Two-wheeler insurance is a compulsory mandate for all bike/scooter owners. Be it an electric bike or your age-old combustion engine, all types of two-wheelers registered in the country need to have insurance policy. In fact, insurance cover is one of the requirements to register a new vehicle. The Motor Vehicles Act of 1988 has laid down this requirement and made it a law. Hence, it is not a one-time requirement, but a recurring and periodic compliance.
When buying a bike insurance
policy, its premium is a crucial determinant for many cost-conscious buyers. While it shouldn’t be the only factor of consideration, many buyers place a greater weightage on it. Hence two-wheeler insurance quotes aid in comparing different policies. Two-wheeler insurance quotes are an estimate of the premium amount charged for the coverage that you have opted for.
The digital revolution in the country has created an additional online channel for all goods and services. Similarly, insurance plans can now be purchased online. Not only it is possible to buy a policy online, but you can also compare two wheeler insurance policies at the tap of your fingertips. Here are some pointers to keep in mind when comparing different two-wheeler insurance policies:
Coverage to premium comparison
The coverage of the insurance policy vis-à-vis its premium is a premier factor to keep in mind. Although the bike insurance price
is one of the key determinants in comparing the plans, remember that they aren’t the only basis. The coverage of the insurance policy is also critical. Opting for a policy that provides wider coverage as compared to the one that doesn’t is always beneficial.
Do not opt for the cheapest insurance coverage
Bike insurance plans are available in two types—third-party plans or comprehensive covers. Third-party plans are those that offer a limited coverage for legal liabilities arising due to collisions and accidents. On the other hand, the scope of a comprehensive policy includes protection for own damages along with third-party cover. Hence, third-party plans are affordable as compared to its counterpart. When selecting a policy, do not opt for the most affordable insurance plan. It might not cover all those perils that you might want to get insured. It is essential to take time to understand what the benefits of each policy are considering your requirements and only then decide upon any. * Standard T&C Apply
Make use of a two-wheeler insurance premium calculator
A two wheeler insurance premium calculator
is a nifty tool that provides an estimate of the bike insurance policy considering the different coverage options that you select. It is tool that is offered free of cost and available with all leading insurance companies. All you need to do is visit the insurance company’s website and locate it. The different variables in the tool can be tweaked based on the insurance company’s offering and get an estimate of the premium amount. * Standard T&C Apply
Wisely select for add-on covers
Add-on covers are a handy way to overcome the limitations of a standard comprehensive plan. These additional policy covers let you customise the scope of the policy at a minimal increase in the premium. While insurance companies offer various add-ons, not all of them add value to your policy’s cover. Hence, it is essential to select only the useful ones to avoid a steep increase in the insurance quotes. * Standard T&C Apply
While a two-wheeler insurance is mandatory requirement by the law, you can make the best use of these are some tips when comparing insurance plans. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.