Ways to reduce premium using online two wheeler insurance calculator
There are few ways which can be used to reduce the premium of your two wheeler bike using the online bike insurance premium calculator. Let us discuss each one in detail:-
- Buy Online:
There are many ways of purchasing two wheeler insurance in India such as through Agent, Banks, Directly from insurance company office and Online. The most comfortable and secure way of purchasing the bike insurance is through online where the payment is done online and the policy is generated instantly. Buying online has its own merits such as Time, Money and energy saving. Bike insurance policy purchased online using the two wheeler insurance premium calculator saves the premium when compared to other modes of purchase.
Online two wheeler insurance premium calculator displays the premium from many insurance companies and you can choose the cheap and best one among them. On average customers who purchase two wheeler insurance policies online can save up to 20% premium when compared to other modes of purchase. To save more on your bike insurance policy visit for best two wheeler insurance quotes.
- Avoid Small Claims:
Claims should be done only if the claim amount is on the higher side i.e. the benefit of claim exceeds the no claim bonus and other discounts which would be offered at the time of renewal. For instance petty claims which amount to few hundred bucks should be avoided as these can affect the no claim bonus and other discounts which would be offered at the time of renewal. Before making a claim customers should check for the deductible amount and compare it with the claim amount and then proceed for claim settlement process.
It is advisable to make a claim only if the claim amount is beyond your budget, as the no claim bonus plays a major role in reducing the premium. The no claim bonus reduces to zero at the time of renewal if there is a claim in the previous year. Avoiding petty claims can decrease the premium to be paid for your two wheeler bike at the time of renewal.
- Renew your policy before expiry
It is important to renew your two wheeler insurance policy before the expiry to prevent the unnecessary increase in premium. Once the bike insurance policy is expired few insurance companies may ask for inspection before issuing the policy. The inspection is carried by the insurance companies or the customer can carry out the inspection using the link sent by the insurance company.
Few insurance companies give exemption to inspection but provide fewer discounts for insurance expired cases. To get the less premium on your two wheeler insurance renewal it is important to renew your bike insurance policy on or before the expiry date.
- Opt for higher deductibles
Deductible or excess is the amount to be paid by the customer in case of a claim before the insurance policy starts paying the claim amount. In other words deductible is the claim amount to be shared by the customer before the insurance company settles the claim. Deductibles are set by the insurance companies to prevent customers from making petty claims and to make the customers responsible in the claim settlement process.
There are two types of deductibles: Voluntary and Compulsory. Compulsory deductibles are those which are to be paid by the customer at the time of claim settlement and these deductibles are to be paid compulsorily without any exemption. Voluntary deductibles are those which can be chosen by the customer to reduce the premium to be paid to the insurance companies. Higher the voluntary deductibles, lower would be the premium of your two wheeler bike. Voluntary deductible increases the share of the customer to be paid at the time of claim settlement. In this process customer takes the responsibility of higher claim amount and the insurance company rewards with reduced premium.
- Minimum IDV:
Insured declared value is the amount of sum insured agreed by the customer and the insurance company. Idv is the maximum liability of the insurance company in case of any claim i.e. the insurance company would pay the amount up to idv in case of a claim irrespective of the repair charges. Lower the insured declared value, lower would be the premium to be paid for your two wheeler bike.
The insured declared value required should be decided by the customer, there should be a balance between the IDV and the premium to be paid. Too less IDV can result in less claim amount at the time of claim and too high idv results in more premiums to be paid.
For online two wheeler bike insurance premium calculator please visit Two Wheeler Insurance and get the best bike insurance quotes from the top general insurance companies.