While buying a two-wheeler is a momentous occasion, it can be easily ruined by a lack of two-wheeler insurance. This is an important policy that provides financial assistance to you in times of need. Read on to find the factors that you must consider while buying your plan, whether in-person or while buying your two wheeler insurance online.
Types of two wheeler insurance
There are three types of two wheeler insurance available in the country. They are:
Third party two wheeler insurance
Third party two wheeler insurance is mandatory in India and offers financial support for any damage caused to a third party - person or property.
Standalone own-damage two wheeler insurance
Standalone own-damage two wheeler insurance offers cover for any damage caused to you or your vehicle in a mishap.
Comprehensive two wheeler insurance
Comprehensive Two Wheeler Insurance is more inclusive. It provides protection for both third-party liabilities and your damage costs in case of an accident. You can also get a number of add ons that give you extra perks to personalize your two wheeler insurance, so your needs can be satisfied in a better manner.
While you now have a basic understanding of what types of two wheeler insurance are available for you, there are a few elements that you should pay attention to while buying two wheeler insurance online, or in person.
Things To Check While Buying Two Wheeler Insurance:
There are many options available in two wheeler insurance, so you shouldn’t buy the first plan you see. The easiest way to do this is to go on insurance broking portals like Coverfox where you can check policies of over 40 insurance providers. With this you can easily compare plans of two wheeler insurance online, and instantly purchase it.
Your two wheeler insurance policy is an important document. That is why you need to make sure that you have given the right personal details, otherwise the policy may be invalid. Make sure to check if your name is spelt correctly and the right address is mentioned.
Details of two wheeler
Your two wheeler insurance document should contain important vehicle-related details such as chassis number, engine number, and the registration number. You should verify them while purchasing in order to avoid any future problems.
Your two wheeler insurance policy number is the first thing that you will be asked for by your insurance provider if and when you apply for a claim request. You need to make sure you always have the right policy number at hand as all your personal and vehicle details are stored against your policy number in the insurance company’s database.
It’s crucial to know the validity period of your two wheeler insurance. This means the period during which your policy will be active. The reason it is so important to know this is so you can renew your policy on time, so you do not face any legal hassles for riding without two wheeler insurance. You can always renew your two wheeler insurance online when going through insurance broking portals such as Coverfox.
Insured Declared Value (IDV)
Insured Declared Value (IDV) determines the current market value of your vehicle. The premium you will pay for your two wheeler insurance and the total amount you can claim in case of irreparable damage to your vehicle is decided by the IDV of your two wheeler. Also read: Know Critical Facts About Your Two Wheeler's IDV
The premium charged by the insurance company (inclusive of taxes) shall be mentioned in the policy document. Make sure to cross check the amount paid and the amount charged to ensure there are no discrepancies.
Cover & Add Ons
You choose a two wheeler insurance based on the cover it provides you. You can enhance this cover by opting for add ons. Add ons are optional benefits that provide protection in case of different situations that are not covered under your policy like theft, man made disasters, roadside assistance and more.
No Claim Bonus (NCB)
No Claim Bonus or NCB is a benefit given when you don’t file for a claim throughout your two wheeler insurance term. This benefit comes in the form of discounts on your premium amount. Another advantage of this is that the discounts can accumulate over the years upto a certain amount, giving you the option to pay less for your insurance.
In case you need any assistance with buying your two wheeler insurance online, or just need to clear doubts, head to Coverfox - one of India’s finest insurance broking portals. Their team of insurance experts is on hand to give you any assistance you may need.