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Bike Insurance 1471 views March 9, 2019
The pervasiveness of two-wheeler vehicles in India is high, thus, explaining the extensive sale of 2 wheeler insurance policies in the country. Similar to many other kinds of insurance policies sold in the market, a 2 wheeler vehicle insurance policy is bought to secure the cover against financial losses stemming from unfortunate accidents. According to The Motor Vehicles Act 1988, it is mandatory for motor owners to buy motor insurance before plying their vehicles on the road.
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Vehicle owners can either opt to buy the bare minimum third-party insurance policy or the comprehensive third-party plan. It does not take much to buy an insurance policy including a two wheeler insurance plan. However, lack of awareness about insurance can make insurance buying a tedious and complicated process. As insurance companies continue to upload details of their policies on the web and insurance web aggregators list the details of all their insurance partners on a single page, it has become easier for people to buy insurance online.
However, buying a 2 wheeler vehicle insurance policy from the web may not be as easy as it looks and involves the following necessary steps:-
Step 1: Buying insurance is not much different than shopping for any other product or choosing some service over others. Explore the market for insurance products that are currently available along with the features that set them apart from their counterparts. Log on to the websites for various insurers and learn in details about their range of products before choosing to pay for the two-wheeler insurance which is best and in sync with your needs and budget.
Step 2: Understanding the jargons is important. There are others characteristic to the insurance industry only, especially, the 2 wheeler insurance sector including No Claim Bonus (NCB), third-party liability insurance, insured declared value (IDV), comprehensive liability, etc. It is necessary to seek information about what these terms stand for and their significance in the myriad insurance plans that insurance companies sell.
Step 3: Choosing the right insurance company is important. Not all insurers design similar insurance plans. While there are some that offer more benefits at lower premium charges, there are others that charge exorbitantly in lieu of many services that one may not need. Also, find out the pre-sales and post-sales services that these insurance companies promise to their customers. Check for their customer reviews and credibility before making your choice of insurance company.
Step 4: Select the kind of two-wheeler insurance you wish to buy before making any payment. Currently, there are various kinds of 2 wheeler insurance policies, each differently priced and available with a distinct set of features. However, the decision regarding the choice of the insurance policy must be in sync with the needs and budget of the customer. Some people are unable to choose between a simple third-party insurance plan and a comprehensive motor insurance policy. It is advisable to check the features and decide the ones you wish to pay for before zeroing on the policy before buying it.
Step 5: One must find out the Insured Declared Value (IDV) of your two-wheelers before finalizing the 2 wheeler vehicle insurance plan as it affects its premium charges. Many insurance companies have a slider on their website to set the IDV of the vehicle that the customer wants to be insured. As the current market value of the 2 wheeler vehicle decreases, the IDV also goes down. The IDV is calculated by subtracting the depreciation on the parts of the vehicle from the current market value of the vehicle. In the event of your two-wheeler getting damaged or stolen due to any unfortunate incident, the policyholder may claim the IDV of the vehicle insured.
Step 6: Your choice of riders must depend on the extent of cover you need for your two-wheeler vehicle. For those new to buy 2 wheeler insurance policy, a rider also called add-on cover, can be added to the existing 2 wheeler vehicle insurance policy by paying over and above the basic premium amount. It is important to note that riders can be added only to a comprehensive insurance plan, but not to the third-party insurance policy. Riders including Zero Depreciation Cover, Return to Invoice Cover, Passenger Cover, Roadside Assistance Cover, Medical Cover, Accessories Cover among others increase the scope of the insurance policy by increasing the kind and extent of cover.
Step 7: Making payment for the insurance policy is the final step in its purchase. Once the customers have decided on the kind of insurance policy they are looking for and the insurance company they wish to buy from, they may either choose to buy directly from the insurer’s site or log on to the online platform provided by any of the online insurance aggregators to buy the same. Once the payment is made, the insurer is liable to send you a copy of the policy in your mailbox. Though you may prefer to take a printout of the soft copy of the 2 wheeler insurance policy, the soft copy can also be shown to the policy, if and when required.
As opposed to the common view of the insurance buying process being tedious, choosing the right 2 wheeler insurance policy and buying it is relatively simple. Though it is mandatory to buy motor insurance if you own any vehicle, having the policy ensures a cover against damage stemming from unforeseen events or circumstances. Also, some prefer to buy it offline believing that the agent knows best. Insurance policies bought offline not only cost more but also deprive you of buying necessary riders that ensure you greater coverage in the long run. Buying insurance online is not only a hassle-free process but also a far inexpensive option.
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