Looking for a two-wheeler insurance online? Or are you unsure as to which bike insurance policy should you choose for you online renewal? Fret not, here are some basic do's and don'ts to keep in mind when you buy bike insurance online or plan on renewing it.
- Awareness of the type of bike insurance covers - There are mainly two types of two-wheeler insurance, i.e., third party and comprehensive. Third party insurance is mandatory by law, and covers the legal liabilities. It also provides protection to the third-party for damages to property or any injury to an individual, where the policyholder is accountable for the accident. On the other hand, comprehensive insurance for two wheeler covers both, third party damages and own losses.
- Look for addons - Apart from the normal coverage that a bike insurance offers, there are also various add-ons or additional services that you can opt for. These services are designed to help save money and can cover services like a flat tyre, fuel assistance, towing facilities and many more.
- Inclusions and exclusions - Knowing what comes with your online two-wheeler insurance policy is very critical. Some examples can be: no claim given if policy period is expired, claims related to incidents under the influence of drugs, alcohol, etc., damage due to nuclear risks, etc. Always make sure you read the list of exclusions before you buy two wheeler insurance online.
- Understand IDV - IDV or Insured Declared Value is the current value of your bike in the market and it is subject to depreciation. This is factored into your vehicle before arriving at a value on which your premium is calculated. Understanding the IDV is important as it forms the base at which your policy is then customised.
- Use online premium calculators - Most insurance websites provide online two wheeler insurance premium calculator, which help you understand and calculate your premium. It is a very helpful tool, when you buy bike insurance online.
- Read and research - There are a plethora of companies that offer online bike insurances. Hence, comparing, researching and finding the best one for you will ensure a good purchase. There is also plenty of information available on the internet about terminologies, clauses, calculators and so on, that can help you make your decision.
- Cheap does not mean best - Since there are plenty of insurance providers online, there is often a price related competition. You may find many cheap premium offers while looking to buy two wheeler insurance online, but they may not be providing adequate services. Make sure you compare not only the price but also the company history, service offerings and other important areas to avail lowest two wheeler insurance premiums with adequate coverage.
- Terms and conditions - While this section always contains a lot of detailed explanations and jargons, it is still suggested not to miss out on the important areas of the same.
- Don't leave renewals for the last moment - Every new bike insurance comes with an expiry date, do not wait until the final moment, and set reminders to stay insured all the time.
- Don't hide facts and provide clear information - Be as honest as possible while providing your bike insurance details, to avoid any issues that can occur while bike insurance renewal online or during the claim process.
Digitization has made it quick and easy to pick and buy 2 wheeler insurance online. Keeping in mind the above can make your decision more secure, and always remember to compare, analyze and make the smart choice!