Things to Keep in Mind Before Buying Two-wheeler Insurance

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There are many ways in which you can buy a bike insurance policy. But the easiest way is to buy two-wheeler insurance online. All you have to do is visit the insurer’s website, submit your details, review the plan and buy the policy. However, it will be helpful if you are aware of certain things before buying two-wheeler insurance online. Here is a list of those things:

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Things to Keep in mind Before Buying Two-wheeler Insurance

Basic Coverage

In India, you can buy two types of two-wheeler insurance policies. One is Third-party Liability Insurance and another is a Comprehensive Two-wheeler Insurance Policy. The coverage offered by these types is important. A Third-party policy offers coverage for damage of or injuries to the third party. A comprehensive policy offers an extended coverage which insures your bike as well as third parties.

Add-ons

You can personalize your bike insurance policy with Add-ons. Since buying Add-ons is optional, you can choose the ones that suit you the best. Some of the most popular Add-ons are Zero Depreciation, Pillion Rider Cover, Accessories Cover, Roadside Assistance, NCB Protection, etc.

Duration

Usually, a vehicle insurance policy is valid for a duration of one year from the date of purchase. However, the duration of two-wheeler insurance can be either 1 year or 3 years. Buying a policy which is valid for 3 years, reduces the hassle of renewing it each year. If you are comfortable with paying for a policy that is valid for three years, you should go for it as it will be less expensive as compared to individually renewing a policy 3 times.

Exclusions

Exclusions are situations in which you cannot raise a claim against your two-wheeler insurance policy. Some of the most common exclusions of a two-wheeler insurance policy are:

  1. You cannot raise a claim for damages caused when you were under the influence of an intoxicating substance.
  2. You cannot raise a claim for damages caused when you were not carrying a valid driving license.
  3. You cannot claim for own damages if you have a Third-party Liability Insurance policy.

Network Garages

To be able to raise a cashless claim for damages caused to your bike, you need to get it repaired from a garage which is a part of your insurer’s network. This way, your insurer can have direct contact with the garage and pay the bills. Having a large network of garages would mean convenience while getting your bike repaired.

Cost

The cost of your two-wheeler insurance depends on various factors like the type of insurance policy, the age of your bike, make and model, add-ons, insured declared value of your bike, etc. You can set the IDV when buying a bike insurance policy. Set the value that is approximately equal to the current market value. If you set a higher IDV, the cost of your bike insurance policy will increase and if you set a lower value, you may receive a lower claim amount than expected.

Credibility of the Insurer

You would want to buy your bike insurance policy from an insurer who is good and credible. You can find out about the insurer’s credibility by looking at online user reviews and ratings given by customers. This will help you decide if you wish to buy the policy from that particular insurance company. Also, take a look at the company’s claim settlement ratio on the regulator’s website. Claim settlement ratio is the ratio of a number of claims settled upon the number of claims received.

Claim Process

The purpose of buying insurance is to get a cover for damages caused to the vehicle. To receive the compensation, you first need to raise a claim against your bike insurance policy. The process of you raising a claim and receiving a compensation should be as hassle-free as possible. Try to understand the claim process of the insurer before buying the policy.

Deductibles

When you raise a claim against your bike insurance policy, you need to contribute a certain part of the claim amount. This contribution is known as a deductible. Deductibles are of two types – compulsory and voluntary. You can choose the amount of voluntary deductible you wish to pay at the time of claim.

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