How to Choose the Best Two Wheeler Insurance Policy in India?
Who doesn’t love to ride two-wheelers on the busy Indian roads? From zooming through the rush-hour traffic to winding through the shortcut lanes, from a quick ride to the market to adventurous long rides across unknown terrains, a bike is your perfect partner!
However, two-wheeler riders are also exposed to a high risk of accidental injuries and fatalities. For instance, in 2018, nearly 1.51 lakh people died because of road accidents. Well, this is really scary, and even in survival cases, two-wheelers end up with maximum damage.
Well, we don’t have any control over life, but we can surely ease the life of our vehicle by buying two-wheeler insurance.
Wondering how to buy the best two-wheeler insurance in India? Don’t worry, today in this guide we will tell you how to buy the best two wheeler insurance in India.
How to choose the right type of two-wheeler policy in India?
When buying a two-wheeler, we focus on so many things, such as mileage, design, price, and many more. However, we forget that buying the best insurance for your two-wheeler is equally important.
Here are a few useful tips to consider while choosing bike insurance in India:
- Understand the Insurance Declared Value (IDV):
In simple words, insurance Declared Value is the current market value of your two-wheeler after accounting for the depreciation.
You should also know that Insurance Declared Value decreases every year in regards to the depreciation rate on the vehicle. Insurance Declared Value also has a deep impact in determining the premium value of your two-wheeler insurance.
Thus, be particular about the IDV while buying an insurance plan for your two-wheeler as the company will pay you the IDV in case of theft or total loss of your bike (if the repairs are costlier than 80% of the current market value of the bike).
- Make sure to compare bike insurance online:
Don’t forget to compare the bike’s insurance policies online before buying from any company. It is an important step to perform before choosing any insurance plan for your two-wheeler. It will help you to make an informed decision about your insurance. You can easily compare bike insurance plans online based upon your exclusions, inclusions, cost, coverage, and much more.
- Choose a reputed insurance company:
Make sure to go with a trustworthy and reputed insurer. Insurance companies should align well with your requirement. You may see that companies have declared the features of insurance, but ensure to enquire on your end to make it clear.
Choose an insurance company that comes with minimal hassle, provides online services, and ease with purchase and renewal services, such as Tata AIG which also comes with great insurance plans along with amazing add-on features.
Also, check the claim settlement ratio of the insurer so that you can gauge their efficiency.
- Don’t forget to check the cubic capacity:
You should know that the cubic capacity of a bike decides your premium. Cubic capacity refers to the capacity of your bike’s engine, which ranges between 50cc to 1500cc. You might know that the more cubic capacity of a two-wheeler, the more powerful the machine would be.
Make sure to know about your two-wheelers’ cubic capacity while opting for an insurance plan. For instance, if the cubic capacity of your bike is high, then your premium will also be on the higher side. This is a must-know fact to be able to understand how much premium you would be charged.
- Decide the plan according to your requirement:
Before buying any insurance plan, make sure you know your coverage requirements properly. You can also make an assessment based on your requirements and budget. Two wheeler insurance comes in two ways — depending upon your coverage — comprehensive cover and third-party cover.
Well, it also depends upon your usage and your expenditure as well as other existing liabilities. So, make sure to assess your requirements properly to know exactly what your requirements are. For your information, a comprehensive cover comes with an own-damage cover.
So, you better take your time to think and decide your requirements for an insurance plan.
Still, wondering, why is it important to buy a two-wheeler insurance plan?
Legal Mandate by the government! Yes, as per the Motor Vehicles Act of 1986 it is legally mandated that every vehicle plying on the Indian roads should have a valid insurance policy. While the minimum requirement here is a third-party cover, it is advisable to go for a fully comprehensive bike insurance policy to enjoy an all-round coverage.
Having a two-wheeler insurance policy will offer an adequate financial safeguard against the losses arising from damage to the bike, theft of the bike or third-party liabilities. In the absence of an insurance policy, you will have to bear these costs from your own pocket, along with the fines for not having an active insurance plan while driving.
Considering the wide range of benefits that two wheeler insurance offers, it is worth every penny of yours.
Make sure to keep the above-discussed points in your mind while buying a two-wheeler insurance plan for your vehicle. Also, you can check online reviews about the insurance companies to find out the best insurance company for your bike. Good luck with finding the perfect insurance plan for your two-wheeler!