Riding a two wheeler is one of the most preferred travel modes in India.
It helps you travel places in an affordable and easy way, without traffic coming into the way. While riding the two wheeler does make it easy for one to reach places, it also poses a high risk on one’s life owing to accidental injuries and fatalities. When buying a new vehicle, we do consider factors such as design, mileage, price and other factors, similarly, it is imperative to consider a few factors when choosing to buy insurance cover as well. It is necessary that you keep in mind a few factors that help you choose the best two wheeler insurance policy.
Here are few tips to choose the best two wheeler insurance policy in India
Understand your coverage requirement: Bike insurance is of two types i.e. third party insurance and comprehensive insurance. Third party insurance provides protection against death, disability or damage caused to a third party, whereas comprehensive cover provides protection to your own bike as well as against third party damages. You can choose to buy insurance cover for your bike depending on your budget, requirement and the bike’s make and model.
You can also opt for appropriate add ons to get enhanced protection.
Consider the insured declared value:
Insured declared value is the maximum amount of insurance coverage you are eligible to receive in the event of theft of the bike or total loss of the same. Insured declared value lowers over a period of time due to the depreciation factor. Due to this, IDV is important as it influences the premium of the bike as well as the payout amount which you can claim in case of theft or total loss of the vehice.
Price of two wheeler insurance premium:
After checking on the type of two wheeler, check on the insurance premium you are being offered. Third party insurance rates are fixed by the Insurance Regulatory Development Authority of India, whereas, comprehensive premium rates are decided by insurance companies depending on the coverage offered. You can compare bike insurance online on insurance broker or aggregator platforms to get the best insurance price for your two wheeler policy.
Two wheeler insurance provider:
Always opt to insure your bike with an insurance company which has a good presence online and offline. Choose a reputed insurer having a good claim settlement ratio as it helps you get an idea of the number of claims settled by the insurance company out of the ones received. Checking on reviews online is also a good option as it helps you get an idea of the service provided by the company to its existing customers. Check on the company’s social media page too and ask your friends and family about the service provided by the insurance company they have a policy with.
Opt for add-ons:
Bike insurance add-ons help you get enhanced protection that is over and above your base insurance policy. You can opt for various bike insurance add ons like engine protection, zero depreciation, consumables, engine cover, key replacement, etc. by paying additional premium. Check on your requirements and accordingly choose the add ons.
Two wheeler insurance purchase and renewal:
On making successful premium payment, the insurance policy copy is sent to your registered email address. Ensure that you renew a two wheeler insurance policy on time to avoid policy lapse and missing out on no claim bonus benefits. Non renewal of insurance policy can also land you in legal and financial trouble in the future.
Do keep the above points in mind when insuring your bike as not paying attention to these will lead to an out of pocket expense in the future.