Purchasing two-wheeler insurance may seem like a complicated task. However, it is not as hard as it looks. This article will help you understand the process of buying two-wheeler insurance.
Two-wheeler insurance is a type of motor insurance that provides cover against damages that may occur to the policyholder’s bike due to an accident. It also protects against natural and human-made disasters like earthquake, flood, storm, riot, terrorism, etc. Thus, purchasing two-wheeler insurance is a wise decision to avoid financial expenses that may arise due to unforeseen events. But, to get full protection, choosing the right insurance is critical.
Tips for Buying the Right Two-wheeler Insurance
There are various factors that you need to keep in mind before selecting one. Below are a few useful tips that can help you purchase the right two-wheeler insurance for your bike-
- Understand the Types of Policies
You can choose to purchase comprehensive insurance or third-party insurance. While a third-party insurance policy is cheaper, it will not cover damages to your bike or its accessories. However, a comprehensive plan provides cover against damages to your motorcycle as well as third-party liabilities. Most experts recommend comprehensive insurance because bikes are more vulnerable to road accidents.
- Select a Well-Known Insurer
To find out an insurance company’s efficiency, you can check its claim settlement ratio. You can also visit the insurance provider’s website to read customer reviews. This will give you a fair idea about the insurer’s credibility. It is better to choose an insurer that has a high claim settlement ratio so that you have better chances of getting your claim approved.
- Understand Insured Declared Value (IDV)
Insured Declared Value is the current market value of a vehicle. IDV is the maximum sum assured that an insurance company provides to the policyholder in case of total loss or theft of the bike.A lot of policy buyers try to set a lower IDV to reduce their premium. However, this will also decrease the claim amount.
- Select Add-ons You Might Need
Add-ons are the extra benefits that can be purchased by paying an additional premium. While these add-ons increase the cost of an insurance plan, they also ensure additional security.
You should purchase add-ons that precisely meet your requirements. For example, if you have customised your bike with additional modifications, then you should consider purchasing an accessories cover. Some of the most popular add-ons are zero depreciation cover and roadside assistance.
- Understand the Policy Document
Before purchasing two-wheeler insurance, make sure you read the entire policy document. Ensure that you have full knowledge of the inclusions and exclusions of the policy you are about to buy. Also, read the terms and conditions before paying the premium.
The Process to Buy Two-wheeler Insurance
Once you select the best two-wheeler insurance, it is time to purchase it. Follow the below steps to complete the process-
- Visit the website of the insurance company
- Choose the policy you want to buy
- Enter the necessary details
- Select your city
- Select your RTO zone
- Choose the two-wheeler manufacturer
- Select your bike’s model and variant
- You can also choose the add-ons you want to purchase
- Click on your preferred payment mode and pay the premium
- The policy document will be mailed to your registered email id