Tips for Lowering Your Two-Wheeler Insurance Premiums

motorcycle insurance

In the Philippine transport segment, two-wheelers occupy the smallest share compared to other vehicles. Bikes and scooters are a practical way to navigate congested and small roads. It’s also a good idea to insurance your two-wheeler in case of damage or theft. It is required that you insure your motorcycle with compulsory third-party liability insurance(CTPL INSURANCE). 

A comprehensive two-wheeler insurance policy is required to protect your bike. When it comes to motorcycle insurance, it’s critical to get the most coverage for the lowest price. Here are a few easy ways to save money on your two-wheeler insurance.

When you’re looking for the finest bike insurance policy for your bike, it’s natural to want the best at the best price. This is possible if you pay a lesser two-wheeler insurance price while getting full coverage. 

Bike insurance premiums are made up of various factors that influence how much you pay the insurance company. Before you acquire or renew two-wheeler insurance, it is critical that you understand the components of the premium so that you can make an informed decision.


Tips for Lowering the Cost of Two-Wheeler Insurance

You must be aware of the aspects that influence the insurance rate in order to get the most out of your insurance coverage. This will assist you in obtaining the most affordable bike insurance.


Insurance Policies to Compare

Begin by comparing insurance coverage for your two-wheeler that are currently available on the market. Comparing bike insurance online is the most effective way to do it. 

You can find insurance businesses that provide two-wheeler insurance quotes on the internet. Examine the coverage and additional advantages provided by insurers to guarantee you get the best bike insurance. 

Comparing insurance policies will also identify the policy that provides more coverage for a lesser rate.


Small Claims Should Be Avoided

If you haven’t filed a claim during the policy period, the insurer will give you a No Claim Bonus (NCB) when you renew your bike insurance policy. This can be as high as 50%. 

Renewing a policy with modest or insignificant claims will result in a discount in the form of NCB. As a result, you will pay a larger premium than you would if you took advantage of the NCB as a reduction.


Keep your insurance policy up to date by renewing it on time.

Make sure you renew your bike insurance before the deadline and don’t let it lapse. When a vehicle insurance policy expires, the NCB benefit is only valid for 90 days from the due date and then expires. 

To avoid paying a higher rate, make sure you renew your bike insurance before the deadline.


Selecting Appropriate Add-On Covers

Add-on covers supplement the normal comprehensive insurance policy by providing additional coverage. You must, however, pay an extra fee. 

By selecting unnecessary or superfluous add-ons, you will just increase the bike insurance rate rather than lower it.


Anti-Theft Devices Should Be Installed

If you safeguard your two-wheeler with security gadgets such as anti-theft alarms, insurance firms will offer you lower bike insurance costs. It expresses your desire to protect your vehicle and avoid any unnecessary damage or loss. 

To get a reduction on your two-wheeler insurance rate, make sure the security gadgets are certified by the Department of Information and Communications Technology (DICT).


Inquire about discounts.

When it comes to renewing or purchasing new insurance for your two-wheeler, there’s no wrong in asking for a discount. Insurers may give discounts to advertise their insurance products. Reduce the cost of your bike insurance by obtaining discounts.


Records of Driving

While you will receive the NCB if you drive responsibly and do not file any claims throughout the policy time, new-age digital insurance providers may evaluate your driving patterns to decide your rate. Make sure you have a strong track record when it comes to driving habits.


Increased Deductible

The insurance company will not cover the total cost of repair while settling the claim. You will be required to pay a deductible, which is a percentage of your insurance premium. 

The two-wheeler insurance rate is reduced by choosing a bigger deductible.


Purchase from the same insurance provider

If you have other types of insurance from the same provider, such as health, travel, and so on, acquire bike insurance coverage from them as well. The insurance company may give loyalty points that may be used to reduce the cost of bike insurance.


No Claim Bonus (NCB)

Whether you’re renewing your insurance with the same provider or switching to a new one, make sure you take advantage of the NCB to save money on your premium. If you’re renewing with the same insurer, make sure you don’t file any minor claims to avoid losing the NCB. 

If you want to transfer your insurance, you must obtain an NCB certificate from your existing insurer in order to be eligible for the NCB with the new insurer.


Is it Required to Purchase Two-Wheeler Insurance?

According to the Land Transportation Office, you must have at least third-party insurance on your motorcycle. Riding a two-wheeler without valid insurance on Indian roadways is considered a traffic offence. 

Although comprehensive insurance is not required, it financially protects you in the event that your two-wheeler is damaged or stolen. Insuring your vehicle with comprehensive coverage can help you avoid extra costs in the event of damages or losses to your vehicle.


Read also: Is Cheapest Car Insurance a Good or Bad Thing?