7 Simple Tips to get to Affordable Two Wheeler Insurance in India

Two Wheeler Insurance

We often tend to believe that an affordable product would mean that we need to compromise on the features in some way or another. However, this does not hold true in terms of buying a bike insurance policy. Just by using the following simple tips, you can buy an insurance policy which will be both – affordable as well as rich in features.

Tips to Buy Affordable Bike Insurance in India

#1 Compare bike insurance online

Comparing various bike insurance policies will help you buy the best one. The best bike insurance policy is the one which is affordable as well as provides adequate coverage.

#2 Set the Correct Insured Declared Value (IDV)

As this value forms the basis of your bike insurance premium, setting the lower value will result in lower claim amount. On the other hand, setting a higher IDV will increase the cost of your two wheeler insurance policy, hence the need to select correct IDV..

#3 Choose Add-ons Wisely

Each Add-on provides extra coverage. However, buying more than necessary will shoot the rate of your two wheeler insurance policy. Thus, buy only those covers which you absolutely require.

#4 Install Anti-theft Devices

Buying insurance implies that your insurer will cover you against monetary losses. Your insurer will appreciate the fact that you have taken efforts to protect your bike against theft. This could lower your premium amount.

#5 Get Membership of AAI

Becoming a member of Automobile Association of India provides certain privileges. One of these is a discount on bike insurance premium.

#6 Avoid Heavy Modification

By adding accessories or making heavy aesthetic changes to your bike you will be simply increasing the cost of your bike insurance policy. It would seem necessary to get each accessory insured under the insurance policy.

#7 Drive Safely

If you continue to drive safely even after getting a bike insurance policy, no claims will be raised against the policy. Consequently, the cost of your bike insurance policy will reduce with time.

Importance of Buying Two Wheeler Insurance

Any type of insurance will help you get through a tight spot in terms of your finances. Likewise, bike insurance will help you pay for the loss suffered due to or directly to the insured two-wheeler. Apart from this, buying at least a Third-party bike insurance policy is mandatory under The Motor Vehicles Act, 1988.

There are two types of bike insurance policies – Third-party Liability policy and Comprehensive policy. A comprehensive policy offers more coverage as compared to the former type. Thus, 3rd party bike insurance price is lesser than that of a comprehensive policy. Also, it is advised to buy a comprehensive bike insurance policy as it covers the insured bike as well.

Which Factors Affect Bike Insurance Premium?

Various factors can affect the premium amount of your bike insurance. Some of these indirectly depend on your driving habits. Here are some key factors which affect bike insurance premium:

  • Make and Model of the Bike: Your bike insurance policy will be priced depending on the bike you want to insure. Here, the price of the bike matters. An insurance policy for a Ducati will be more expensive as compared to the one for Honda Activa.
  • Manufacturing date of the bike: The manufacturing date plays an important role while calculating the premium amount. This holds true because depreciation of the bike is also taken into consideration while determining bike insurance.
  • Insured Declared Value (IDV): IDV is an amount approximately equal to the current market value of the bike. IDV makes the basis of the calculation for deducing the premium amount.
  • No Claim Bonus (NCB): As a reward for not raising any claims against your bike insurance policy you will be given a discount each time you renew the policy. NCB comes into effect from the first renewal of a bike insurance policy.

Simple yet smart moves while buying or renewing your bike insurance policy will lead to a good amount of discount. To sum it up – choose adequate coverage and pay affordable amount for buying bike insurance.


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