1. Home
2. Blogs

Things To Check In Your Two-Wheeler Insurance Document!

• 
• 
• 
• 0
• 0

Published on December 24, 2021. EST READ TIME: 3 minutes

Two-wheelers are super popular in India, as they are easy to maintain, ride, and don’t burn a big hole in your pocket. Also, they’re easier to manoeuvre and park, or store. Getting two-wheeler insurance is easy too these days, thanks to countless insurance companies in the market. No matter what kind of coverage you need, you will surely find an insurer catering to it. However, you need to research and compare different providers and policies first. And even after you get the policy document, you should go through it carefully to make sure everything is in the right place.

Read on to know why you need insurance and what all to keep an eye out for in the policy document.

Why do you need bike insurance?

Firstly, because it is a legal requirement for you to be able to ride your bike on Indian roads. And secondly, to receive financial assistance in case of an accident and prevent significant out-of-pocket expenses. Getting two-wheeler insurance is super quick and easy nowadays, with many insurers offering policies online. Simply buy or renew your policy online in a matter of minutes from the comfort of your own home. Make the payment and get your policy documents on your registered email ID.

It’s important to go through your policy documents, so that you understand not only the broad areas of coverage, but also the fine print and specific exclusions. Here’s what you must absolutely check:

1. Personal details

Check your name, address, and other personal details such as the date of birth, email and phone number. Any spelling mistakes in the name could lead to claim rejection down the line.

2. Check policy number

Ensure the policy number is mentioned in the document. This is the number that will be asked first, in case of any event. Note it down separately if you must, for easier access to the number.

3. Vehicle details

The vehicle details must be correctly printed on the document. These include registration number, engine number and chassis number of the bike.

4. Policy validity

This is an important date to remember, as it signals the end of the coverage period. You should have a fair idea of the last date of your policy at any given time, so you are able to renew it promptly without a break in coverage.

5. Insured Declared Value (IDV)

This is the most important figure you must look out for in the policy document. It is the highest amount you can receive from the insurer in case of total loss of the bike, or theft. In other words, it is the existing value of the bike.

6. No Claims Bonus (NCB)

The NCB is a discount you can accumulate by not filing a claim in successive years. It can reach up to 50% in five consecutive claim-free years. Your two-wheeler insurance policy document will state the current NCB you have accumulated. With that, you can calculate the amount you would be saving at the time of next renewal. This information will also help you in deciding whether to file a claim or not, based on the anticipated savings, and immediate cost.

7. Premium charged

The premium for your two-wheeler insurance policy will also be mentioned in the policy documents. You can track your premium expenditure over the years to understand the depreciation in your car’s value, and the maintenance costs.

8. Coverage and add-ons

Finally, if you’ve opted for any add-ons, these would be mentioned in the policy documents for clarity. Also mentioned will be the specific circumstances where your coverage will not come into effect – the exclusions. These will help you identify potential areas of out-of-pocket expenses later.

Conclusion

While you are bound to have a fair idea of the policy coverage before buying the two-wheeler insurance, it’s recommended that you go through the document with a fine comb to truly understand the gaps in your policy and the terms and conditions for the coverage. And as for the information on the policy, ensure there’s no discrepancy and get it sorted with the insurer at the earliest to avoid problems later.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

RELATED ARTICLES

How to Claim a Third Party Two Wheeler Insurance Claim

Tired of Insurance Claims Being Rejected? Us Too! Top Reasons to Watch Out For

Claim Settlement for Scooty: It is not as difficult as you think!

---

• 
• 
• 
•