At the time of buying a 2 wheeler insurance, there might be chances that the insurance company would look into your driving record before making you an offer. By reading into one’s driving history, insurance companies try to get an idea about the risk factor associated with the individual. Accordingly, if you and/or your vehicle have a history of one or more accidents, then insurance companies might find you as a riskier asset. Thus, there might be chances that your 2 wheeler insurance provider may charge you more for your coverage. The chances of a rise in your 2 wheeler insurance might be even more if the reason for the accident or crash was you.
So, how does an accident or crash reflects on 2 wheeler insurance? Let’s find out:
One of the major factors that would determine the rate of rise in your motorcycle insurance premium is the kind of liability caused in an accident. However, even in this context, you would manage to find comparatively cheaper rates for you motorcycle insurance because, different insurance companies have different ways of dealing with change in rate on the back of any accident. There might be few 2 wheeler insurance companies who charge 20-40% higher premium following any accident or crash, while some companies may even charge 100% more.
However, you may even find companies who may give one-time consideration in case of first-time accident and accordingly may not charge extra on the premium for that particular tenure. This, if at all happens, would be probably for small or minor accidents specially with someone having an exceptionally good driving record. On the other hand, following the first accident, some companies may charge 10% more on motorcycle insurance premium.
What are the ways to lower the cost of your motorcycle insurance?
If you and/or your vehicle were involved in an accident or crash, and if you are wondering how you can save on your motorcycle insurance premium, then here is the answer:
Shop around and do a comparative study for different 2 wheeler insurance premium quotes offered by different companies. In order to get these quotes you can use online quote tools, which will help you get multiple quotes at the same time.
This tool collects all the details that you provide with respect to your motorcycle insurance. Thereafter, it shares these details with the 2 wheeler insurance companies in your city. Following which you will be sent a long list of 2 wheeler insurance premium quotes from different companies.
You can compare these quotes based on factors like prices, benefits offered, company’s market reputation, company’s customer service record and the financial state of the company. The online reviews and searches would help you to get an idea about the motorcycle insurance company’s market reputation, etc. You can also get motorcycle insurance premium quotes by visiting the websites of the different insurance providers. Visiting the company’s website will also give you a better idea of the kind of policies the company provides and you can make you decision accordingly.
If you have met an accident or crash, which may result in a significant rise in your current motorcycle insurance premium during renewal, then now you have a choice to look for other providers with better pricing.