There is no denying the fact that the traffic on roads is increasing every day. In times like these, two-wheelers play a vital role as they can get through traffic easily as compared to cars. Therefore, more people are purchasing two-wheelers, as they are also cheaper to maintain. India is one of the largest markets for bikes in the world. With the fuel prices fluctuating, these seem more economical in comparison to the four-wheelers. However, along with that, it is mandatory to purchase third party bike insurance, as per the law.
Read the tips mentioned below, if you wish to purchase a two-wheeler.
- Choose the appropriate vehicle
Two-wheelers can cost you up to lakhs of rupees. You get gearless scooters that are cheaper than the bikes, and you can use them for easy navigation through the city. Certain bikes are more sturdy and powerful and can be used for long-distance traveling, but their prices are a little high. However, you will need to prepare a budget first and fix it as per your requirement and select the two-wheeler accordingly. This is an essential step for financing your bike.
- Choose between new and second-hand bike
Once you are sure of the type of vehicle you want to buy, you can decide between a new bike and a second-hand one. Decide based on your daily utility and your pocket. If you buy a new bike, the expense would be more but it will have lesser maintenance costs than a used bike. Therefore, select wisely.
- Prepare your budget
To finance your two-wheeler, you will have to first calculate your disposable income. Then, see how much EMI can be paid as per your comfort if you’re planning to take a loan. This will help you in choosing the tenure of the loan, as well as the EMI. Remember that even if you wish to self-finance your vehicle, it is important that you fix your budget. A two-wheeler loan is usually in the range of 1-3 years, and hence you will need to calculate the budget accordingly. Do not forget to add the expense of a third party bike insurance or a comprehensive policy while planning the budget.
- Payment methods
Credit cards have a high rate of interest, and hence it would be more economical if you go for a bike loan. EMI options are also available and these are certainly benefit you if you earn a fixed salary.
- Analyze the expenses beforehand
If you’re planning to purchase a two-wheeler anytime soon, you can plan for the same, to save a little money. For self-financing your bike, a monthly SIP or a recurring deposit might help.
Once you’ve noted the above-mentioned tips, consider buying adequate coverage for your two-wheeler. All you need to do is, visit your preferred insurer’s website and follow the steps given to buy the policy. But before you go ahead and make the purchase, make sure to compare various policies online, keeping in mind the coverage offered, the premium to be paid, the company’s reputation, etc. To plan your budget well, you can also get quotes for free using the two wheeler insurance premium calculator available on the insurance company’s website. Keep all of this in mind and make an informed decision.