Purchasing a two-wheeler insurance policy has long been compulsory in India. It is so vital that the government has made it mandatory to get a 5-year long-term policy when purchasing a new bike. When there’s so much emphasis on getting coverage and protecting your funds, it’s only natural that getting the best two-wheeler insurance is a priority.
We recommend that you do not rely on the vehicle dealer for insurance coverage and instead make a decision based on your own preferences. It’s important to note that two-wheeler insurance is mandatory. Therefore, you can get your own policy without the assistance of a dealer.
In this post, we’ll go over some of the things you should consider while getting your two-wheeler insurance. Let’s get this started!
5 Things To Keep In Mind While Buying Two Wheeler Insurance Policy
The following are some of the important factors to consider when choosing the correct two-wheeler insurance policy:
1. Type Of Two Wheeler Insurance Policy
Two-wheeler insurance coverage is divided into two categories. Third-party Liability and Comprehensive Bike Insurance policies are both available. You must determine which type is most suited to your requirements.
The third-party policy will only protect you from third-party damages or fatalities. A complete policy, on the other hand, will protect you from both third-party and personal harm, such as damage to your ride.
To understand the variations between two-wheeler insurance plans, you can compare them. Experts recommend that you choose a comprehensive policy since it provides greater coverage and saves you money in the event of an accident.
2. Value Of Your Vehicle
The price for your comprehensive two-wheeler insurance policy is calculated using the current market price of your vehicle. This amount is known as the Insured Declared Value in the insurance business (IDV). When purchasing bike insurance coverage, you must first determine the IDV of your bike. Knowing the estimated current market value of your vehicle makes it simple to calculate IDV.
Compare two-wheeler insurance plans to see how much IDV is available. The IDV of your bike will be greater if you have a high-end sports bike. If you possess a simple 110cc motorcycle, your IDV will be smaller, and your insurance policy will be less expensive.
The most important thing to remember when purchasing a two-wheeler insurance policy is to clearly understand the coverage. Understanding the coverage provided by your insurance will make filing a claim much simpler. You will obtain better coverage if you get two-wheeler insurance online. The following is often covered by a comprehensive policy:
- Theft protection
- Fire Damage
- Damage due to natural calamities like floods, earthquakes, landslides, etc.
- Damage due to man-made calamities
- Third-party damage
- Third-party legal liability
- Accidental damage
If the damage is not included in your policy, your claim will be denied. By checking the insurer’s website, you can verify the coverage of your online two-wheeler insurance.
It’s just as vital to understand your policy’s exclusions as it is to understand the coverage. You should be aware of the circumstances under which you are unable to file a claim. While purchasing your bike insurance coverage, the policy document will include a list of exclusions. The following are some of the most typical exclusions:
- Breakdown due to mechanical or electrical failure.
- Wear and tear
- Accident occurred while driving a two-wheeler while under the effect of an alcoholic substance.
- Damage that occurs outside of the geographical boundaries.
- Damage due to nuclear reactions.
- Any other situation not specifically listed in the policy is an exclusion.
You may examine the exclusions of your online two-wheeler insurance policy on your insurance company’s website in the same way that you can view the coverage.
5. The Credibility Of The Insurance Company
It is essential to cover your two-wheeler with a reputable insurer. This will come in handy when it comes to filing a claim. You will be left dissatisfied at a time of need if the return time, services, product features, and so on are not up to par.
As a result, choose your insurer carefully. Before purchasing your policy, learn about the company’s reputation. Presently, social media provides an excellent platform for learning about the satisfaction levels of existing clients who have purchased online two-wheeler insurance.
A Word From Zimyo
More than the legal obligation, there are various other reasons to get a two-wheeler insurance policy. It is critical that you obtain two-wheeler insurance for your own protection as well as the well-being of others. Different insurance companies may provide good plans for you, but at the end of the day, it is your research that will help you select the best two-wheeler insurance coverage that meets your needs in the best manner possible.