In a country like India, where roads are often packed full of cars and buses riding bumper to bumper, it is a relief to ride a two-wheeler. With a smaller frame, coupled with its swift moves, a two-wheeler can help you commute faster. There are also no worries about finding enough parking space or spending too much on fuel. However, as efficient it is to own a two-wheeler, it also comes with a lot of responsibilities. As with other vehicles, two-wheelers need insurance to safeguard not just the rider but also other people on the road. It is failure to comply with these rules can leave you with a hefty penalty charge, and in some cases, even imprisonment.
So, it can be fairly said that a policy is a must for every rider. There are multiple policies available in the market these days. Or the sake of convenience and more options, we advise you to purchase two-wheeler insurance online. To help you with one that suits your needs the best, we are here with our best tips:
- Know what type of policy to buy
Before buying a policy, look for the reason why you are in the market for one. The basic need of a two-wheeler insurance policy is to provide you financial cover and ensure the safety of your vehicle so in case of an accident or death, you won’t have to bear the burden of costs. Based on your needs, the insurer will pay for the necessary expenses incurred. There are types of policies available in the market:
- Third party liability: In case of accident or emergency, this policy will provide coverage to third-party liability only. As per the Motor Vehicle Act, 1988, it is mandatory for every rider to have third party liability.
- Comprehensive policy: Along with third party liability, this policy will provide you coverage for own vehicle damage or injury. This is essentially a full insurance policy that relieves you from the burden of paying anything from your own pocket.
- Choose your bike well
Insurers will offer you competitive premium rates depending on the make and model of your bike. An expensive bike with a rare or premium engine is likely to cost you more in premiums than an old model, second-hand bike or a standard vehicle.
- Amp up the bike’s security
The safer your two-wheeler is from vandalism, theft and low maintenance, the lower the premium will be. Safety measures and additional equipment that take care of the maintenance of the bike decrease the chances of claim. Thus, the higher the safety, the lower the premium rate.
- Buy your policies from the same company
You are more likely to get a discounted premium rate if you buy your two-wheeler insurance policy from the same insurer as your other insurance plans. A package deal helps in saving money.
- Check for the coverage available
This is one of the most important things to check while buying insurance, more than lower premium rates. Apart from your usual blend of coverage – collision coverage, fire, theft and vandalism cover – you can also purchase add-on covers that will guarantee an all-round protection.
- Choose one-time payment
It is a better option to pay your premium amounts once annually. Some long-term policies that provide cover for 3 years offer one-time payment at the time of purchasing the policy. In case of a one-time payment, you do not have to remember paying your premium on specific dates.
- Join an automobile association
An entry into an automobile association can get you a few benefits and discounted premium rates from a lot of reputed insurance companies.
- Check for third party claim limit
The general limit on third party damage claim footed by the insurer is up to Â¿1,00,000. However, as per the Motor Vehicles Act, it can also be restricted to Â¿6000 at the minimum.
- Check for IDV
IDV stands for Insured Declared Value, which is basically the value the vehicle is insured at. This remains fixed through the term of the policy. It is calculated based on the manufacturer’s listed selling price after adjusting depreciation based on the age of the vehicle.
- Compare different policies
The best thing about purchasing insurance policies online is the variety of options available for perusal. Research and compare different policies before purchasing to ensure you get the best of them all.