How to Choose the Most Appropriate Two Wheeler Insurance Policy

There are multiple benefits of choosing a two-wheelers insurance policy. It protects you in case of natural disasters, non-natural incidents, legal liabilities, personal accidents, third-party liability, and much more. No doubt, your two-wheeler offers you a sense of adventure and various other advantages, you can escape through crowded roads in no time, but you and your bike are unsafe and you should shield yourself and your vehicle from uncertainties that may arise somewhere down the line. To make sure you choose the most appropriate two-wheeler insurance policy, consider the below points.

Know Your Coverage

When you are choosing a two-wheeler insurance plan, find which plan gives you extensive cover. Assess your coverage necessity based on the budget. You can choose two types of coverage – third-party cover and comprehensive cover depending on your requirements. Choose one based on the usage of your bike, expenditures, and other existing liabilities. A third-party insurance policy covers only third-party liability, but a comprehensive insurance policy covers your own damages. These damages can vary from accidents due to natural disasters, to man-made disasters like theft, and other activities like malicious acts, etc. You can also avail yourself of coverage for fire, shock damage, riot, strike, etc.

Compare Two-Wheeler Insurance Online

If you find it difficult to finalize bike insurance online, compare different insurance plans from different insurance companies and shortlist one that meets your requirements. There are many online portals that allow you to compare two-wheeler insurance policies based on coverage, premiums, your age, location, gender, and all. You will be able to see the benefits they offer. So, spend some time comparing different plans online before choosing one.

Focus on Cover Rather Than Premium

Among all the vehicles available, bikes are the easiest ones to manage and so are the bike insurance policies. When you have bike insurance, you need not worry about how to manage it and the cost associated with it related to its uncertainties. Choose a bike insurance policy that provides comprehensive coverage and it is easy to manage. Multiple add-on covers and vast coverage are always a good combination. It is not always good to opt for lower premium rates as if the premium is low, the policy will provide less coverage too. So, before choosing insurance, compare different policies based on their coverage, not just premiums.

 Works as a stress buster

Your bikes act as your stress buster and you can enjoy riding them, cleaning them, and whatnot. It is equally important to get an insurance policy that is a stress buster too. Many companies are offering digital processes, zero paperwork, and hassle-free claim settlement processes. Try to get the insurance that offers you certain benefits along with all the coverage you want for your vehicle without being involved in long processes Check whether the insurer you are choosing has a track record of settling claims, what is the percentage of No Claim Bonus in the claim-free year, do they accept premium in installments, etc.

Consult an Insurance Aggregator

Insurance brokers and insurance aggregators are some of the selected experts you can consult. Talk to them and get ideas on which two-wheeler insurance you should go ahead with and why. They will advise you thoroughly and help you make an informed decision at a cheap premium rate. But, an insurance broker can ask for his/her commissions, so the premium will be a bit higher. But, an insurance aggregator (also known as an agency network or cluster), does not ask for any commission and enables you to compare different policies of different insurers. The best part is that insurance aggregators don’t charge any commission.

Insurance Declared Value (IDV)

Simply put, an IDV is the current market value of your bike. In the insurance industry, it refers to the maximum claim your insurance company will pay you if the vehicle gets damaged beyond repair or is stolen. As the vehicle grows old, its depreciation increases and IDV decreases. As a consequence, the premium will get lower year by year. So, understand the IDV to determine whether the insurer is getting the right premium from you.

CC Decides your Premium

Another important factor that determines the premium of a two-wheeler insurance policy is cubic capacity i.e. CC of your bike. When purchasing insurance, be aware of your bike’s CC. If the cubic capacity is high, then the premium will be high as well.

Check Discounts

Insurers generally offer discounts to customers. So, before choosing a bike insurance plan, look for different discounts under the policy and pick one that promises to give the highest rate of discount. This will allow you to reduce the premium costs to a great extent. Some of the common types of discounts offered by insurance companies under two-wheeler insurance policies are voluntary deductible, no claim bonus, etc.

Consider Rider

Do you want to extend the coverage of your bike insurance? If so, choosing riders along with your basic two-wheeler insurance is the right choice. Riders can make the cover of your policy more exhaustive. However, you will have to pay an additional amount to buy a rider. The most common Riders that come with bike insurance are towing cover, zero depreciation, personal accident cover, for pillion riders, and so on.

Conclusion

Purchasing the most appropriate two-wheeler insurance can be a hassle-free experience if you consider these points. To get insights into policy coverage, inclusions, exclusions, discounts, IDV values, NCB, and all, it is strongly recommended to reach the Policy Wordings carefully. This document is provided by the insurance company.

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