Automotive

A Guide to Purchasing Two-Wheeler Insurance in Our Country

Insurance is not only necessary for your safety, but it is also required by law. Riding a bike without insurance is a violation of Indian traffic laws, and it can result in a hefty fine.

Many people in India avoid purchasing two-wheeler insurance, primarily because they believe it is expensive or is unaware of its benefits. However, while purchasing insurance will cost you money at first, it will save you a lot of money in the event of an unfortunate accident that results in bodily harm or damage to your bike. Insurance can also provide you with financial security in the event of theft.

With the increasing demand for bike insurance, many insurance companies in our country now offer a variety of plans to meet the needs of their customers. Choosing the right policy can be difficult. If you are purchasing two-wheeler insurance for the first time, you should consider the following suggestions.

To begin, you can begin your search for the best insurance policy and the best insurance company by conducting an online comparison. Numerous online comparison sites allow you to compare insurance policies from various insurers at the same time and narrow down your options.

In India, there are 4 steps to purchasing bike insurance

1. Select Your Policy Type

When it comes to bike insurance, you have two popular options:

  • 3rd-party Insurance

A 3rd-Party Bike Insurance is a type of bike insurance that only covers the bare minimum of losses and damages resulting from Third-Party Liabilities.

  • Comprehensive Insurance

A Comprehensive two wheeler policy provides comprehensive coverage for your bike, covering everything from third-party liabilities to damages to your bike caused by unforeseen circumstances such as natural disasters, accidents, collisions, and so on.

The  policy won’t be relevant in such case

  • Inactive Policy

If you do not renew your bike insurance on time and your bike is damaged, the insurer will not pay for the repairs. When the insurance policy is active, it is only valid. In addition, if the policy is not renewed on time, it will expire and be considered inactive. As a result, you will be forced to pay for bike repairs out of your pocket. As a result, it is advantageous for you to renew the policy before its expiration date.

  • Irresponsible Behaviour

If you have read the terms and conditions of your bike insurance policy, you will notice a section titled exclusions of the bike insurance policy. Exclusions are situations that are not covered by the policy. One of those exclusions is irresponsible or negligent behaviour while driving your vehicle. If the police report shows that you were not wearing a helmet while riding your two-wheeler, the insurer may deny your claim because the injury was caused by your negligence.

  • General Wear and Tear

Insurance policies do not cover damages caused by electrical or mechanical breakdowns, as well any damage to the vehicle that occurs during normal use, such as worn-out tyres or tubes.

2. Choose Features That Affect Your Bike Insurance Premium

  • Add-Ons – Personal Accident Cover

The medical cover add-on protects against medical expenses incurred as a result of injuries sustained in an unfortunate event such as an accident. The add-on cover can be very beneficial because it provides extensive coverage for medical treatment in the best hospitals. The medical cover add-on benefit provides peace of mind and aids in dealing with stressful situations. Personal Accident cover add-on benefit alleviates all concerns about large hospital bills without compromising treatment quality.

  • Insured Declared Value

Your two-IDV wheelers have a direct impact on the two-wheeler insurance premium you must pay. Because it is the greatest amount that an insurer must pay, a lower IDV translates into a lower liability for the insurer, allowing them to charge a lower two-wheeler insurance premium.

  • Deductibles

A deductible is a predetermined amount that policyholders agree to pay if they file a claim. This is yet another factor that influences the cost of your two-wheeler insurance coverage. The addition of deductibles to bike insurance policies means that policyholders will be responsible for a smaller portion of the claim, while the insurance company will cover the rest. As a result, lowering the deductible will result in a higher premium, and vice versa.

3. Examine the Expenses of Your Insurance Policy

  • Compare Your Two-Wheeler Insurance Premiums

Two Wheeler Insurance, also known as bike insurance, protects you and your bike from third-party liabilities, accidents, natural disasters, fire, riots, or theft. The two most important factors to consider when purchasing any insurance plan are the benefits and the premium amount. As a result, it is critical to compare prices and various benefits before purchasing motorcycle insurance. This will allow you to purchase a policy that is both affordable and meets your needs.

  • Consider The Cost Of Adding Additional Riders To Your Two-Wheeler Insurance Policy
  • Coverage for Zero Depreciation

The term “zero depreciation bike insurance” refers to the fact that the insurance company does not consider the depreciation of bike or scooter parts when settling a claim. It provides comprehensive coverage for the two-wheeler without taking into account its depreciation value.

  • Medical Cover

A medical health insurance coverage will normally cover doctor consultation fees, medical test costs, ambulance charges, hospitalisation costs, and even post-hospitalization recovery expenditures to some extent.

This policy has a greater premium.

  • Pillion Rider Personal Accident Insurance

If you are riding with a pillion and he or she is injured in an accident, your accident insurance will not cover them. However, if you include a pillion rider add-on in your policy, your friend or family member sitting behind you will be covered as well.

4. Make Your Purchase

  • Visit Your Insurance Company’s Physical Location

The most traditional method of purchasing insurance is to go to your insurance company’s branch.

If you prefer, a physical visit will help you to gather your policy documents in person.

  • Purchase an Insurance Policy Online

To check the details of the bike insurance policy online, you must go to the insurer’s official website. You can also check the premium by entering details about the two-wheeler such as the registration number, year of manufacture, NCB, and so on.

We hope that these few points have helped you understand how to buy bike insurance in India. It is beneficial to make comparisons of the plans before trying to settle on the best parts.

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