Things To Look For While Buying Two-wheeler Insurance
Published On Mar 31, 2021
In case, you are looking forward to buying a two-wheeler insurance policy for your bike or scooter, then read the article to know the things that you should look for in order to get the best two-wheeler insurance plan for yourself.
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You can simply protect your two-wheeler against any damages or losses that can arise because of any mishap or accident, by buying a two-wheeler insurance plan. This step would not only prove to be helpful for you from protecting yourself against any unforeseen expenses but it would also help you in complying with the Indian Motor Tariff Act, which states that having at least a third-party insurance plan is necessary for all the two-wheeler owners in order to ride their bikes on the public roads in India. Also, before buying any insurance plan, it is necessary that you should understand all the terms and conditions mentioned in the plan in order to make a well-informed decision.
Things to Consider while Buying Two-wheeler Insurance
To ensure that you purchase the best two-wheeler insurance policy for your bike, highlighted below are some things that you should look for at the time of purchasing a two-wheeler insurance plan:
Type of Policy Chosen
There are generally two types of two-wheeler insurance policy i.e third party liability only policy and comprehensive two-wheeler insurance. A third party liability plan is a mandatory policy that takes into consideration body injury or even death and loss to any third party property. While, a comprehensive two-wheeler insurance policy offers coverage for death, body injuries or loss to any third party property as well as to your own bike.
It is extremely significant to understand the coverage required for your bike at the time of purchasing a two-wheeler insurance plan. This is because at the time of making a claim it will get easier if you know the coverage offered by your insurance plan. In case you purchase bike insurance online, you can avail better coverage options. Generally, the following coverage is offered by a comprehensive insurance plan:
- Fire Damage
- Damage/Loss because of mishap or accident
- Loss due to natural calamities such as earthquake, flood etc.
- Theft Cover
- Third Party Damage
- Third Party legal liability
- Loss/Damage because of man-made calamities such as vandalism, riots etc.
Insured Declared Value (IDV)
Insured Declared Value refers to the present market value of the two-wheeler. To simply state, if there is complete loss or theft of the insured vehicle, then the maximum amount that can be claimed on insurance is known as Insured Declared Value (IDV). Generally, as the age of the two-wheeler increases, the IDV decreases.
Exclusions of the Two-wheeler Insurance Policy
As understanding the coverage of the insurance plan is important so is knowing regarding your two-wheeler insurance plan exclusions. This is important as it would be helpful in understanding the conditions under which insurance claims cannot be raised by you. To know the exclusions of the insurance plan, go through the policy document carefully while purchasing the two-wheeler insurance plan. The common exclusions under the two-wheeler insurance policy are as follows:
- Damage/Loss because of Nuclear Reaction
- Electrical or Mechanical breakdown
- Damage caused outside geographical boundaries of India
- Regular wear and tear
- Expenses due to accidents while riding the bike taking drugs, alcohol or similar substances.
- Any other exclusion condition written in the policy document
Moreover, you can also visit the official website of your respective two-wheeler insurance company to know regarding the exclusions of your two-wheeler insurance plan.
A variety of factors affect the premium paid against your two-wheeler insurance plan. One of the important aspects that is taken into account is cubic capacity (CC), as there is an increase in the capacity, the premium increases too. Moreover, the city from where you buy insurance plans also plays an important role i.e wherein zone A city comes with a high premium amount, zone b cities have a comparatively low premium rate.
Apart from taking the utmost care of your two-wheeler, it is similarly significant to ensure its safety by choosing a two-wheeler insurance policy that meets your requirements. Ensure that while finding the best two-wheeler insurance policy for yourself, you should look for the afore-mentioned factors.
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.