Apart from the fact that it is a legal requirement for all individuals to insure their vehicles, a Two Wheeler Insurance policy also provides coverage against financial expenses that you might have to incur in case of an unforeseen event. The coverage offered by the policy will vary based on whether you opt for a third-party liability-only insurance policy or a comprehensive/bundled/package Two Wheeler Insurance policy.
Although vehicle owners are only required to purchase a third-party liability insurance cover as per the Motor Vehicles Act, 1988, it is, in fact, recommended that you opt for a comprehensive Two Wheeler Insurance policy. While a comprehensive Two Wheeler Insurance policy is more expensive than a third-party liability insurance policy, the former offers enhanced coverage to policyholders. Thus, in this article, we have listed a few tips to help you purchase a Two Wheeler Insurance policy that offers comprehensive protection at an affordable rate:
- Purchase the Right Two-Wheeler: If you are looking to save on premium payments, you should consider purchasing a basic two-wheeler. Insurance companies quote higher premiums for expensive two-wheelers and sports bikes since the risk is undertaken will be higher in the case of such bikes.
- Avoid Opting for Unnecessary Add-Ons: You should only opt for a particular add-on if you require the additional coverage offered by it. Given that opting for add-ons will increase the premium payable, you should ensure that you select add-ons carefully.
- Enhance the Security Features: Motor insurance companies usually offer discounts to those who install security devices that are approved by the Automotive Research Association of India (ARAI) to enhance the security of their two-wheeler. Thus, you can install these devices and receive a discount from your insurance provider.
- Opt for a Deductible: If you opt for a voluntary deductible, the premium quoted by the insurance provider will decrease. However, you should keep in mind that if you opt for a high voluntary deductible, you will receive a significantly lower settlement when you raise a claim. Thus, you should only opt for a voluntary deductible if you are an experienced rider or if you are sure that you have the financial means to bear a portion of the expenses in case of an accident, vehicular damage, etc.
- Join a Riding Association: Certain motor insurance companies offer a discount on the premium if the policy buyer is a member of a registered riding/automobile association.
- Purchase Online: Purchasing Two Wheeler Insurance policies online is usually cheaper than purchasing it through offline channels. Since there is no intermediary or agent involved, you can save on commission and other fees, thus helping you secure a lower premium quote.
- Compare Policies: Before purchasing any insurance policy, it is a must to compare a few policies that have similar features. Doing this will help you get an idea of the coverage that you can expect to receive at a certain premium, thus helping you purchase the most cost-efficient Two Wheeler Insurance policy without compromising on the coverage offered.
It is necessary to do the required research before purchasing a Two Wheeler Insurance policy. You should ensure that the coverage offered by the policy is in line with your requirements. With regard to the premium, keep the above-mentioned tips in mind to receive a lower premium quote from your insurance provider.