9 Simple Tips for Buying Two-Wheeler Insurance Online
In the purview of the growing traffic and bad road conditions that are prevalent everywhere across India, riding a two-wheeler is one of the best ways to commute. It not only helps you easily navigate through the traffic and narrow lanes but also is easy to maintain than a car. As your bike makes travel easy for you, it is your responsibility to take care of it as well. Your vehicle faces all sorts of conditions on the road, so having insurance protection for your bike is vital. You must always have an insurance policy for the bike, not because it is a mandate, but it is vital from a financial protection perspective too. Today, you can easily buy a two-wheeler policy online. But, before you purchase, you must consider the following tips:
Know the importance of having a two-wheeler insurance policy:
- An insurance policy is essential because it safeguards you from any unnecessary expenses that may arise due to accident or theft. It acts as a financial cushion during both human-made and natural calamities.
Research about the types of two-wheeler policies:
- In India, there are mainly two types of insurance policies for two-wheelers - third party liability insurance and comprehensive policy. The third-party insurance pays only for the damages caused to the third-party. A comprehensive insurance policy, on the other hand, covers both third-party liability and damages done to your own bike.
The coverage variety:
- When you buy two-wheeler insurance online, you must thoroughly read about the coverage and what extent of damage they are willing to cover. You must check if the policy that you wish to buy has the standard coverage that all other players in the market offer.
Compare different policies:
- This step should be followed, even if you have the best policy. If you have your eyes on a certain policy, you must compare the same policy with other policies and compare the following points:
- Coverage type.
- Insurance premium and the factors that affect it.
Selecting the right insurance company:
- It is crucial that while we select an insurance company, we select a company which has a good reputation. A good insurance company always has the best word of mouth reputation, has a dedicated customer service and has a high claim settlement ratio. If your company offers all three, then you have found yourself a good insurance company.
Selecting the insurance category:
- As mentioned earlier, two-wheeler insurance is primarily of two categories – third-party liability and comprehensive. While purchasing the policy, you must get the one that caters to your needs, usage and fits your budget. Should you get a comprehensive policy, you don’t have to get all the add-ons, get the ones that you know will help you in the long run.
Deciding the IDV or the Insured Declared Value of the bike:
- After finalising the policy, declare the IDV of your bike. It is important to do that as with time the value of your two-wheeler and its parts depreciate. Declaring the value helps you during claim settlement.
Getting the right add-ons:
This is valid in case of a comprehensive policy. There are many add-ons that are available for every category, but you don’t have to get everything for your bike. Your bike should have the necessary parts, or it should suit your everyday riding pattern or conditions.
The final step:
- After you have familiarised yourself with the insurance policy and customised the product for yourself. Read the terms and conditions carefully, enter the correct details and make the payment. On completion of this, the policy will be sent to your registered email ID.
Two-wheeler insurance is a good investment provided it is bought carefully. It can help you save a lot of money in case of a disaster or calamity. All you need is the protection of insurance. So, why wait any longer? Get yourself a two-wheeler insurance policy today!