Secrets That Your Two-Wheeler Insurance Provider Won't Tell You

If you wish to buy a new two-wheeler, it is natural that you will do your research about the different bikes in the market. You may compare the different models to choose the best one that suits your needs. While you spend time on researching about the bike models, you must also do a thorough research about the two-wheeler insurance.

A two-wheeler insurance is not only a legal obligation that you must fulfil before you take your bike on the road, it is also vital for getting protection against the financial losses that you may incur in the event of an accident. Today, many insurance companies in India offer two-wheeler insurance policy at a competitive rate. They may also promise many lucrative offers and benefits to attract new customers. If you are a first-time insurance buyer, you must be wary of such claims.

Often, the insurance companies try to sell the basic plan, which many not suffice your insurance needs. Also, the insurance companies never discuss the details of the plan like the exclusions of the policy and other terms and conditions. Apart, from the exclusions, let us look at the some of the other important things that the insurance companies will tell you about.

Add On Covers

While buying two-wheeler insurance, you must make sure that you ask your agent for add on coverage - some benefits might be available for free and some at an additional but minimal cost.

Three important add on covers for your two-wheeler insurance are -

  • Zero Depreciation Cover

  • Return to Invoice Cover

  • Passenger Cover

  • Towing Cover

Zero Depreciation Cover

It is common knowledge that the minute you purchase a motor vehicle, its value starts to depreciate. So, if you have to claim two wheeler insurance, say a few months after purchase, most insurance providers will offer a payout based on the value on that day and not on the date of purchase. However, a zero depreciation add on cover, will not keep the depreciation value in mind before calculating your claim amount.

Return To Invoice Cover

When a two wheeler is damaged beyond repair, most insurance policies for two wheelers will only pay you according to the vehicles depreciating value. With an add on cover like return to invoice, you can claim the invoice value of your two-wheeler including registration charges and road tax.

Passenger Cover

Pillion rider is important especially in a country like India where there are cities and states known for their high two-wheeler population. In case of a mishap, the owner can also claim compensation for the pillion rider as a part of this add on cover.

Towing Fees

The add-on cover offers you various benefits such as cost of towing, removal, and storage of the vehicle if it suffers a damage. Riders can avail towing charges up to an amount mentioned in policy to have their two-wheeler towed.

Long-term Policy

One of the biggest issues faced by two-wheeler vehicle owners is lapsing of their insurance policy - this can happen when the policy owner forgets to renew or is unable to renew their two-wheeler insurance due to various reasons. Until, a policy holder renews their insurance and the insurance kicks in, the vehicle as well as the rider is exposed to all kinds of expenses caused by mishaps. However, you can now breathe a sigh of relief because you can buy a long-term policy for two-wheeler covering third party and your own damage.

Secrets that can reduce your insurance premium

There are many ways to reduce the insurance premium, which are:

  • Installing security devices in your bike like disc brakes or anti-theft lock system can help you reduce the premium

  • Adding voluntary deductions to your policy can help you reduce your premium.

  • Another smart way to reduce your premium is to avoid filing claims for small damages. If you can manage the repair expenses, it is advisable to do so.

Getting the best insurance coverage is no rocket science, you must do your research well and compare the different plans. Also, you must be proactive in asking the insurance agent about the terms and conditions of the policy before buying it. Lastly, read the policy documents carefully to understand the details of the policy. This will help you avoid any legal issues later.