Elements To Consider When Comparing Two-Wheeler Insurance Plans
Two-wheelers are one of the most popular vehicles on Indian roads, if not the most popular. Nowhere in India do you not see people coming and going on bikes. They are cheaper than cars, easy to maintain, and offer various benefits on the road. Riding a two-wheeler means you can easily cross the traffic while others get stuck in it. However, for all intents and purposes, two-wheelers can also be very dangerous. They increase your risk of major accidental injuries and in some cases can be fatal.
When you decide to buy a two-wheeler, you have to consider many factors like design, mileage, price etc. However, there is so much more to buying a bike than just these things. In fact, bike purchases are not over when the bike is taken out of the showroom. Just as it is important to choose the right bike for you, it is also important to make sure you are safe in the event of an accident. For this, you need to buy the right two wheeler insurance.
How to choose the best two-wheeler insurance?
It’s very simple. If you want to buy the best two-wheeler insurance policy for yourself, you will have to look at all the options available and compare them to pick one. Here are some aspects of buying bike insurance you should understand while comparing and selecting policies:
Coverage requirement
Before shopping for bike insurance, it is important that you evaluate your budget and needs. It is also important to note that there are different types of coverage you can have for your bike. It is important to know your ideal bike coverage based on calculated usage factors. Finding bike insurance will be easier if you know how much protection your bike needs. At the same time, also check how much bike insurance price you are willing to pay for two-wheeler insurance coverage.
Insured Declared Value (IDV)
Simply put, IDV is similar to the market value of the car. This is the amount available to cover theloss or theft of the vehicle. Sometimes, your vehicle can be damaged or stolen beyond repair. Therefore, you cannot repair it. This means there is no question of seeking coverage on repairs. So, this amount will be paid as compensation for your bike loss. As the vehicle gets older, its IDV decreases. This has an impact on the premium you have to pay. While the premium is reduced, it also means that you will not be able to get a lot of money in the case of a vehicle loss. * Standard T&C Apply
Add-ons
Compare the types of add-ons provided by the company in addition to the basic policy. You should know that add-ons cannot be purchased with third party bike insurance. Companies offer add-ons such as Pillion Rider Cover, Personal Accident Cover, and Zero Depreciation Cover with comprehensive bike insurance at an extra cost. Find a policy with the best add-ons that can help you customize the policy for your specific needs.
Claim settlement
This is the riskiest part of any insurance policy. Make sure your insurance company has a neat, seamless and fast claim settlement process. Doing so will save you from a lot of hassles in the future when it comes to making claims. Moreover, it is always wise to verify and compare the insurance company claim settlement ratio before purchasing an insurance policy.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.