Factors to Consider Before Buying Two Wheeler Insurance Policy Online
Factors to Consider Before Buying Two Wheeler Insurance Policy Online
Which insurance is best for bike? One of the easiest ways to secure your motorcycle, against any loss incurred due to an accident or any liability arising from it, is to buy a two-wheeler insurance plan. The insurance cover will shield you from unexpected expenses as well as help you adhere to legal formalities created by the Indian Motor Tariff, as per which owning a third-party bike insurance is compulsory for every rider.
Lack of understanding of two wheeler insurance policy can end up purchasing a wrong policy, which can later cause problems for you. Hence, to ensure it never happens, you must comprehend the insurance thoroughly before purchasing it. Here are some elements which you need to look for while buying a bike insurance policy online to get the best insurance cover for your vehicle:
1. Policy Coverage
Different bike insurance plans offer different types of coverage. The third party insurance policy is a compulsion that helps you comply with Indian Motor Tariff rules and also covers you against financial liabilities towards a third party after an accident or a coverage. Whereas, a comprehensive bike insurance plan gives a holistic coverage where both third party damages and own-damages are covered. The coverage can be enhanced by adding some add-on covers. Hence, you must check policy coverage as per your requirements before buying a bike insurance plan online.
2. Insured Declared Value (IDV)
The IDV in Two Wheeler Insurance is the current market value of a bike. While purchasing the bike insurance you should consider this insured declared value as it is the maximum amount that you can receive in the form of reimbursement against expenses incurred due to total loss or theft. In general, as the age of the bike increases, the IDV decreases. Therefore, you should pick a plan with a higher IDV after comparing its value among different plans of different companies online.
3. Policy Premium
The bike insurance policy premium is the amount which you need to pay every year to continue to be insured under an insurance plan. The bike insurance premium amount depends on various factors that can increase or decrease the premium of the policy. Hence, you can try to get an idea of the premium to be paid with the help of two wheeler insurance premium calculator available at some reliable insurance platforms before choosing a cover online. It will help you find the best insurance coverage for your bike or scooter at the best affordable price.
Hence, it is suggested to buy only after going through the premium of various insurance plans available online.
4. Add-on Covers
When it comes to bike insurance plans, their coverage can always be increased with the inclusion of add-on covers offered by the insurance company. The more the bike add-on covers will be, the higher the coverage could be availed by you. However, to add the add-on covers you would be required to pay an additional premium amount in addition to the regular premium of the plan. The selection of add-on covers is done as per your requirements and bike conditions. For instance, Zero Depreciation Add-on Cover is good for the owners of new bikes, Roadside Assistance is recommended for long drivers, and so on. After confirming your need, you can easily select the cover while buying the plan online.
5. Claim Settlement Process
Two-wheeler insurance claim settlement is the ultimate goal for which insurance plans are bought by policyholders. No matter how great benefits are offered by the insurance company, the claim settlement procedure decides the satisfaction of the customer and reputation of the firm. The insurance provider whose records show fast claim settlement are considered more reliable and profitable. You can check whether the firm has any Third Party Administrator (TPA) to settle claims or it settles them directly.
Also, you should check the claim settlement ratio of a company to find its commitment towards paying off the claim. The easy claim settlement process of the insurer can help you request the claim online without any hassle.
Take Away
To insure your two-wheeler vehicle with insurance policies is the best way to care for your bike or scooter. To ensure its safety you just have to select a cover online which suits your needs and budget by keeping the above-mentioned factors in mind. We believe that the pointers described in this article will be useful for you while buying the best two-wheeler insurance policy online.Types of Bike Insurance You Should Know:
Third Party Two Wheeler Insurance
Comprehensive Two Wheeler Insurance Policy
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What is a Bike Insurance Renewal?
Bike Insurance Details by Registration Number
Fine for Driving Two Wheeler Without Insurance
How to Get Duplicate Two Wheeler Insurance Copy Online
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.
