Types of Motor Vehicle Insurance

1. Two Wheeler Insurance

2. The advantages of owning a suitable two wheeler insurance Owning a new bike is like your dream come true. You will remember the first ride on your bike or the way it helped you during an emergency and snarling traffic, etc. While buying a new bike, you consider a lot of factors like affordability, design (make and model), brand value, mileage and other technical details. But when it comes to purchase of insurance most people think its just an added burden to your financial expenses and often neglect it. It is either the last thing on your agenda or maybe not considered at all.

3. However, imagine you’re not covered and you meet an accident resulting in third party loss, of property, health or your individual loss of health or property. Else, there is a natural incident like fire, earthquake, tsunami, etc. or man-made circumstances like stealing or burglary. Whatever the situation is ultimately its you who have to bear the costs from your pocket. Small or big the costs can burn a hole in your pockets. Therefore, owning a suitable two wheeler insurance makes sense. According to Indian Traffic Law it is mandatory to own minimum third party insurance to get your bikes on the road. But people take as a mandate and buy any random policy from your dealers who offer the cheapest rates without ever considering the basic pointers that you should know about your two wheeler insurance.

4. The article covers how you can save money on two wheeler insurance costs. While purchasing a bike cover there are lots of factors taken into consideration such as age, gender, marital status, driving record and insurance history, your motorcycle’s make, model and year. Although, every factor is not in your control, taking certain steps will help you save the extra expenditure on your two wheeler policy. Shop Around Most people following herd’s mentality purchase insurance from their dealers without comparing them. They think it’s an added financial burden and take any random policy. However, shopping around and comparing help you get the best policy at an optimum rate. You should also consider options at the time of renewal of your policies.

5. Increase Deductibles One of the easiest ways to trim down your insurance premium would be increasing your deductible. It is the amount you pay of your pocket in case of any damage or loss. But, keep in mind that higher deductible means that you will have to pay a large share of the claim in case any loss occurs. No Claim Bonus Every time you complete your two wheeler insuranceyear without a single claim your rewarded with No Claim Bonus points. You can redeem the points against the claim amount or premium reductions. So check and see if you can avail of this benefit. If yes, then the discount will be deducted from your premium and you have to pay less for the current year. It is advisable, don’t claim for petty scratches or dent. Instead, accumulate your bonus points and go for higher claim or discounts.

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