amount payable annually to continue enjoying the benefits of the policy.