How to Reduce the Cost of Your Two-wheeler Insurance Policy

Insurance and Finance

While a two-wheeler insurance is a necessity, you shouldn’t find yourself in a situation where you’re compromising your safety by cutting costs, even if saving money is a current financial priority. When it comes to two-wheeler insurance, it is important to understand how to reduce costs the right way. Don’t just opt for a third-party insurance policy as this will turn out to be an expensive affair in the long run. Instead, take a look at smart tactics that you can deploy to bring down your premium without sacrificing coverage.

Enrol for training courses

If you are learning how ride a bike or a planning to, sign up for a training course instead of learning from a friend or acquaintance. Certain courses have discounts that you can avail when taking a two-wheeler insurance policy. This will help you lower your premium. Also, once a driving school certifies you, you are more likely to drive well. This gives you a good driving record, which is something that the insurance provider takes into account when deciding your premium. A poor record indicates that you’re a high-risk candidate, and as a result, your premiums may be higher. Avoiding traffic tickets, and violations shows an insurance company that you are safe to insure.

Maintain your credit score

Just like your credit score affects your ability to take a loan, it also has an impact on your insurance premium. A good credit score puts you in a better position when it comes to negotiating your out-of-pocket expense. If your credit score is poor, take measures to improve it and then apply for a two-wheeler insurance policy.

Compare costs online

By researching motor insurance online, you can choose from the best policies that are available in the market. You will be able to weigh the cost of each against the coverage offered, and find the one that is most beneficial. By applying online, you can further reduce costs as there is no need to travel to a branch to get your bike insured. Simply log on to the insurance provider’s website and purchase your policy as per your convenience.

Customise your plan

While add-on plans help you enhance the security that your two-wheeler insurance offers, it is important to choose extra covers wisely, so that you’re catering to your needs but not going overboard. Ensure that you make a list of covers that you want and stick to your requirements. For example, if you only ride your bike on weekends, you can opt for a special cover that is meant for light riders who only use their vehicle occasionally. Since you’re not on the road a lot, the possibility of your bike suffering from damages is lower. As a result, you’re offered a more reasonable premium as long as you clock less than the set number of kilometres.

Apply for discounts

Instead of making a hasty decision, look for policy providers that offer discounts. Few insurance companies provide discounts for applicants between a certain age group. Furthermore, you may also find that buying insurance online is more beneficial. Here, not only is applying easy, you can also make use of seasonal discounts and limited period offers to lower the policy’s cost.

Pay annually

The manner in which you pay your two-wheeler insurance policy’s premium also determines the total expenditure. For example, paying the year’s premium in full, at the time of taking the policy works out to be more affordable than if you were to pay it on a monthly basis. However, check if your insurance provider offers this benefit before proceeding.

Use these methods to ensure that your motor insurance is affordable, but doesn’t compromise your or your bike’s safety. Remember, saving a few extra pennies now isn’t worth bearing heavy expenses in the future.