Tips to Bring Down Cost of Your Motorcycle Insurance


Bring Down Cost of Your Motorcycle Insurance

In India, a lot of people prefer riding the two-wheeler as it offers convenience. Most of the time, you are sure to reach a destination faster on a two-wheeler than on a four-wheeler.

The entire mobility sector is at the cusp of a major revolution that is majorly driven by changing consumer-preferences, growth of ride-sharing, and viability of EVs (electric vehicles). The implementation of the National Urban Transport Policy, National Policy on Biofuels, and National Electric Mobility Mission Plan will further bolster the EV market.

Whether you are riding an EV two-wheeler or a normal two-wheeler, there are some rules that apply to any type of two-wheeler. Once you buy a two-wheeler, it is necessary to get it insured. Every two-wheeler has to be insured against third-party liability. Having a third party liability motor insurance is compulsory in India.

Many two-wheeler owners also opt for added insurance, also called comprehensive change to package insurance so that the vehicle, driver and pillion get full coverage in case there is any untoward incident. However, the premium that you pay under comprehensive insurance is much more as you get more insurance coverage.

Traffic personnel have also become extremely strict and they levy a hefty fine in case the driver is not able to furnish the two-wheeler insurance documents. The entire process of choosing a good insurance policy that fetches good benefits has become easier as people can buy online motorcycle insurance from the comfort of their homes. Many people tend to commit mistakes when purchasing motorcycle insurance even after doing an online comparison and this mainly happens as they are either inexperienced to understand the benefits of third party liability motor insurance or they buy insurance in a hurry!

Below are some of the major reasons for expensive motorcycle insurance:

  • Non-satisfactory driving records – Some two-wheeler riders do not have a good driving history (or records) hence, the insurance company might charge more from you.
  • High-end two-wheeler – If you are willing to buy a high-end two-wheeler, you should also be ready to shell out more for the motor insurance.
  • Wrong selection of add-ons – Most of the insurance companies offer add-on cover that you can opt for on top of the basic insurance.

Now that you might be a bit aware of the factors that are responsible for a higher insurance premium, we have a look at some tips that can help you in reducing the costs associated with your motorcycle insurance:

  • Selection of the right coverage – The insurance policy that you select should depend on the driving pattern. If you are making regular use of the two-wheeler, you should choose a comprehensive insurance policy. On the other hand, if you are occasionally using the two-wheeler, you should choose third party liability motor insurance as it will help reduce the insurance costs and help you save extra bucks.
  • Comparison of different policies – With wider internet penetration, two-wheeler drivers are able to compare insurance providers and the various offerings that they have. Online motorcycle insurance is no longer an urban trend as people are getting more acquainted with the power of the internet.

Before buying online motorcycle insurance, you should always look for reviews of the insurance company and their customer service.

  • Focus on payment cycle – There are perks when you opt for an annual payment of insurance premium as most insurance companies offer discounts and perks for selecting annual premium payment over monthly premium payment. 
  • Selection of right add-ons – In case you are opting for comprehensive insurance cover, you should also check the add-ons that you can opt for on top of the basic coverage. Assuming you are using the motorcycle regularly, you can choose add-ons such as roadside assistance coverage, personal accident cover, daily cash allowance cover, etc. Wisely choosing the add-ons will be beneficial in the long run.
  • Avoidance of small claims – NCB (No Claim Bonus) is a synonymous term in the insurance industry, whether it is healthcare insurance or motorcycle insurance. Insurance companies tend to pass on the benefits to their customers in case no claims are made by the policyholder during the entire year.

Many people take NCB benefits at the end of the year as the returns are more lucrative when compared to opting for smaller NCB benefits throughout the year.

  • Multi-year policy renewal – As you would have guessed from the name, here you have to pay for the insurance premium in advance. Instead of annual payment, you can choose a multi-year premium payment e.g. paying for three years in advance. Though you would be paying more money in one go, you get a good number of benefits.

The major benefit is that the vehicle is secured for three years. The other added benefit is that most insurance companies reward such customers and offer them hefty discounts. In some scenarios, the insurance company also waives off the annual hike on the premium.

You do an ample amount of research before short-listing a motorcycle. An equivalent amount of effort should also be spent on researching the insurance providers and the offerings they have under third party liability motor insurance or comprehensive insurance coverage.

Royal Sundaram General Insurance is a company that has a good reputation in the two-wheeler insurance segment. Comparing insurance policies and their offerings for motorcycle owners can be helpful in short-listing the best-suited policy for your vehicle!

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