How to choose the right two-wheeler insurance policy for you?

Many people are concerned about obtaining insurance for their cars and overlook the importance of having two wheeler insurance. In fact, bikes are more involved in road accidents than cars. Hence, it becomes essential to get insurance for two wheelers as well. This keeps the bike covered against damages depending on the extent of coverage offered by your insurer.

Nonetheless, there are factors that you need to consider before purchasing a two-wheeler insurance cover. The same is explained below:

There are mainly two categories of insurance covers for two-wheelers:

  1. Third-Party Liability Policy

Third party insurance for bike offers protection to the third-party involved in an accident but does not cover damage to your motor vehicle. This policy is mandatory according to government rules in India. However, this cover does not offer wholesome protection as your two-wheeler is not covered for own damage. Therefore, it is always advised to choose motor insurance that is inclusive of a variety of covers to be on the safer side and avail overall protection.

  1. Comprehensive Policy

Every two-wheeler owner would want to protect their vehicle from damages. This can be offered by a comprehensive policy. This cover protects you from own damage and, thus, promises returns in the case of damage originating from manmade or natural calamities.

Among the factors that influence the premium of a two wheeler insurance plan are:

  • Age of the vehicle
  • It’s cubic capacity (CC)
  • Location
  • Type of insurance chosen
  • Insured Declared Value (IDV)
  • Vehicle model

To know the IDV of a two-wheeler, you should consider the depreciation value featured on the manufacturer’s list. Modification and any accessories installed on the bike also add on to the IDV.

Failure on insurance renewal

Every two-wheeler owner is expected to renew his or her insurance policy before the expiry date, as per the law. Failure to do this can attract fines or even worse. However, many people get themselves into a fix by not remembering their expiry dates. Therefore, certain insurance companies even send a reminder message when the date of renewal is nearing. However, it is always better to set a reminder yourself.

About long-term insurance cover

This policy provides a maximum of five-year third party or three-year comprehensive insurance cover that helps a person avoid the need for yearly renewals. The long-term cover also helps a person avoid any increase in third-party premium and provides peace of mind.

Your budget, as well as your specific requirement, is what determines the type of protection that you must settle for, whether third-party insurance for a bike or a comprehensive insurance cover.

Buying two-wheeler insurance online

Digitalization has simplified buying and selling of products and services. To buy motor insurance online, you must simply visit your insurer’s website. On the same webpage, you are supposed to select the insurance policy that you want after considering your needs. You will need to fill in the details, confirm the generated premium, and complete the payment online. That’s it; your insurance cover will be ready.

Clare Louise

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