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Two Wheeler Bike Insurance 384 views August 19, 2019
There are some very good motor insurance companies in India that offer fantastic two-wheeler insurance plans. If you are looking to buy a new bike or scooter you will need to cover it with a vehicle insurance policy. Take a look at this article to know more about the Indian two-wheeler insurance sector and what it has on offer for you.
Table of Contents
You can either buy a third party cover or a comprehensive insurance cover. In India, a basic third party liability bike insurance plan is compulsory to have. You cannot ride your vehicle unless you have it covered under such a plan. The third-party plans are cheap and basic. They offer protection against all third party liabilities. In a comprehensive cover, you get the third party covers and also protection for your own vehicle. the comprehensive motor vehicle insurance plans are relatively more expensive but they prove to be economical in the long run. You can also buy the highly beneficial add-on covers with the comprehensive motor insurance plans.
Riders are add on covers that you can get along with a base comprehensive auto insurance cover. The most popular bike insurance riders available in India currently include:-
You get to cover the combustible parts of the vehicle, such as the nuts and the bolts, the engine oil, etc if you buy this rider. Such parts are usually not covered under a standard bike insurance policy.
If something happens to the pillion in a road accident, compensation is paid out duly.
A towing vehicle is sent and your bike is taken to the nearest network garage if it suddenly breaks down. This is one of the most useful bike insurance riders available.
Often, hospitalization is required when you are badly injured in a road accident. You can get an additional health insurance cover with your vehicle insurance plan if you buy this add-on motor insurance cover.
This rider negates the bike’s wear and tear over the years. As a result, you get full compensation if the bike is stolen or damaged beyond repair.
While riders are very handy, they do push up the insurance premium. So choose your riders properly and only buy the ones that you feel would suit your requirements.
Now that we know more about the covers available under a good motor insurance policy in India, let us explore the benefits you receive when you get such a policy in your name:-
If you are ever caught riding your bike on an Indian street without a valid motor vehicle insurance plan, you will get into a lot of legal trouble. You will be fined and if things take a bad turn, you may even land up in prison. So stay legally secured by buying a good bike insurance plan.
A road accident can lead to huge financial liabilities for you. apart from having to get the treatment is done and your bike repaired, you may also have to pay third-party compensations. When you have a vehicle insurance plan in place, your insurance provider takes care of the financial liabilities. This keeps your finances secured and gives you a lot of mental peace.
You get to repair your bike whenever there is a need. This allows you to get the vehicle in very good condition and well maintained at all times. If the bike gets stolen or permanently damaged, you get compensated to replace it. this is one of the largest advantages of buying a good motor insurance policy.
Road accidents are common, and injuries stemming from them are equally common. Your vehicle insurance plan offers a health insurance cover too with which you can afford to get the best possible treatment and bounce back to health at the earliest.
Lastly, and most importantly, you get a life cover when you buy a motor insurance policy. if you die in a road accident, your nominees get a death benefit. This provides an assurance and allows you to be sure of providing for your family even if something unexpected happens.
As you can clearly see from the points mentioned above, there are some very good reasons why you need to get a bike insurance policy for yourself. However, you cannot afford to buy the very first vehicle insurance plan that you come across. You need to compare insurance quotes and find the best plan at the best rate. You also need to choose a good insurance provider who has a good insurance claim settlement record. This will allow you to not only get the best possible insurance coverage but also allow you to ride safely at all times.
Buying a two-wheeler insurance policy is mandatory for all bike owners in India. you, therefore, need a motor vehicle insurance plan if you have a two-wheeler. It is very easy to buy the insurance cover in India and you get many options too. However, you need to be careful and choose the correct cover as well as the correct channel of purchase to ensure you have the most appropriate insurance coverage. Read on to know more.
You have the option of buying a motor insurance policy offline, through the traditional mode of buying it through an insurance agent. All the general insurance companies offer traditional, offline bike insurance plans. You can speak to an agent of your choice and see what your options are. Once you find the best plan, you need to handover the premium check to the agent and your policy will be put in force.
A very common and convenient way to buy two-wheeler insurance in India currently is the online route. You can find some excellent motor insurance online plans. There are many advantages you get when you make the purchase online. They are:-
You can buy your vehicle insurance cover online in an instant. The process is very quick and simple. You can go online, browse over the plans, make your payment and get the cover instantly. You are not asked to submit any complicated list of documents. You are also not made to wait, as the bike insurance policy is transferred to your name then and there.
You get not one, but multiple options to choose from when you buy motor vehicle insurance online. You get to see all the plans from all the insurance providers in one place.
One of the biggest benefits of buying a two-wheeler insurance coverage online is that you get to compare insurance quotes. Comparing is highly beneficial as you get to find the best plan at the lowest rate. You can also see the premium you need to pay before you buy the plan. Make use of this technological advancement and buy your ideal bike insurance cover online.
Another huge advantage of buying a motor insurance plan online is the unbiased choice you get to make. You are free to choose any plan that you like from any insurance provider. You also get to individually go over the features of the different plans and then make a decision. When you buy insurance from an agent, often the agent may push a particular plan of a particular insurance company, for his own benefit. This can harm you adversely.
You can access your bike insurance plan from a mobile app at any time and from anywhere. This is another useful advantage of getting the online vehicle insurance cover. You don’t have to go to your insurance provider’s office, as everything is done digitally and remotely.
Whether you buy your two-wheeler insurance plan in India online or offline, keep the following crucial points in mind before making a purchase:-
You have to choose the right type of vehicle insurance cover, keeping your requirements in mind. You can choose between a basic third party liability vehicle insurance plan and a comprehensive plan.
You can get a bike insurance plan for one year, two years or three years. Go over the features and benefits of the single term and long term covers and then decide which one you want.
You need to calculate the NCB very carefully before you pay your bike insurance premium. If you have some NCB accumulated, you can get a useful discount on the premium. Make sure your insurance provider calculates the NCB accurately before you finalize the deal.
You may find a great two-wheeler insurance cover, but you still must consider getting some add-on covers with the basic plan. The riders will help you to customize the plan and make it more flexible.
And last but not least, you should choose the general insurance company from whom you buy the plan, with utmost care. Unless you get a good insurance provider, you won’t get a good and useful two-wheeler insurance coverage.
Do you know that auto insurance is available under two categories? Yes, that is correct. You have the third party vehicle insurance cover and the comprehensive vehicle insurance cover. Under the third party cover, all the third party liabilities are only covered. You do not get any insurance coverage for your own vehicle. In a comprehensive motor insurance plan, you get all the third party benefits and in addition, you also get insurance coverage for your own bike. You, therefore, need to understand the scope of cover offered by the different types of bike insurance and then choose the one that meets your needs more closely.
Before you go shopping for your motor vehicle insurance plan, you should calculate the IDV of your vehicle. The IDV or the insured declared value is the current market price of the bike. With age, the price of the two-wheeler starts to drop. So your bike won’t be of the same value after 3 years as it was when it was brand new. And since a motor insurance policy covers the value of a bike, the IDV plays a deciding role in the insurance premium of the plan.
The no-claim bonus is another crucial element that needs to be calculated properly when you look to buy your motorcycle insurance plan. The NCB is a discount you get on the current year’s insurance premium if you maintained a claim-free previous policy period. It keeps accumulating for every claim-free year that you complete. The discount can even go up to 50% in a few years. This discount then gets deducted and you get to make some handy savings. To ensure the insurance provider honors your accumulated NCB before you buy a vehicle insurance plan in India.
A pro-tip to buy bike insurance is to look online. Motor insurance online is the trendiest thing right now. You will find some excellent options and that too at a much lower price. Online motor insurance quotes are much lower compared to their offline counterparts. This is because insurance agents are eliminated in the online process. You buy directly from the insurance provider and so save a large chunk of money on the brokerage costs. Also, the processing and administrative fees are lower in the online plans. The process to buy the motorbike insurance plan online is quick and easy. With so many advantages, you should definitely look online when you buy a two-wheeler insurance policy in India.
While buying a good vehicle insurance plan with the best features and a good price tag is important, choosing the proper general insurance company that offers the policy is equally important. Unless you deal with a good insurance provider, you will never be able to enjoy the bike insurance coverage to the fullest. A good insurer is approachable and helpful. You should be able to contact them at any time and from anywhere. Then, a good motor insurance company will have a healthy claim settlement record. This is another crucial parameter to judge the insurer by. All-in-all, you must find the best possible insurance provider to buy your bike insurance plan from.
If you buy a new bike or scooter from a dealer, they will automatically offer a vehicle insurance policy to you. do not blindly accept the plan. Go over the policy wordings and see if the features of the insurance cover are suitable for you. If you feel they are not quite suited or the insurance premium is too high, refuse the offer to take the policy from the dealer. Check the internet for a good motor insurance online policy and ensure your bike in the most appropriate manner.
Riders are very handy tools that you can get along with the base motor vehicle insurance plan. They are add-on covers that allow you to make the policy more flexible. You can buy the riders at an added cost, so ensure you choose only the ones you need. Some of the common bike insurance riders include:
7.1 – Personal accident rider
7.2 – Pillion protection rider
7.3 – Zero depreciation rider
7.4 – Roadside assistance rider
Go over the clauses of each rider and then see which ones you need. Do not make unnecessary purchases as that will push up your overall vehicle insurance costs. Buy the ones you feel would protect your bike in a wholesome manner. Please note here that, a bike insurance rider is only available with a comprehensive plan, and not with a third party cover. These are the most important points for you to keep in mind before you buy a motorcycle insurance policy.
There are many good two-wheeler insurance online plans available in India from almost all of the top general insurance companies. However, not every single plan may be suited for you. You, therefore, need to scrutinize your requirements and also the options available to see which plan meets your needs perfectly. Once you do that, you will surely end up with a very good motor insurance policy for your prized scooter or bike.
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