10 Things to Check in a Two-wheeler Insurance Policy

A two-wheeler insurance policy is an intangible promise given by an insurance company to the policyholder to assist financially and legally in case of an unfortunate event. But as a two-wheeler owner, you must check a few things in your policy documents. Let us find out some basic things your two-wheeler insurance policy must have.

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10 Important Sections to Read in Your Bike Insurance Policy

A two-wheeler insurance policy is the most important document to ride a bike legally. Whether you buy it online or offline, you must check a few things in your policy documents once the payment is processed. Here is a list of the same:

  1. Policy Number

    When you request a claim, your insurer will ask for your policy number, as the personal information and vehicle details are stored against the policy number with your insurer. Therefore, you must check the policy number in your bike insurance policy documents.

  2. Personal Information

    Before submitting your proposal form, it is suggested to fill in your personal details correctly. If you find any error, inform your insurer to modify it and make your policy error-free. However, you must check the personal information in your 2-wheeler policy.

  3. Vehicle Details

    Your policy document must include essential vehicle information, such as engine number, chassis number, and registration number. Therefore, you must check all these details in your two-wheeler policy for a hassle-free claim settlement process.

  4. Bike Insurance Coverage

    Ensure you review the details about different bike insurance coverage and benefits, including third-party liability cover, own damage cover, personal accident cover, etc. The third-party bike insurance covers third-party life and property damages. However, your comprehensive coverage gives financial protection for your own damages and third-party damages. Therefore, you must check all these elements in your 2-wheeler policy documents.

  5. Bike Insurance Premium

    The bike insurance premium the insurer charges includes 18% GST, as mentioned in your bike insurance policy documents. However, you must crosscheck the amount charged and the paid amount so there are no differences.

  6. Add-on Covers

    Choose the add-on covers wisely, as they increase your two-wheeler insurance premium. If you are insuring a brand new bike, zero-depreciation cover, engine protection cover, and return-to-invoice cover are some of the essential covers that you can consider buying. Moreover, you must check and confirm all the coverages mentioned in your two-wheeler insurance policy.

  7. Insured Declared Value (IDV)

    Your bike insurance premium depends on several factors. However, one of the essential factors is IDV. It is advised to check your IDV and choose the right IDV because this factor will impact your premium during the bike insurance policy renewal.

  8. No Claim Bonus (NCB)

    NCB is another vital factor that helps in deciding your two-wheeler insurance premium. If you do not raise a single claim during your policy period, you are eligible for a discount on premium during your own-damage policy renewal. This discount is known as NCB. Therefore, if you have not raised a single claim in your previous year, you can benefit from this. In addition, you must check your NCB in your policy documents so that future premium calculations are accurate.

  9. Policy Validity

    In every insurance policy, there is validity. Here, policy validity refers to the time your bike insurance policy will be activated. Check the policy validity mentioned in your policy. If your policy is expiring soon, renew it on time so that you do not lose the accumulated NCB and the bike does not have to go through an inspection. However, if you have purchased your bike insurance online from Policybazaar.com, you will get a customer assistance team anytime, anywhere.

  10. Insurance Company Details

    Ideally, the insurance document has the contact details of the insurance provider, such as an address, email, and mobile number. For any assistance, you can connect them and resolve your query. If you do not find such details, you can ask your insurance executive to rectify this issue.

Bike Insurance Policy Endorsement

Bike policy endorsement refers to changing or modifying the details of your bike insurance policy. If you find errors in your policy documents, request your insurer to endorse the policy. The endorsement is initiated only when you request the insurance company.

However, you have to pay some admin charges that may vary from the insurer to the insurer. Moreover, remember to ask for a revised policy that must have the endorsement made and the previously mentioned details.

In addition, you must keep a hard copy of your policy documents on your bike. Keep your soft copy in your smartphone or email and access it quickly when needed.

People also read Endorsement in Bike Insurance Policy

In a nutshell

To find the best two-wheeler insurance policy, you should research it well. However, it is an excellent way to financially protect your bike against unforeseen road emergencies and other risks. You must consider the points mentioned above while issuing your policy. In case you find any error in your policy details, connect with your insurer and ask them to endorse the policy.

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.

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^The renewal of insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for a transaction may vary subject to additional data requirements and operational processes.

^The buying of Insurance policy is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. Actual time for transaction may vary subject to additional data requirements and operational processes.

#Savings are based on the comparison between highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*TP price for less than 75 CC two-wheelers. All savings are provided by insurers as per IRDAI-approved insurance plan. Standard T&C apply.

*Rs 538/- per annum is the price for third party motor insurance for two wheelers of not more than 75cc (non-commercial and non-electric)

#Savings are based on the comparison between the highest and the lowest premium for own damage cover (excluding add-on covers) provided by different insurance companies for the same vehicle with the same IDV and same NCB.

*₹ 1.5 is the Comprehensive premium for a 2015 TVS XL Super 70cc, MH02(Mumbai) RTO with an IDV of ₹5,895 and NCB at 50%.

*Rs 457/- per annum (1.3/day) is the price for the third-party motor insurance for private electric two-wheelers of not more than 3KW (non-commercial). Premium is payable on an annual basis