How To Save Money On Two Wheeler Insurance Policies In 2018?
As per the popular saying “ A penny saved is a penny earned” can be said to be a just statement for two wheeler insurance policies. The premium that you pay for a two wheeler insurance policy is practically peanuts but the benefits are exponential. Think about the last payment that you have made to you local mechanic for getting your bike or scooter repaired. Plus the quality of Indian roads makes two-wheeler more prone to road accidents though they are most default mode of transport for most Indian office goers or intra city travellers.But people still don’t find buying insurance for two-wheelers a smart decision. This is just a matter of sheer ignorance that people don’t find value in the power of having an insurance plan for two-wheeler.
Till today if you have not bought any two wheeler policy for your bike or scooter, may be 2018 is the right year to start. Even over the years the claim settlement processes have also been improved largely and lot of attached the hindrances which existed earlier are being removed by the industry. Plus there are also a lot of two wheeler insurance comparison websites which can be used to identify the right plan that suits one’s requirement.
So if are looking to buy a new policy or renew an old policy (benefits of renewing your two wheeler insurance policy ) you can look at the below listed things as premise to save on two wheeler policy premiums in 2018 :
- Choose the right kind of bike: So if you aim to use to bike or scooter just for office commute prefer city bikes generally with engine capacity to 100 to 200 cc.Buying a heavy duty road racer or a tour might make you look more elite but always look at the premium that you would paying for the next 25 years on those heavy duty or high machine capacity two wheelers.
- Prefer to pay your premium annually: Always keep in mind that insurer generally charge you a higher premium if the premium payment schedule is broken into months and quarters. Always prefer to annual payment mode for premium.
- Don’t always raise claims: Keep in mind that going by the general principle one shouldn’t raise any claim on his/her insurance policy till the time the claim value is not more that 10% of the IDV of the policy. Making small claims can make your insurer to value your policy as more risky leading to the rise in premium cost. On the other hand making continuous claims can lead to eroding one’s benefits associated with no claim bonus.
- Use safety equipments: We all know that two wheelers are more prone to theft and damage by accidents. You always get some anti locking features installed on your two wheeler and enjoy discounts as an incentive from the insurer.
- Always Bundle your policies: We need to understand the insurers also value long term relationship. If you already have some home policy or any other similar insurance plan prefer to buy online two wheeler policy from the same insurer. This is something which your insurer would also value and can offer a discount on the premium of your two wheeler policy.
- Compare plans before you buy: With technology making financial services more accessible and smart and similar on those lines that insurance industry has also enjoyed a lot benefits associated with it. Similar on those lines now there are a lot of tools which are available through which one can compare two wheeler insurance plans from various insurer. Use of all these tools can also to very useful in making right two wheeler policy decisions and save a lot of cost.