The most frequently used mode of transportation by Indians is generally a motor cycle or a scooter because of very many reasons. Lower monthly spend on fuel, low cost of maintenance and easy navigation on Indian roads makes it the favorite vehicle for Indian commuters . As an owner of a bike or a scooter we all know that it is a legal mandate to have two wheeler Insurance but when it comes to it paying premium it can actually burn our savings a lot.As prices of everything is going northwards we can see a similar phenomenon in case of the two wheeler premiums also.

 Looking at this problem we feel that  just by comparing features and buying it online will not solve the problem. Possibly we can look after two types of approaches people follow

1. Applying for the lowest possible cover or may be only a third party cover to meet the regulatory requirement can  help you save a lot of money
2. Looking at the most comprehensive plans available in the market today and then finding ways to save on premium

The first approach though may save a lot of money for you but the problems would arise when you actually make a claim. Since the cover is only third party in nature you may end up  paying the whole cost of repair when the situation arises and you might start questioning yourself why you opted for an insurance. So though first approach bring in lot of savings but in long run it becomes a real money burner. Keeping this thing into perspective you can look at a comprehensive plan as your best companion as per the approach second but still though the approach seems bit costly but still certain steps can be taken to optimize upon the cost.

The various steps to look into are :

1. Always  maintain a clean driving record .Insurers generally prefer customers without accident records and without past claim history .This shows your clean driving records and you will be always charged a lower premium which would be always less than the average amount of premium for the same coverage which  you have applied for .
2. Choose your two wheeler well. Though the new designed sport bikes add a lot of fashion statement to your personality but you would always end up paying higher premium for them. Your insurance provider would always give preference to well established brands because they are well aware about the risk associated with these models.
3. Always pay your premium annually. If you pay the whole of your premium at the starting of the policy term insurance providers are ready to incentivize you with lower premium compared to if you had paid the same monthly.
4. Don’t make claims for small damages.   We generally feel that since you have a Two Wheeler insurance policy in place you hold the right of claiming anything from the insurance provider but the challenge is that every time you make a claim it affects your sum assured also so it . It is always advised that if your claim amount is less than 15% of your IDV you should always try to spend the same from your own pocket so that you can save the sum assured for emergency situations where you need a larger financial support. This improves your chances of keeping your policy claim free and which also your insurance provider values and you can avail discounts on your premium because of this behavior.
5. Try joining a riding association. Two wheeler insurance providers generally have a policy to provide special discount incentives to members of Automobile Association are which are registered under certain acts. So if are a part of say a bikers association you might have the opportunity to claims for such discounts on your premium.
6. Bundle your policies. It is a regular method by which businesses try to retain their most valued customers. Similar on those lines insurance companies also follow similar practices. In case if you have a health insurance policy from a particular insurer you should first of two wheeler plans provided by the same insurer. In a case like this as an existing customer insurance company generally offer your discounts and offering to help you save on your next plan that you buy from them

So it not always that spending less that lead to better savings but on the other way spending smartly seems to be a better approach. This is quite reflected in the two types of approaches mentioned above where you not only save a lot but that don’t mean that you end up losing value because you paid fewer premiums