Two wheelers are one of the most popular modes of transport on the Indian roads. Riding a motorcycle makes it easier to breeze through the traffic. However, two wheeler riders are also prone to high risks of accidental injuries and fatalities.
When buying a two wheeler, people consider numerous factors such as design, mileage and price. However, it is important to make the right decision when buying a new two wheeler. It is equally important to buy the right insurance for your two wheeler.
Motor insurance is mandatory as per the Motor Vehicles Act 1988, in India. Riding a bike without a valid insurance policy is a punishable offence by law. However, as per law, only third party insurance is mandatory, and people prefer buying a third party cover to save on premium. However, it is important to understand that having insufficient insurance coverage is as good as having no insurance at all. Therefore, it is essential to compare two wheeler insurance online and buy a insurance policy that meets your requirements in the best way.
- Know your Coverage Requirement
Before selecting the insurance plan, it is important to make an assessment based on your requirement and budget. Bike insurance is of two types depending upon coverage: third party cover and comprehensive cover. Choose a plan depending upon the usage of your two wheeler, features and benefits offered by your insurance provider and your budget.
- The Cubic Capacity of Bike Decides your Premium
The cubic capacity of your bike decides the insurance premium that you will pay. So have thorough knowledge about your bike’s cubic capacity while choosing a two wheeler insurance policy. Higher cubic capacity of your two wheeler results in higher premium rates. Use a two wheeler insurance premium calculator and get quotes instantly in a few, simple steps.
- Understand Insured Declared Value (IDV)
Insured Declared Value is the current market value of a vehicle. It is the maximum sum assured by an insurer on theft or total loss of two wheeler in the event of an accident. The insurer uses the “Insured Declared Value” (IDV) to calculate the premium of your bike. It is a vital component of a two wheeler insurance policy as it determines the amount of compensation. As a vehicle ages, depreciation increases and IDV decreases, and as a result, the premium will get lower year on year.
- Look for Riders to Extend your Insurance Cover
You can add riders to your two wheeler insurance policy in order to make the coverage more exhaustive. You will have to pay an additional premium for the riders. Common riders that are available with bike insurance are zero depreciation cover, towing cover, personal accident cover etc.
- Choose a Reputed Insurer
Look for a trustworthy insurance provider. To check the efficiency of the insurer’s claim process always check the claim settlement ratio of that company. A reputed insurer ensures efficient and hassle free claim settlement.
- Compare Bike Insurance Online
Comparing the available plans is another important step for making an informed decision while buying insurance. You can check two wheeler insurance reviews online based upon coverage, inclusion, exclusions, cost, etc.
- Don’t Forget to Read Online Reviews
Read two wheeler insurance reviews online written by verified customers who share their experience with the insurance provider.
Keep the above points in mind when buying two wheeler insurance and ensure to renew your policy on time. In addition, when you renew your policy, make sure to analyze your requirements to understand whether the coverage satisfies your requirements.
