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4 Ways To Reduce Two Wheeler Insurance Premium

Do we not all invest a significant amount of time, energy, and possibly even money into the pursuit of our lifelong dream? When it comes to the purchase of a vehicle with two wheels, this is the situation. Since we have already spent a significant amount of money, we anticipate that the two wheeler insurance will at least cover the remaining portion of our costs.

As a result, it is of the utmost importance to choose the appropriate type of policy where the premiums for two-wheeler insurance are at a rate that is affordable to the customer. If that is not the case, then you should consider the following 4 options in order to lower the premiums you pay for your two-wheeler insurance:

How can we strike the most advantageous deal for our investments?

Compare the coverage offered by a number of different policies to find the one that best suits your needs and budget. To accomplish this, one need only conduct a comparison between the numerous two-wheeler insurance policy options provided by a variety of different insurance providers. The most effective strategy for doing so is to compare a wide variety of policy choices using an online platform.

The use of a two-wheeler insurance premium calculator grants the user the ability to compare a variety of benefits, including premiums, features, and so on. However, you should make it a priority to switch to the plan that provides the highest level of protection and coverage for the lowest possible monthly premium.

Go for a long-term policy

Choosing a policy that has a longer-term commitment is yet another method for lowering the total amount of money spent on premiums. Long-term insurance policies for two-wheelers typically provide coverage for a period of time that is anywhere from one year to a maximum of five years.

When the customer stays with the company for a longer period of time, the customer is eligible for premium cost savings. If you choose a two wheeler insurance policy with a longer duration, the premium will be fixed at the initial rate for a longer period of time after that.

Make use of the various add-ons that are available

When you purchase a policy for insurance on a two-wheeler, you will have access to a wide variety of options for riders and add-ons at the same time. The performance of your policy can be improved with the supplementing of these add-ons, which are made available to you by the insurance companies.

As a result, you should exercise extreme caution when picking out these riders and should only employ them when absolutely necessary. Personal accident coverage, roadside assistance coverage, and cash allowances are the available choices for add-ons to an insurance policy. Take care not to go overboard with the number of add-ons that you choose. Make sure you get the mandatory third party bike insurance.

Avoid making small claims

It is necessary to refrain from filing claims for an extended period of time in order to be eligible for No Claim Bonuses (NBC). When you don’t file any claims with your insurance company, you’ll earn no-claims bonuses (NCBs) at no cost. In addition, if you file a claim for a trivial reason, such as a scratch or dent on your vehicle, then you will not be eligible for an NCB benefit. *

You should make sure that the insurance policy you purchase for your two-wheeler covers not only the cost of replacing your bike but also the costs associated with hospitalisation in the event of an accident. Once you get the insurance, ensure regular bike insurance renewal to keep the benefits running.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

 

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