Two-wheelers have become a necessity today because of their ability to seamlessly move on busy roads. However, it is also essential to take care of them. One such mandated responsibility that you as the owner of a two-wheeler have is purchasing two wheeler insurance. Insurance covers are of great significance because two-wheelers expose the driver to risk. Hence, it is important to buy two wheeler insurance.
Just like how one considers several factors like mileage, price, and design before purchasing a two-wheeler, there are also some considerations that one should make before purchasing an insurance policy.
Here is what you need to consider to buy the best two-wheeler insurance in India.
Ascertain the coverage you want
Determine the extent of the coverage you want the insurance company to provide you. It is important to ascertain what you exactly want in a cover so you can choose a policy that suits you best.
Comprehensive bike insurance policies offer coverage for both own and third-party damage. However, a third-party insurance policy only covers liabilities arising from damage caused to a third-party. Nonetheless, while a comprehensive cover is optional, it is required by the law in India that every bike be covered by a third-party insurance policy at the very least.
Therefore, depending on your budget and consequent use of the two-wheeler, you can decide on what extent of coverage you want. Comprehensive policies cover third-party liability along with calamities and offer add-ons that enhance the normal coverage of the basic insurance policy.
Determine the price of the insurance cover: It is recommended that after you settle on the type of insurance cover you need, you should determine the prices in the prevailing market to get the best for your budget. Though third-party premium is fixed by the insurance regulator IRDAI in India, however, comprehensive covers vary in price depending on the insurer. Therefore, when opting for a comprehensive cover, do thorough research to settle on the most promising policy. You can seek the help of a two wheeler insurance premium calculator to determine the approximate premium to be paid to avail an insurance cover.
Cubic Capacity (cc): This factor has a direct impact on two-wheeler insurance premium, i.e. the higher the cubic capacity, the higher the premium.
Settle on a good insurance provider: Internet has made the entire process of buying or renewing insurance policies much easier than it was. However, it is recommended that you conduct a thorough study of the coverage offered by a policy and inquire about the insurer’s reputation before settling on one.
Consider a provider with a good claim settlement ratio (CSR). This will promise you a stress-free claim settlement process when the need arises.
Understand the theory of Insured Declared Value (IDV): This is the maximum sum insured you will receive in the case of total loss or theft of your bike. It depends on the manufacturer’s selling price and the depreciation thereon.
Buying two wheeler insurance online helps saves money and time; moreover, two wheeler insurance renewal is also possible online. You need not worry about visiting your insurer’s branch for any reason.
Hope the above-mentioned guide helps you buy the best two-wheeler insurance policy.