Tips And Tricks To Choose The Right Two Wheeler Insurance

The Supreme Court has made it mandatory for all two-wheelers in India to own at least third party insurance. The trend has been to choose the cheapest two-wheeler insurance available in the market or go ahead with two-wheeler dealers’ recommendation.

However, as consumer needs have evolved, two-wheeler owners have become more discerning buyers of bike insurance policies. If you are in the same boat and are comparing car insurance policy and two-wheeler insurance, here are some useful pointers to consider:

1. Deductibles

A comprehensive insurance policy would provide broader coverage to the user, including deductions relating to various deductibles. Policyholders must take a look at the appropriate deductibles that are useful to them and only select those. They should make the decision based on their usage and the age of the bike. Most individuals choose all such deductibles and pay a higher amount for their two-wheeler insurance.

2. No claim bonus

In case the insurance policy for a two-wheeler has been held for a long time, and no claim is made till date, insurance companies generally provide a no claim bonus on the total premium payable. However, many policyholders are unaware of this benefit and miss out on the no claim bonus due to lack of knowledge. It can significantly reduce the total premium payable, especially for an insurance policy held for an extended period.

3. Tenure of the policy

Two-wheeler insurances are available for different tenures ranging from one year to three years. In a long-term policy, the insurer charges you a lower premium compared to the premium charged for a one-year policy that renews every year. However, the lower premium must be compared with the policy’s terms and conditions, primarily the depreciation considered for such a term period. A longer tenure policy can result in a lower premium at present but might result in higher costs for the future policyholder due to unfavourable terms and conditions.

4. Value of the vehicle

 The amount of premium payable for a two-wheeler is usually dependent on the vehicle’s value. A higher on-road price or market value can result in a higher premium being charged on insurance renewal due to the additional price coverage provided by the insurer. The insured declared value plays a significant role in case of severe damage to the vehicle or theft of such vehicle. The policyholder must carefully consider the usage of such a vehicle before deciding on the total insured value. Ideally, an insurance provider that allows for higher IDV must be selected.

5. Coverage

The coverage provided by two-wheeler insurance policy includes various features such as a cashless facility, a network of garages, etc., along with add-ons such as roadside assistance. One should compare bike insurance online from different vendors in terms of the extent of coverage being provided.

An insurance provider with tie-ups with more garages and provision for the cashless facility will reduce the hassles for the policyholder. The coverage of the policy must also be examined from the point of view of the settlement process. A complicated and long settlement process would result in a loss for the policyholder.

Conclusion

Two-wheeler insurance protects against a variety of damage that could occur while driving. Some third-party insurances even provide cover for the additional charges in case of injuries to someone else. However, a comprehensive insurance policy should meet the individual needs of a bike owner.

While one can compare bike insurance online, it would be like finding a needle in a haystack without knowing what to consider. The points mentioned above will educate you about various aspects related to two-wheeler insurance and help you make an informed decision.

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