When it comes to commuting via road, two-wheelers are undoubtedly a choice of many. The convenience they offer of not having to be stuck in traffic for hours is a bliss. The increasing congestion witnesses kilometre-long traffic jams at peak hours. Not only is it time-consuming, but also has an environmental impact. This is where a two-wheeler proves to be undoubtedly the choice of the majority.
While riding a two-wheeler offers unparalleled convenience, it is exposed to the risk of injuries and accidents. This is particularly true in cities where the traffic situation is worsening by each passing day. Thus, it is essential to have a bike insurance
Be it a first-time or an experienced buyer, there are quite a few points to consider when buying 2 wheeler bike insurance. Let us begin with understanding a few basic terminologies that will simplify the jargons.
Premium is the amount you pay to the insurance company for buying an insurance cover. There are many factors based on which the premium is decided for your bike. Manufacturer, the model, make of the bike, age, year of manufacture, and state of registration are some of them.
#2 Sum insured
Sum insured is the maximum amount that an insurance company agrees to pay in the event of an accident or damage. It differs for the various plans and also among insurance companies.
Like inclusions are the events that are covered under your policy, exclusions are the exact opposite of them. The list of exclusions in your policy terms specifies the events that are specifically excluded from insurance coverage. Some examples of common exclusions in your
two-wheeler bike insurance are consumable spares electrical or mechanical damage, depreciation and more.
A claim is an incident when you, the policyholder, apply to the insurance company to cover damages to you bike at the time of an accident. The insurance company offers benefits in the form of a no-claim bonus if no claims are made for consecutive years. However, if your bike is damaged to the point where its functioning is compromised, you should make a claim.
Now that you know a few crucial terms, let us look at the considerations when buying a bike insurance policy.
Familiarize yourself with the types of plans:
When buying a two-wheeler bike insurance, the first thing is to get acquainted with the types of policies that can be bought. Bike insurance is primarily classified into two types - third-party and comprehensive plans.
Understanding the factors that affect the premium:
- A third party policy or liability only plan provides coverage against injury, death and property damage to third-persons. It is the minimum requirement of the law.
- The next type of plans are the comprehensive ones. These include own-damage cover along with third-party protection and can be enhanced using add-on covers.
Whether you purchase two-wheeler bike insurance online or offline, there are various factors that affect the premium calculation. Understanding these factors will help you determine the additional coverage for your policy. Get quotes instantly with the online two wheeler insurance premium calculator
Knowing the risks covered under various plans:
Different plans have coverage for different risks. When buying a bike insurance policy, you need to understand its coverage for events like accidents, thefts, damages, vandalism, fire, natural as well as man-made calamities. A thorough evaluation will help you make the purchase based on the assessment of the risks your bike faces.
Understanding how the no-claim bonus works:
No-claim bonus or NCB is the benefit offered by your insurer for every claim-free year. The percentage of bonus starts at 20% and goes all the way up to 50% for consecutive years without any claims. The accrued concession can be avail during your next two wheeler insurance renewal.
Purchase a pillion insurance cover:
Most individuals ignore adding this add-on cover to their policy. In case of an accident, it is not only the rider that may get injured but also the pillion. Thus, it is essential you purchase a pillion insurance cover too. Although you must note that add-on coverages can only be opted for comprehensive plans and not third-party policies.
Check the insurer’s claim settlement ratio:
When buying a motor insurance online
, ensure you check the insurer’s review as well as the claim settlement ratio. This ratio indicates the percentage of claims settled vis-a-vis the claims received.
Knowing the claim process:
Familiarizing yourself with the claim process helps in the long run. You can be aware of the various documents you need to submit or other procedural formalities. The formalities are more or less similar across insurance companies with minor tweaks. Thus, ensure you acquaint yourself with the claim process each time you change your insurance company.
The above buying guide will help you select a suitable insurance cover checking all your requirements. In this digital age, take advantage of by purchasing 2 wheeler bike insurance online and unlock the exclusive deals offered by your insurer. Stay safe and stay insured!