With costs rising and salaries increasing like peanuts, people always look to save money on their various expenses. Even small savings add up and help ease financial troubles. Insurance has become a part of our lives and we have to spend a considerable amount of money on the various insurance premiums. However there are ways in which you can save up on your insurance costs. Take a look at this article to get some easy tips on saving money on your two wheeler insurance plan.
Tips to save money on two wheeler insurance
Many people in India own two wheelers. It is compulsory for you to buy a two-wheeler insurance policy if you own a bike or a scooter. But can you reduce the insurance expenses? Sure you can! Just follow these tips and you will see a difference.
- Avoid making smaller claims – Before you make a claim, see how much the bill amount is. If it is a small amount, pay it yourself. Making numerous small claims will unnecessarily bring down your NCB to zero which will overall lead to a loss.
- Attach anti-theft devices – A car insurance plan offers protection against theft and other dangers to the car. So if the car is found to be safe and less susceptible to thefts and break-ins, the insurer will offer a discount on the premium. Therefore look to install some anti-theft devices to the car to not only keep it safe but also to reduce your insurance costs.
- Be a good driver and earn No-claim bonus – Driving carefully will reduce the chances of your car getting into mishaps. This will reduce the need to make claims and you will earn NCB. The NCB will in-turn pull down your insurance premium costs.
- Renew two-wheeler insurance before expiry – Do not wait for the two wheeler insurance policy to expire before you renew it. If you have a lapsed policy, you may need to pay some fees and fines to get a new plan. So always try to renew the policy on time to save money.
- Buy online – It is known fact that insurance bought online is cheaper. So buy a two wheeler insurance plan online and save a considerable amount of money.
- Choose the right kind of cover: If you have a two wheeler that you use occasionally or is almost on its way out, opt for a third party cover. If however your bike is used daily and is a valuable vehicle, go for a comprehensive plan. Knowing which cover you need will help you save money.
- Deductibles: Every two wheeler insurance plan has a deductible component. This means that as the policyholder, you will have to pay certain amount at the time of a claim and the insurance provider will pay the rest. A high deductible will lower your premium costs and vice versa. If you are confident of your driving skills and feel you won’t need too many claims, opt for a higher deductible. This will help you save money on your two wheeler insurance plan.
- Compare: Last but not the least, you most definitely need to compare the available car insurance plans to get the best deal at the best rate. This is one of the easiest and quickest ways to save money on your bike insurance plan. Compare when you buy a new plan or renew an existing one.
To sum it up
To sum it up, there are various ways in which you can save money on your two wheeler insurance policy. Do not opt for the first plan that you come across. Analyse your own insurance requirements and also explore the different options available to you. Keep the aforementioned tips in mind and your job will become a lot simpler.