We all know that motor insurance is mandated by the Motor Vehicle Act, 1988. It is important to understand that two-wheeler insurance is also the need of the hour for many reasons. One must have a motor insurance policy to protect themselves from the third party liability cost.
- Two-wheeler insurance policies
Various kinds of risks are covered by two-wheeler insurance policies. Along with personal liability, comprehensive two-wheeler insurance plans also cover theft and other unpleasant experiences.
There are chances that your vehicle gets stolen when parked near your home or a public place. In such a situation, you must inform the insurance company about the theft. Later, register an FIR with the police station for further investigation. The insurance companies will compensate for your loss as per the value of your vehicle declared during policy issuance, according to the applicable terms and conditions.
When looking for two-wheeler insurance policies, people tend to confuse between a comprehensive insurance policy and a third-party insurance policy.
Third-party Liability Policy
A two wheeler insurance third party takes care of the financial losses that you suffer due to injuries caused to another person, vehicle or property. As per the Motor Vehicle Act, 1988 it is a mandatory policy by law in India.
Comprehensive Policy
The comprehensive plan is basically a combination of third-party liability insurance and own-damage cover. Financial support will be offered against all kinds of damages that are caused to your bike as well as another individual, vehicle or property.
- How to buy the best two-wheeler insurance policy?
Given below are a few tips that will help you choose the best two-wheeler insurance policy:
- Claim Settlement Ratio – Performance of the insurance company is indicated by the claim settlement ratio. When your vehicle is lost or damaged, your insurance plan should assess the damage and on that basis provide financial remuneration for the same. Help should be extended by the insurance company as per the applicable terms and conditions in the policy.
- Coverage – To cover various risk factors in a very efficient manner, you should opt for a comprehensive bike insurance plan. A basic insurance plan will cover third-party damages only. However, own damage will not be covered i.e. the loss or theft of the vehicle. Therefore, go through the policy wordings before you buy an insurance policy.
- Policy Tenure – Premium will be affected by the tenure of the insurance policy. The insurance premium will be fixed and you might save some money, provided premium rates increases over the year, if the tenure is long. The two wheeler insurance premium will be the same for all three years if you buy a policy of that duration. You will not have to undergo the renewal process at the end of the year if you opt for a long-term policy.
- Premium – Insurance premium is based on the model of the vehicle, the age of the vehicle, coverage of your policy and the geographic location.
- Customer Support – Customer support and services should be offered by the insurance company as required by the customer. You must have access to reach the company by phone, email or other channels. The assistance in finding the garage, where the repair/ replacement of spare parts will be done quickly and using cashless claims, should be offered by the executives.
- Network Garages – Always buy a two-wheeler insurance plan from an insurance company that has multiple network garages all over. It helps you manage cashless service from a network garage. You must inform the insurance company immediately after your vehicle is involved in the accident and fill the necessary forms to avail these benefits.
- Add-on Coverage – You can go for additional coverage as per your needs, in addition to the basic features offered by the bike insurance company. There will be great flexibility in terms of your coverage even though the premium increases with the additional cover.
- Compare various policies
Comparing two wheeler insurance is essential because it helps you save a substantial amount of money. It also offers you better coverage options. A comparison will help you get the best car insurance quotes that can be availed using a two wheeler insurance premium calculator and save considerably on your premiums. An informed decision must be made while buying car insurance online.
Before you dig into comparing different car insurance plans, ascertain the kind of coverage you need and settle for the policy that fulfils your requirements.