Tips to Reduce Two Wheeler Insurance Premium
It is obligatory to insure your two-wheeler as per Indian law. These policies will serve you in the right time whenever your two-wheeler gets involved in an accident or gets stolen. These insurances on the other hand are expensive and adds burden to your finances, but they are equally important and can't be bypassed.
Every insured looks for way out of this typical situation to save their money and still gaining the outcome of insurance. Do you know that reduction in the premiums you pay is purely in your hands? Yes, it’s true! You are the one who is able to truncate the amount you pay. Getting into the facts, Premiums for the insurance plan vary the type of plan you choose, age of your vehicle, type of your vehicle and many more.
Tips to reduce Premium
IRDA decided to increase the premium rates up to a certain percent. As a result the premiums you pay shoots up and not to mention the skyrocketing prices on daily needs and high inflation rates further curbs your budget. Make a wise choice and save yourself from high premium rates. Let us help you with some facts and key points that reduce your premium charges.
The first and foremost thing you need to take care is by deciding on the type of plan you require. Higher coverages might come handy when needed, but demands more premium. So, learn the type of your bike and set the necessary coverages limit.
Be a safe driver and enjoy the discount offered. Insurance company knows that a good driver means low risk probability and willingly offers a precise percentage of discounts on your premium.
Driving safely furthermore adds benefit to your premium. It will help to keep your claims low and correspondingly adds the benefit of No Claim Bonus or NCB to your premium.
The other factor that can be restrained is voluntary deduction. In this facility the insured agrees to bear a minimum amount during the claim. This amount is directly proportional to the discount on the premium. For an instance, if you agree to bear 10% of the claim amount, you will in turn receive the same amount of discount on your premium. Conversely, in the long run you will be at loss with the reduced IDV rates on your car which results in reduced claim amount. So, it is not advised to sign up a plan with such agreement.
Do you know buying a white car could reduce your premiums? Surprised! Yes, it is considered that White is safer compared to other colors. Likewise, installing safety mechanisms gain you some amount on your premium.
Some insurance companies offer discounts on certain professions, research such insurers and approach them for your insurance. In addition to these, there are certain aspects like Age of the owner, petrol engines and age of the car grabs you some benefits.
In a word, the above points certainly seem reasonable. Incorporating them with your insurance plan saves your money as well as your insurance premiums.