Buying Bike for the First Time: Two Wheeler Insurance Cover is a Must
India is surely one country, which has one of the largest markets in terms of two-wheelers. There has been a rise in the demand for buying and selling of two-wheelers.
Moreover, owning the set of wheels is a different feeling. Besides, owning a two-wheeler brings in a sense of responsibility specifically when you are a first-time buyer.
Riding a bike is fun and is considered one of the best ways to commute. So, it becomes necessary to secure every ride you take on your beauty.
|You may like to Read: 8 Road Safety Tips for Bike Riders|
Ensure Every Ride
Buying a two-wheeler insurance cover is a responsibility which every rider needs to understand and should be bought by every two-wheeler owner not out of compulsion but to secure against the perils caused under any unforeseen event.
Two-wheeler insurance cover is a necessity, as it ensures not just the safety of oneself but for others as well.
If you are intending to buy a two-wheeler anytime soon, then the dealer will provide you with two-wheeler insurance cover. Depending upon your wish, you may buy the two-wheeler insurance from the dealer however, there is no such compulsion.
Although, buying third-party insurance is a legal mandate in India.
Be A Smart Bike Rider
When it comes to buying two-wheeler insurance cover, and a plethora of alternatives accessible in the market, the two-wheeler insurance prices may vary depending upon the needs of the customers.
Let us understand the basics of buying a two-wheeler insurance cover:
- Comprehensive Policy: Buying a comprehensive bike insurance policy is beneficial as it provides coverage against any loss/damage caused to the vehicle under any unforeseen events such as natural calamity, man-made calamity, etc. Besides, it also protects against any third-party liability.
- Third-Party Policy: Third-party policy is a mandate in India. With a 3rd party bike insurance policy, it offers protection against any loss/damage caused to the third–party person, vehicle or property leading to any bodily injury or demise.
Note: If you do not wish to spend a hefty amount on incurred bills, then be smart and buy comprehensive two-wheeler insurance policy instead.
Know About the Coverage
The below grid gives you an idea of what is covered and what is not covered under a two-wheeler insurance policy depending upon the type of policy you may choose to buy:
|Comprehensive Two-wheeler Insurance||Third-Party Insurance Policy|
|Liability of Third-party||Covers||Covers|
|Property Damage of Third-party||Covers||Covers|
|Cover for Personal Accident||Covers||Covers|
|Damage to Own Bike||Covers||Uncovered|
|Theft of the Bike||Covers||Uncovered|
|Additional Coverage||Available||Not Available|
|You may like to Read: Bike Insurance Inclusions & Exclusions|
Determining the Two-wheeler Insurance Premium
While buying a two-wheeler insurance cover, the premium amount does play an essential role.
Besides, the premium amount may vary from one insurer to the other. The premium amount also largely depends upon the coverage you have chosen to include within the policy.
Therefore, it is necessary to identify the requirements and accordingly customize the policy.
Remember, everything is too much and nothing is too little.
In the below grid, find out how the premium amount for your two-wheeler is fixed:
|Comprehensive Two-wheeler Insurance||Third Party Insurance Policy|
|The premium is fixed by||Insurance provider||IRDA|
|The premium is based on||It depends upon the following factors:Age of the bikeRTO location of the bikeThe cubic capacity of the bike’s engineIn any, no claim bonusIn any, additional coverage||The cubic capacity (CC) of the bike’s engine|
|You may like to Read: 5 Tips to Save Bike Insurance Premium|
Finding the Right Two-wheeler Insurance
To buy the right two-wheeler insurance cover, have a look at the following steps:
- Know The Insured Declared Value (IDV): It is of utmost importance to get the best insured declared value of your two-wheeler. Make a thumb rule of always comparing the insured declared value offered by the various insurance providers. If you do not know, then Insured Declared Value (IDV) is the maximum value an insurance provider will end up paying at the time of claim.
- Network Garages: Always look for the list of network garages. If in case, you require a cashless repair for your insured two-wheeler you can easily avail this facility at the time of claim in any of the authorized garages of the insurance provider. Do not forget to check if the insurance provider has any network garages nearby you.
- Compare Policies: It is always advisable to compare the quotes online before you buy two-wheeler insurance. Comparing different plans online gives you a better insight of the quotes you are willing to pay and helps you to make an informed decision as you get quotes from various insurance providers.
Wanting to Save Money
In today’s world, who does not wish to save money.
Moreover, buying insurance is also an investment. So below jotted down are some points that you may consider and end up saving money:
- Choose for a Voluntary Deductible: When you have the option, then choose to pay an amount during a claim. This will help you to avail a discount on the premium offered by the insurance provider basis the amount you choose to pay.
- Acquire No Claim Bonus: If in a policy year, you did not make any claim, then you are eligible for a No Claim Bonus as a reward from the insurance provider. On own damage premium, you may get a 50% discount for consecutive 5 claim-free years.
- Go for a Long-term Policy: Buying a single policy offers coverage for a maximum of 2-3 years. In case, if you opt for a long-term policy you would end up saving on annually third-party premium hikes. Likewise, you also have the option to secure accumulated No Claim Bonus as well.
Choosing Additional Coverage
Additional coverage helps you to enhance and add value to your policy by paying a little extra premium.
The following are some add-on covers that may be considered while buying a 2 wheeler insurance cover:
- Zero Depreciation Cover: In case, if you wish to be compensated for the prices of the cost incurred towards repair or replacement of parts made up of rubber, fibre or plastic then this cover will compensate for the equivalent.
- Engine Protection Cover: This cover will keep you financially guarded against any cost incurred towards the repair of a damaged engine or its part.
Note: There is more add on covers. However, it is important to include only those add-on cover, which is necessary and required for your two-wheeler.
Wrapping it Up
Secure every ride with correct two-wheeler insurance cover.
What are you waiting for?
Go, get your wheels, get cover and you are set to go securely.