Are you planning to buy your first two-wheeler? If that is true, you must be comparing many facets, so that you get the best two-wheeler for you and your family and that too within your stipulated budget. Which two-wheeler is best for you, depends mostly on your preferences. Some prefer good mileage while others prefer stunning looks. On the other hand, if one compares the affordability, others may base their decision on the terms of usage. Whatever may be the reason for your choice, when it comes to purchasing a two-wheeler, it is mandatory to opt for a reliable two-wheeler insurance.
According to Motor Vehicle Act, 1988, it is mandatory to have two-wheeler insurance for all citizens of India who own a two-wheeler, whether it is a bike or a scooter.
As it sounds, two-wheeler insurance is quite similar to motor insurance. However, to understand the aspects of the insurance better, here we mention eight facts that you must know:
Tips to Help You Choose a Two-Wheeler Insurance Plans#1 By law, it is mandatory in India to have a “third-party” two wheeler insurance cover. With, its help, your insurance policy can cover the financials involved in the damages caused to a third party due to your vehicle. However, experts recommend you to purchase a comprehensive two-wheeler insurance policy because, besides third-party liability cover, it is essential to cover your damages, as well as the damages caused to your vehicle.#2 Check the term “IDV” properly in the two-wheeler insurance policy. IDV means Insured Declared Value of your two-wheeler, which is calculated by adjusting the market price of your vehicle against its depreciation over the years.#3 Mostly two-wheeler insurance is based on a yearly contract, and you need to renew the same every year. If you do not claim your policy within a policy period you become eligible for a no claim bonus. To be precise, the first claim free-year, that you pay the premium for, you earn a discount of minimum 20%, which increases up to 50% in five subsequent no claim years. This bonus helps you reduce the renewable premium payable.#4 No doubt a comprehensive two-wheeler insurance policy covers all your vehicle damages, additional covers like fire cover and collision cover makes your insurance policy more active at the time of need and keeps you secure from the entire unwanted financial crisis. Why You Need to Analyze Two-Wheeler Insurance QuotesChoosing a strong two-wheeler insurance policy is highly essential so that you can make all your journeys more secure. Hence, analysing all the factors of an insurance policy, especially the insurance quote, before buying it is mandatory. Some of the benefits of analyzing your two-wheeler insurance are: #1 It saves money
By comparing or analysing various two-wheeler insurance quotes, you get a clear idea of the prevailing premium rates in the current vehicle insurance market. Hence, you will not end up paying more than what is needed. #2 Makes you more aware
The principal work of a two-wheeler insurance policy is to keep you safe from the financial losses involved in an accident or mishappening. To understand what your insurance policy covers, all you should do is analyse various policies offered by multiple insurance providers. #3 Cautions you about inclusions and exclusions
When you analyse the policy prints carefully, you understand both, the factors insured under the cover and liabilities that aren’t covered. Hence, at the time of claim, you will not have to face any rejections as you will be 100% sure of what to claim and what not to! #4 Stay safe from unnecessary disputes
Do not forget that an insurance policy gives you peace of mind and safety from an upcoming financial crisis. If you do not understand the two-wheeler insurance quotes correctly at the time of purchase, you may feel cheated if your claims are rejected. Also, if the insurance policy is not checked thoroughly, at the time of need, you may have to face substantial financial issues.
Before purchasing any two-wheeler insurance, make sure you are dealing with a reliable and efficient insurer. To do so, you can also use insurance comparison tools online and choose the best policy as per your analysis and other customer reviews.