Things to consider before purchasing two-wheeler insurance
Two-wheeler insurance is mandatory in the Indian market when purchasing or using a two-wheeler. It is advisable to get 5-year extended insurance. Identifying the correct insurance for your vehicle is a rather intense process. We’ve listed a few important things to consider before purchasing two-wheeler insurance online.
1. Types of policy available
Two types of two-wheeler insurance are available:
- Third-party bike insurance policy
- Comprehensive bike insurance policy
You must decide which type of insurance will suit your needs. A comprehensive policy will cover you for any third-party damages and damage, i.e., the damage caused to your bike. A third-party policy will only protect you against damages or injuries caused to a third party. Experts suggest you buy a complete policy because it offers more coverage and you don’t have to spend a lot in case of an accident.
1.Value of your bike
The current market value of your bike will become the base for calculating the premium of your comprehensive bike insurance policy. In other words, this value is called the Insured Declared Value (IDV). If you have a high-end or a sports bike, the IDV of your bike will be higher, whereas If you own a 110cc bike, its IDV will be lower. In addition to other factors, the premium amount to be paid for the policy will be high or low depending on higher or lower IDV.
Knowing and understanding your bike insurance policy coverage is the most important thing while buying a policy. It will make things easier for you at the time of making a claim, if you know the coverage provided by your policy. A comprehensive plan usually offers the following range:
- Theft cover
- Fire Damage
- Damages due to natural misfortunes like floods, earthquakes, etc
- Damage due to man-made calamities
- Third-party damages
- Third-party legal liabilities
- Damage due to accidents
It is important to note that your claim will be rejected if the damage is not covered under your policy. You can check the coverage of your two-wheeler insurance online by visiting the insurer’s website.
Exclusions of your policy
- It is essential to understand the exclusions of your policy and your claim. The policy document mentions the list of exclusions while buying your bike insurance. Some of the standard exclusions are as follows:
- Mechanical or electrical breakdown
- Regular maintenance
- Accidents when under the influence of substances
- Damage that occurs outside of geographical limits
- Any other situation as mentioned in the policy document is an exclusion.
You can visit your insurance company’s website to check the exclusions of your online two-wheeler insurance policy, along with other vital policy information.
Authencity of Insurance provider
It is crucial to get your two-wheeler insured by a credible insurer. This will help at the time of claims. If the turnaround time is not up to the mark, or if the customer care standards are poor, you will be left in a difficult situation in the time of need. Choose your insurer wisely.
We hope this article will help you make the right choice for two-wheeler insurance for you. Chola MS offers two-wheeler insurance with varying factors depending on your requirement. To know more, click here.