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Tips To Identify And Buy The Best Two Wheeler Insurance

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Two wheelers are one of the most popular modes of transportation in India Riding a two-wheeler makes it easier for you to commute faster as you can easily slide through the traffic However, riding a two-wheeler also exposes you to risk of accidental injuries and in some cases even death When choosing a bike, you would definitely consider factors such as its design, mileage, pricing and others Hence, even when choosing bike insurance, it is imperative that you oversee a few things to ensure you make the right pick

Here are several tips to follow to buy the best two wheeler insurance in India

Determine the coverage you require: Before opting for a specific two wheeler policy, understand that you can choose either a comprehensive policy or a third party policy Comprehensive bike insurance covers both own damage  and third party cover, whereas, the third-party policy only provides coverage for  liabilities arising out of damages caused to a third person or property Third party insurance is mandatory as per the Motor Vehicles Act Hence, depending on your usage and budget, opt for a bike policy that offers you the right coverage Additionally, you can also enhance the coverage of your comprehensive bike policy by opting for add-on covers

Price of the policy: Once you determine the coverage you require, assess the pricing offered by various insurers While the third-party premium rate is fixed by the IRDAI, the comprehensive bike insurance premiums vary depending on the coverage offered by the insurer Hence, always research on the pricing to get the best deal Also, don’t make premium the only factor to choose the policy since getting the required coverage is also of prime importance

Cubic capacity: To put it simply, the cubic capacity of your bike is an important factor that has a huge impact on your two-wheeler insurance premium High cubic capacity means you will have to pay a higher premium and vice versa

Opt for a good insurance provider: The aim of buying a two wheeler insurance policy is to get the required coverage at the right time So always choose an insurance provider that provides good after sales service and also has a good claim settlement ratio The claim settlement ratio of the company tells you about the efficiency of the company to settle your claims Opting an insurance company with a good claim settlement ratio ensure you hassle-free claim settlement process

Understand the concept of insured declared value: Insured declared value ie IDV which is the maximum amount that you can claim for in case of total loss or theft of the bike IDV is fixed at the time of purchasing the policy and depends on the manufacturer’s listed selling price and then it is adjusted for depreciation

It is important that you keep the above points in mind when buying two wheeler insurance in India With this also ensure that you don’t forget to renew the policy on time to never run out of coverage

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