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Tips To Avail Affordable Two Wheeler Insurance Policy


Written by Amit Jain

Updated Jul 12, 2022

Tips To Avail Affordable Two Wheeler Insurance Policy

In India, two-wheelers are one of the most common ways of transportation. Driving a two-wheeler is handy since it allows you to effortlessly navigate through traffic at low costs, but it also exposes you to the possibility of accidents and catastrophes, which can result in unwelcome and unaffordable bills. As a result, having two-wheeler insurance is highly suggested if you want to enjoy your journey without stress. Third-party insurance coverage is required and protects you from the financial responsibilities of a third party. However, in addition to the mandatory third-party insurance, it is advised to obtain a separate own-damage cover or a comprehensive insurance plan that will cover both elements for a single price in a hassle-free way. 

Tips To Avail Affordable Two Wheeler Insurance Policy

How Can One Pick the Best Two-Wheeler Insurance?

While purchasing a two-wheeler, you evaluate a variety of criteria such as appearance, mileage, cost, and so on. Similarly, when selecting the correct insurance cover for your two-wheeler, you should consider a variety of things. It's critical to choose insurance coverage based on factors that will best assist you to fulfil your needs. Here are some helpful hints for choosing an insurance policy that fits your budget and needs:

  • Understand the Policy's Coverage

It is critical to establish an evaluation based on your requirements and budget before commencing your search for insurance coverage. A comprehensive insurance policy is the ideal two-wheeler insurance policy since it includes both the mandatory third-party liability and the own-damage coverage. Check to see whether the insurance includes any built-in advantages, such as roadside assistance, towing, and so on. The better the strategy, the larger the coverage will be.

  • Consider the Declared Insured Value (IDV)

The insured declared value (IDV) of your two-wheeler is the current market value. It is the maximum sum that your insurance company will payout in the event of theft or total loss of your two-wheeler. Depreciation lowers the IDV over time, lowering the premium amount as well. As a result, IDV is important since it influences the insurance plan's premium and payout amount.

  • Choose the Most Economical Premium Rate

One of the most important factors to consider when choosing bike insurance is the premium amount. It is the amount that you must pay in order to receive the advantages of insurance coverage. As a result, you should be able to endure its cost. However, the premium cost should not be viewed in isolation; it must be assessed with the IDV and policy coverage. In general, you should choose a policy that offers a high IDV, all-inclusive coverage at a low cost.

  • Get to Know the Add-On Covers

Bike add-on covers help you extend the coverage of your bike insurance plan for a small additional fee. As a result, evaluating the add-ons accessible in various plans is always a good idea. Also, search for any mandatory add-on coverage; otherwise, the plan may disappoint you. It's also a good idea to evaluate the additional premiums charged by different insurers for the add-on. The better the insurance coverage policy, the lesser the premium will be.

  • Look for the "Allowed Discounts" section

Consider the many discounts offers available under the insurance plan and choose the policy that promises to deliver the largest rate of discount, which may help you save a lot of money on your premium. No claim bonus, voluntary deductible, and other discounts are popular forms of discounts provided under various insurance policies. You should select an insurance plan with the highest premium rates.

  • Recognize the Claim Settlement Procedures

Several insurers have now implemented video and image uploads as part of their claim settlement processes, making the process easy, quick, and painless. These policies are the finest since they guarantee speedy and painless claim payouts. Check the insurer's claim turn-around-time (TAT), which indicates the average time it takes for the firm to pay a claim, and the claim settlement ratio (CSR), which indicates the maximum number of claims resolved by the insurer in relation to all claim requests received in a financial year. Choose a plan that has a shorter TAT and a greater CSR.

Take Away

When purchasing two-wheeler insurance, keep the aforementioned considerations in mind. Taking into account these factors will ensure that you select the finest coverage for your two-wheeler vehicle without fail.

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Written by Amit Jain

Amit is an upcoming name in the motor industry be it new cars/ bikes or used ones. Amit in his last stint worked as a consultant for major Fortune 500 companies across the globe.&Read More


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.
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