The number of two-wheelers on the roads of India is increasing and so is the number of incidents amongst them. In such a scenario, a common man with a two-wheeler vehicle should definitely buy a two-wheeler insurance policy.
A two-wheeled vehicle is mostly driven by the youngsters of our country be it a bike or a scooter.
Bikes are a craze for our younger generations. But this craze should not turn into mishaps, so getting your bike insured is advisable. It is law-abiding and would also protect you from the liabilities of a third party.
Third party bike insurance protects you from financial losses suffered because of any harm caused to another person or vehicle.
While getting insurance for your bike, the age and driving record of the rider is very important. In India, the minimum age to obtain a learning license is 18 years.
The driving record of a rider should also be satisfactory as a rider with a bad record can be denied driving insurance. However, getting a bike insurance policy can be expensive at times.
Reasons for Expensive Bike Insurance
There are several reasons for young bikers paying more while buying a bike insurance policy. Here are a few:
- Lack of Experience
Since the riders are young, they do not have much experience about the roads, about driving and hence, it becomes a bit difficult to build up a good reputation with bike insurers.
The young bikers have a reputation with the insurers of taking risks and getting into accidents easily.
As mentioned above, young bikers have a reputation for taking risks. This is also supported by statistics which say young bikers are more accident prone and hence are more risky to insure.
How to Get Affordable Bike Insurance
Means to get an affordable bike insurance policy: Since most youngsters have a limited budget, here are some tips to get an affordable insurance policy for your bike.
- Selection of Your Bike
If you are selecting an expensive bike with a very powerful engine, then you are going to pay a high premium. But if you opt for an older model, then your insurance premium would be comparatively less.
- Comparison of the Plans
Before purchasing an insurance plan, it is always advisable to go for a comparison of the policies offered by several insurance companies.
Do not compare third-party bike insurance with comprehensive insurance. Always compare plans of similar types.
The official websites of the companies provide all the necessary information related to claims, benefits, process etc. Also, you should obtain quotes from the companies on their premium plans before making the final purchase.
- Avoid Making Small Claims
If you are not making any claims during a defined period, you can obtain a no-claim bonus for that particular year. So, instead of making small claims throughout the year you would definitely like to enjoy the bonus at the end of the year.
- An Experienced Rider as a Fellow Biker
When you are adding an experienced rider say, your father or elder sibling as your fellow biker then there would be more trust by the insurer and would reduce the premium amount.
- Pillion Coverage
Earlier, as per standard Insurance policy guidelines, the pillion would also be covered in your insurance policy.
But the laws have changed now and so unless it is mandatory you need not include the pillion coverage in the insurance policy.
- Buy What is Needed
At times, you might be in a dilemma about which policy to opt for. Whether a third party bike insurance or a Comprehensive Plan, which one should you go for?
Third party insurance is mandatory and must be bought. In a Comprehensive Plan there are many add on covers and thus, choosing what is needed is essential to avoid a higher premium.
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Hence, out of the numerous policies being offered by the insurance companies in the market, it is inevitable that when you buy two wheeler insurance you understand the needs for your vehicle, compare the rates or premium and then select an economic policy.