Two Wheeler Bike Insurance 282 views March 11, 2019

Important Points to be Remember Before Buying Two Wheeler Insurance Policy Plans in India

Summary: There are multiple insurers in India selling 2 wheeler insurance policies. However, not all are the same. Before buying 2 wheeler insurance, it is important to look at certain necessary factors and considerations that help in making the choice of two-wheeler insurance which is best as per your requirements and needs.

The sales of two-wheeler vehicles have risen considerably in the past few years. Most of the two-wheeler vehicles plying on Indian roads include scooters, motorcycles, and mopeds. Though youngsters buy high-powered two-wheelers for their looks and performance, it cannot be denied that they are the most common means of conveyance for Indian people.

Points to be Rember Before Buying the Two Wheeler Insurance Policy in India

Buying any two-wheeler vehicle mandates the need to purchase a 2 wheeler insurance policy under the provisions of the Indian Motor Vehicle Act. These days many insurance companies are selling 2 wheeler vehicle insurance plans that provide not only the compulsory third-party insurance cover but comprehensive cover and protection against own damage. The advent of insurance web aggregators to compare the features of each policy and choose that two-wheeler insurance which is best.

Since buying insurance is synonymous to seeking necessary cover in lieu of regular premium payment, it is important to take into account certain important considerations other than the 2 wheeler insurance prices before zeroing on the one in sync with our need and budget. Listed following are important factors that one must not ignore while paying for the right 2 wheeler vehicle insurance. These include:-

Length of the policy period

The customer may choose to buy 2 wheeler insurance policy either for a year or for a prolonged period. Many people opt for the idea of buying 2 wheeler insurance for 3 years that save them from the hassles of renewing their policy each year. In addition, those who opt for 2 wheeler insurance plans that promise lengthy policy periods to escape the brunt of yearly hike in premium rates, if any.

Repair and garage network

Many motor insurance companies give their customers the advantage of getting their vehicles repaired at authorized garages that are in their network. In addition, benefits like cashless facilities for claim settlement ensures that the policyholder does not have to shell out extra for vehicle repair. Moreover, the amount expended on the vehicle repair will be settled by the insurance provider with the garage.

2 wheeler insurance premium

Does your choice of the insurer have an online 2 wheeler insurance premium calculator? Though the 2 wheeler insurance premium need not be the only factor while making a choice, it is indeed one of the important factors while choosing the right insurance cover. The value of the premium calculated has a lot to do with the age of the vehicle, the geographical location of the policyholder and the number of claims made to date. A lot also depends on the kind of insurance cover one is looking for.

Add-On covers

Add-On covers are important, but not essential. However, a lot depends on the extent and depth of cover one is looking for. Comprehensive vehicle insurance is important and add-on covers, also called riders, simply add on to the benefits though the latter involves payment of a nominal amount which is over and above the basic premium amount.

Claim Settlement Ratio

The claim settlement ratio (CSR) of any insurance company hints at the percentage of claims it may have settled during the previous year. Higher the CSR of the company, greater the chances that your claims would be settled within the stipulated period.

The extent of comprehensive coverage

Scan carefully the list of 2 wheeler insurance companies and check which insurance company provides the kind and quantum of cover you are looking for? To ensure all-around protection, it is advisable to opt for a comprehensive 2 wheeler insurance policy that covers accidental damages in addition to third-party losses.

List of inclusions and exclusions

While you may be knowing what your choice of insurance policy covers, it is equally important to know what it does not cover. Ignorance about what is excluded from your policy may result in unwarranted rejection of your claim.

Customer care service quality

The insurance company must have a working customer care service center that provides service, if and when required. Choose the one that is renowned for its quality customer care service in the event of unforeseen events like theft, accident, etc.

Conclusion: Buying insurance implies paying for adequate security. It is important to keep in mind the necessary factors before choosing 2 wheeler insurance policies and buying them. Not all 2 wheeler insurance companies sell the same kind of product, thus, making it important to scan through the features of each plan before opting for that two-wheeler insurance which is best for you.