Tips To Reduce The Cost Of Your Two-Wheeler Insurance

Posted by sanjay on June 30th, 2016

It will not be surprising if I said that in India most of the two-wheeler owners love their two wheelers like their child. They tend to take proper care of it to maintain the look and features of the vehicle. As per a recent survey, there are more that 18 crore two-wheelers on the roads in India. It also stated that India has the highest rate of two wheeler accidents as compared to other countries. With the findings, it is clear that how important it is to have a two-wheeler insurance for your own safety. Many people think that buying an insurance plan is expensive and requires major expenses whereas some think that it’s just a waste of money. But you must be aware of the laws which state that it is compulsory to have insurance, no matter if you have a two or a four wheeler.

Let us now explore the topic of how to save on buying two wheeler insurance. There are different factors that can have a role to play in reducing your overall cost of buying the policy. We are going to discuss some of the main points here:

Join a Training Course

Yes, it is a fact that with a help of a training course you may be able to get huge discounts. It’s a good choice for bikers who are new to riding. There is a possibility though that many companies may put terms and conditions in the same as you can’t take training every year to reduce the cost or getting a discount.

Hold Clean Driving Record

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

Tailor Your Coverage Plan

It is advisable to choose the plan, according to your requirements. For e.g., 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 the accurate information to your insurer with regards to your riding habits.

You Must Ask For Age-Related Discounts

Many companies provide age related discounts to customers within the age group of 32 to 60 years. According to the insurance companies, the drivers within this age group are more responsible and are relatively safe drivers.

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

Earlier only a few insurance companies offered two-wheeler insurance online but nowadays there is a huge and fast growing market in India in the online segment. Before you finalize your insurance policy, do an online comparison of the various products available in the market and check for quotes. There are many online insurance web aggregators which can provide you free quotes from top insurance companies in India.

Credit Score

A bad credit score affects your capacity to get a loan and low insurance premiums as well.

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

Thus, there are many factors that can help you in lowering your two wheeler insurance costs. Do a thorough research for the cost-cutting options that are available which will reduce your worries as well as the overall cost of getting your two-wheeler insured or you can compare two wheeler insurance online.

[Source: https://medium.com/@sanjaybist/tips-to-reduce-the-cost-of-your-two-wheeler-insurance-4188888b211c#.c8bcclhr0]

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sanjay
Joined: June 29th, 2016
Articles Posted: 114

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