Tips and Tricks to Choose The Right Two-Wheeler Insurance Policy
Two-wheelers are one of the most popular modes of transport on the Indian roads. Riding a two-wheeler can make it easier to breeze through the traffic, but two-wheeler riders are also exposed to high risks of accidental injuries and fatalities.
When buying a two-wheeler, we consider numerous factors such as design, mileage and price, among others. But, there’s definitely something more to buying a new bike, rather than just the actual purchase. As much as it is important to make the right decision when buying a new two-wheeler, it is equally important to buy the right insurance for your two-wheeler.
Why Buy Two Wheeler Insurance?
Accidents involving two-wheelers resulted in 44,000 deaths in 2016. This figure highlights the need of buying a comprehensive bike insurance policy that secures you against the accidental damages and injuries.
Further, since motor insurance is mandatory as per the Motor Vehicles Act 1988, riding a bike without insurance is an offense that’s punishable by law. But, as per law, only third-party insurance is mandatory, and people prefer buying third-party cover to save on premium. However, it is important to understand that having insufficient insurance cover is as good as having no insurance at all. Therefore, it is essential to compare bike insurance online and buy an insurance policy that meets your requirements in the best way.
How to Choose the Best 2 Wheeler Insurance?
As a comprehensive two wheeler insurance cover provides an all-inclusive cover, it is advisable to prefer buying comprehensive cover over third-party insurance. Like any other type of insurance purchase, bike insurance purchase should also be a well-researched decision after evaluating your requirements as well as after comparing different insurance plans on offer.
Here are useful tips to help you choose an insurance plan as per your requirements and budget: -
1. Know your Coverage Requirement
Before you start to look for insurance, it is important to make an assessment based upon your requirement and budget. Bike insurance is of two types depending upon coverage - third-party cover and comprehensive cover. Depending upon the usage of your two-wheeler, your expenditures and other existing liabilities, choose a plan that offers the right coverage.
2. The Cubic Capacity of Bike Decides your Premium
Be informed about your bike’s cubic capacity when you are choosing insurance as your bike’s cubic capacity decides the insurance premium that you will pay. If the cubic capacity of your two-wheeler is high, your premium will also be on the higher side.
3. Understand Insurance Declared Value (IDV)
In simple language, IDV is the current market value of a vehicle. IDV is the maximum sum insured fixed at the time of purchasing a policy, and is the amount which will be paid in case of total loss or theft of two-wheeler. As a vehicle ages, depreciation will increase, IDV will decrease, and as a result the premium will get lower year-on-year. IDV is one of the most important factors that determine the premium of two-wheeler insurance.
4. Look for Riders to Extend your Insurance Cover
Look for riders that you can add to your 2 wheeler insurance policy in order to make the coverage more exhaustive. For the riders, you will have to pay an additional nominal premium. Common riders that are available with bike insurance are zero depreciation cover, towing cover, personal accident cover for pillion rider, etc.
5. Choose a Reputed Insurer
Always look for a trustworthy insurance company. Don’t forget to check the claim settlement ratio of the company to know the efficiency of the claim process of the insurer. Choosing a reputed insurer ensures that the claim settlement is efficient and hassle-free.
6. Compare Bike Insurance Online
Another important step in buying insurance is comparing the available plans to make an informed decision. You can compare bike insurance plans online based upon coverage, inclusion, exclusions, cost, etc.
7. Don’t Forget to Read Online Reviews
Read online reviews written by verified customers who share their experience with the insurance company. If you are confused, it would be good to read the reviews and complaints.
Keep the above points in mind when buying insurance, and also ensure to renew your policy on time. Plus, when you renew your policy, make sure to review your requirements to understand whether or not the coverage satisfies your requirements.
**To understand exactly about the policy coverage, exclusions etc read the Policy Wordings carefully.**