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Two Wheeler Insurance Tips for Getting the Most from Your Coverage

  • by Aiden Alfie
  • 9 Months ago
  • Comments Off

While every two-wheeler owner would possess some kind of two wheeler insurance, only a few understand the criticality of this investment and put an effort in getting the right one for their needs. Instead of buying a third-party insurance policy which is restricted to only liabilities, you should think about investing in a more comprehensive and inclusive two wheeler insurance policy that could enhance your coverage and help you save more.

Two Wheeler Insurance Is Quite Important and Necessary

Having two wheeler insurance is not only a law mandate but also the need of the hour for every two-wheeler owner. There is statistics which points that two-wheelers account for around 25% of the total accidents in India. If that is not an enough reason, here are some top pointers that would help you understand the criticality of investing in two-wheeler insurance:

1. Cover against Calamities

It would give you financial security in case of any damage to your two-wheeler due to natural calamities like storms, earthquake, landslides, etc. or man-made mishaps like theft, robbery, riots, assault or attacks.

2. Accident Cover

You would get accident cover for you (and if availed for the pillion rider) and will also get cover for any partial or permanent damage caused to you or/and to the vehicle.

3. Cover against Towing Charges

In the event of a sudden breakdown, repair or accident of your two-wheeler, your policy would cover the towing charges from the breakdown site to the service station.

4. Compensation in the Event of Death

You can secure your family in the event of the death of the policyholder due to some accident on the two-wheeler; the policy would help the nominees get financial compensation.

But, buying an insurance policy for your two-wheeler is not all. You must be aware of all the things your two-wheeler insurance covers and ensure that you know how to make the most of it both in terms of cutting down on premiums and getting the maximum benefit from your coverage.

Easy Ways to Reduce Two Wheeler Insurance Premiums

Usually, the premium you pay for your two-wheeler plan is going to be way lesser than the total sum insured. However, there are certain tips that could help you reduce the premium amount to a great extent, thus, saving a lot of money.

#1. Rethink your Add-ons

Most of the premium two wheeler insurance plans come with a plethora of add-ons or riders. There is a Personal Accident Cover, No Claim Bonus Retention Cover, Daily Cash Allowance Cover, Roadside Assistance Cover, and many more such interesting riders that you may want to include along with your base plan. However, you need to check for the ones which will actually benefit you and not buy everything.

#2. Installing Security Features

This is another fool proof way of earning good discounts on your premium. Installation of safety features which are approved by the Automotive Research Association of India makes your bike/scooter more secure and risk-free. Since the premium amount is fixed on the basis of the amount of risk the insurance company undertakes, installing these would bring down your premium to a great extent.

#3. Opting for a longer tenure

Nowadays, premium two wheeler insurance policies are available for a longer term (three years). By opting for such plans, you would be locking the premium amount for that tenure and you won’t have to pay increasing premium every year.

#4. Opting for a higher voluntary deductible

You may be aware of the compulsory deductible payable by you which is ideally the percentage of your claim amount fixed by the insurance company. However, some insurance companies also have a voluntary deductible amount that can be decided by you. The higher this voluntary deductible amount, the lesser will be your premium and vice versa.

#5. Avoiding Smaller Claims

Most of the two-wheeler insurance policies offer a No-Claim Bonus (NCB) to those policyholders who have not made any claims during the tenure of the plan. By managing smaller claim amounts like that of minor repairs, dents, and scratches from your pocket, you make yourself eligible for the NCB and subsequently to a lesser premium during renewal.

The Bottom Line

There is a plethora of ways to lower your premium amount without having to compromise on your two-wheeler insurance coverage. All you need to do is a bit of research and comparison of plans and policies on platforms like Coverfox.com to get the right deal and to cut down your premium.

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