With the growing concern about two wheeler insurance, it pays to have extra knowledge about its insurance policies, their clauses, terms, and conditions. Just like in any other field, you must invest time and resources in order to become a two wheeler insurance expert. An expert in two wheeler insurance understands the insurance industry, its ups and downs as well as its economic impact. But, how do you achieve such in-depth two wheeler insurance comprehension?
1. Know the insurance jargon
Every industry is termed unique due to its business language and terminologies that are best known to its experts. Therefore, your first step should be learning and understanding less common insurance terminologies such as; loss control, aggregate limit, the doctrine of subrogation, insured declared value, and named perils just to mention a few. Note that understanding insurance can be difficult; you must have the zeal to master the numerous terminologies.
2. Do your research
Conduct thorough research to understand past, current, and future two wheeler insurance trends like; entrant of new two-wheeler insurance companies, the introduction of better insurance policy renewal rates, and how to get premium discounts. Through research, you understand the basis of two wheeler insurance, how its level of risk is assessed, and the losses it covers.
3. Build a network
If you have had an encounter with an insurance professional, contact them, state your intention to become a two wheeler insurance expert, and request them for guidance. Also, attend social and professional insurance industry events where you can meet like-minded individuals, learn more about the industry, and share ideas. Build a network that keeps you up-to-date with sensitive and classified industry changes.
How to Negotiate a Better Rate on Two Wheeler Insurance
The cheapest two wheeler insurance cover may not always be the best. In the financial service sector, you get what you pay for. However, a two-wheeler policy that saves your money and protects you adequately is always the best. Here is how to negotiate for a better rate:
1.Compare offers before buying
There are numerous two wheeler insurance policies in the market and each policy promises to offer the best coverage and rates. Therefore, you should always compare available insurance policies before zeroing in on one. For fast, easy, and effective policy comparison, use online insurance mediums like Coverfox.com.
2. Choose add-on covers wisely
Two wheeler insurance policies offer additional riders in a bid to enhance your covers’ scope. Though the offer enhances the policy coverage, it attracts additional premiums. Therefore, if you must have add-ons, choose to pay for necessary riders only. Some common add-on offers include – return to invoice, roadside assistance, and zero depreciation benefit.
3. Maintain a good riding record
A good riding record is characterized by few accidents and lesser claims. Numerous previous bike insurance claims signify the occurrence of accidents. Therefore, if you maintain minimal bike insurance claims, you enjoy lower rates because insurance companies classify you as a low-risk customer.
How to Make the Most of Your Two Wheeler Insurance
1. Renew your insurance policy on time
Two wheeler insurance covers run for 1 to 3 years in case of a long term two wheeler insurance after which they must be renewed. Delayed policy renewals attract higher premium rates. Moreover, you would have no time to review and compare new policy offers. So, be keen to renew your bike insurance policy on time in order to attract the best offers.
2. Use accumulated No Claim Bonus (NCB)
Most two wheeler insurance policies offer rewards to people who do not make any claims within a policy year. The rewards are known as No Claim Bonus that discounts policy renewals. Note that the NCB is progressive and the discounts increase if you have consecutive claim free policy years. The discounts can range from 20% to 50% if you have 5 consecutive no claim years.
Never compromise on the scope of your two wheeler insurance cover in a bid to lower premium rates. It is advisable to go for a comprehensive bike insurance policy that offers wider loss and damages coverage. Use the above tips and go through online insurance platforms like Coverfox.com to get an affordable comprehensive policy that not only offers peace of mind, but also the coverage you require.