It does not matter in what century, era or decade you are in, the essence of a two wheeler vehicle will always be vibrant. People who belong to a medium class family find these two wheelers like a scooter or a bike to be extremely economical.
In fact, even the upper middle-class families and filthy rich people have an immense passion for these two wheeler vehicles, for e.g. bikes. Also, these days where the population is rapidly growing, to beat the traffic chaos going for a two wheeler is the wisest decision.
One excellent thing that should not be forgotten here is the insurance of your two wheeler vehicles. The Motor Insurance Act mentions that it is compulsory for all the two wheeler vehicles to go for an insurance policy. Not only will it keep your vehicle secure but it will also be a tension free task for you.
Now, why do you need insurance for your two wheeler vehicle?
- In case of any natural calamities like flood or fire, the coverage will be provided to the owners
- A third party liability like an injury or may be death; you are liable for the coverage
- Also, full coverage is provided in case of any theft or accident caused by an external mean
Before moving on to various insurance factors, we need to understand some of the basic terminologies:
Premium: How much premium you need to pay for your vehicle depends on upon different factors that we will discuss further
Coverage: In the case of any damage to you or your vehicle, a complete financial protection is guaranteed. Coverage is proportional to the insurance plan that is chosen by you.
Exclusions: It is a must for people to go through the exclusions before purchasing an insurance plan. You will get to know what all situations actual fall under this. A very generic example here is drink and drive case.
Claims: Ensure to follow the traffic rules for hassle free claims. The insurance company will not entertain any claims that have resulted because of breaking of laws.
Now, there some of the factors affecting bike insurance premiums. Let’s have a quick look
- The place where you stay
Just in case you stay in an area where there are chances of robbery or theft, it will create an impact on the quote of your insurance. Premium will be calculated accordingly based on the risks - Parking your vehicle
In case you do not have a secure parking at your place, the premium will automatically rise - Your age
Your age plays a significant role in calculating the two wheeler insurance premium - Driving history
Your driving experience counts when you go for purchasing an insurance plan - Your vehicle’s model
Your vehicle’s engine type, its model, its resale value, all these points are considered when the companies prepare your premium plan.
How to protect NCB in the case of small damages?
NCB aka No Claim Bonus, this terminology means that you can avail a discount in your premium and this discount is given by the insurance companies in case you have not raised any claim during your policy term.
Now, what if during your entire policy period you did not claim anything but now you met with a small accident, and it caused minor damage to your vehicle.
In such a case, it is recommended to not to take any claim from the insurance company because if you go for the claim then NCB will not be offered to you and NCB is a huge amount.
Hence, get your vehicle insured at the right stage itself and plan your claims and bonuses.
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