The Motor Vehicle Act 1988, has made it mandatory for all the bike riders to insure their bike with the two wheeler insurance policy. Two wheeler insurance policy ensures to protect you against any unforeseen eventualities such as accidents, thefts or natural disasters. It also acts as a guard for you in case of any legal liability which arises when you cause harm to any third party or their property.
The third party insurance policy defends you in case of any damages or bodily injuries caused to the third party by your two wheeler. However, it does not cover the cost of the damages caused to you or your vehicle. Whereas, in a comprehensive bike insurance policy, you get a wide scope of the coverage. Comprehensive policy covers the damages caused to the third party as well as it covers your losses.
Buying the two wheeler insurance online is easy and convenient. Here are 5 tips to get the best two wheeler insurance quotes.
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No Claim Bonus
Every individual receives a No claim bonus reward from the insurance company, if he does not make a claim in the entire policy year. It is progressive in nature and with every claim free year the benefit increases. The minimum discount an individual can get through NCB is 20% and maximum it can go up to 50% if an individual does not claim for 5 consecutive years.
Be wise when choosing add-ons covers
The insurance company offers some additional add-ons for the riders to enhance the coverage of their two wheeler insurance. It is prominent to know that along with the addition of the add on in your policy, the cost of your premium increases. So be wise while choosing the add-ons. Make sure to avoid the unnecessary add-ons to reduce the premium of your two wheeler policy.
Renewal of your Policy
Bike insurance policies are for 1 to 3 years, after they need renewals. Delaying the two wheeler insurance policy will increase the premium cost of the same. However, if your bike insurance policy lapses then you will have to pay a higher premium to get the policy. Thus, it’s better to ensure timely two wheeler insurance renewal without fail to avoid the any unfortunate consequences.
Good driving history
It is vital to maintain a good driving record. If you drive safe, you are less likely to come across a mishap. No accident means no claim. If you don’t have any claim in your two wheeler policy, your NCB would be the highest. This will indicate the insurer that you carry less risk factor with you. Both this factor will eventually lower your bike insurance premium. In the end you will be satisfied with the best quote for your two wheeler.
Compare the policy
There are many insurance companies selling the policies, stating that they offer the best coverage. So to get the best policy with the best premium quotes, you should always compare the available policies. You can compare the two wheeler insurance online to get the policy as per your need and requirements. There are few leading web aggregators and online brokers which promise the effortlessness of comparison across different policies. You can visit company websites to compare the policies and their quotes using a two wheeler insurance premium calculator. Online brokers help you with technical assistance both at the time of buying the policy and also at the time of claiming the policy.
Thus, the following points will surely help you to select the best two wheeler insurance policy as per your requirements.