Two Wheeler Bike Insurance 272 views March 13, 2019

The Do’s and Don’ts of Buying Two Wheeler Insurance Online in India

Now that you have bought your choice of two-wheeler vehicle, it is important that you opt for two-wheeler insurance which is best for your need and budget. Not all insurance products come with the same features, and hence it is important to compare 2 wheeler vehicle insurance online prior to making the purchase. Though there are many insurance companies that sell 2 wheeler insurance, it is important that you keep certain necessary factors in mind before zeroing on the one that you deem best. These factors also identified as the “Do’s and Don’ts” not only ensure that you buy the right kind of 2 wheeler insurance, but also that you do not pay extra for something that you do not need.

The Dos of Buying Two Wheeler Vehicle Insurance Policy

Free Online Comparison

Be it 2 wheeler insurance renewal or buying a 2 wheeler vehicle insurance for the first time, comparing the insurance products online for their prices and features ensures that you choose the most suitable insurance policy for your vehicle. In addition to the charges and coverage pursuant to each policy, you may look at the history of the various insurance companies and their claim settlement ratios for their credibility and market reputation.

Nature and extent of add-on covers

Other than the mandatory third-party insurance cover, you may also opt for additional services or add-on rider services available in addition to the basic premium charges. Designed to cover your 2 wheeler vehicle against possible damage owing to adverse circumstances, different insurance policies offer myriad services at varying charges, thus, lending you the advantage of choosing the one that is in sync with your needs.

Inclusions and Exclusions in Your Insurance Policy

Understand what is included in and excluded from your the 2 wheeler vehicle insurance policies available. Though 2 wheeler insurance policies vary between the insurance companies, there are certain inclusions characteristic of every policy. These may include:-

  • Third-party liability cover;
  • Comprehensive coverage;
  • Damage to your own vehicle;
  • Personal accident cover;
  • Disaster cover;
  • Damage to third party property.

However, there are certain damages that are not covered by any standard 2 wheeler insurance policy. They are:

  • Damages incurred while driving the 2 wheeler vehicle for illegal purposes;
  • Loss or damage due to war, terrorist attacks, mob violence or nuclear accidents;
  • Damages caused to the vehicle if driven under the influence of drugs or alcohol;
  • Wilful damages caused by an idea to deceive the insurer and seek a claim from it;
  • Injuries to the rider or damage to the bike caused if the rider was not donning a helmet while driving.

Know the IDV of your vehicle

Most customers seeking insurance for their vehicle are not aware of its Insured Declared Value (IDV) and its impact on the insurance premiums. The IDV is calculated by deducting from the current market value of the vehicle the value of depreciation on its parts. If your vehicle comes with accessories that are not factory fitted, then the IDV of these parts are also calculated and taken into account while calculating the insurance premium charges to be paid.

Use online insurance premium calculators

There is a reason behind which every insurance company or an insurance web aggregator includes an online premium calculator on its website. In addition to lending customers a tentative idea of the amount that the customer has to spend on paying premiums every month, it also helps to understand factors affecting premium charges.

The Don’ts of Buying Two Wheeler Vehicle Insurance

Price does not always matter

The amount of premiums charged by an insurance company matters though price must not be deemed as the only factor governing your purchase. Though most insurance companies compete among themselves on price grounds, it is important to realize how insurers making cheap premium offers need not provide the necessary services as promised.

Missing out on terms and conditions

Most people end up buying the wrong kind of insurance as they are apprehensive about reading the terms and conditions appended at the end of each policy. This may be partly because of the fact that these conditions contain jargon that is mostly inexplicable. Another reason may be due to lack of customers’ awareness about insurance or lack of interest in understanding it.

Leaving out renewals till the last date

Most people do not understand the need to 2 wheeler insurance renewal within the stipulated period. Do not wait till the last time to get your 2 wheeler vehicle insurance renewed. Renewing bike insurance bars from enjoying associated bonuses and other benefits while subjecting your vehicle to inspection by your new insurer.

Withholding details and information

Just like you must never lie to your doctor and lawyer, you must never be dishonest with your insurer too. Be honest with your insurance company while submitting necessary details regarding your 2 wheeler vehicle or any other to avoid issues that may lead to claim rejection.

If you have a vehicle, you have to buy motor insurance though a lot depends on whether you wish to pay for only the third-party basic cover or opt for a comprehensive insurance policy. Not many people are aware of the Dos and Don’ts of buying 2 wheeler insurance, which makes them prone to making mistakes and, thus, faces issues while making claims.