There are innumerable benefits of owning a two wheeler. It is one of the most inexpensive vehicles one can own, is economic and offers great mileage per litre. It also allows you to navigate the hustle and bustle of city traffic easily due to its compact size. But when you purchase your two wheeler and necessary accessories, you must also remember to purchase two wheeler insurance with it. Your two wheeler insurance offers coverage against natural and man-made calamities, thefts, accidents and vehicle damage. Here are a few tips to consider before purchasing a two wheeler insurance policy.
The type of insurance policy: In India, it is possible to choose from three types of two wheeler insurance policies which are
- Liabilities only insurance policy
- Own damage policy
- Comprehensive insurance policy
While the first one is mandatory and the second protects you from natural and man-made disasters and thefts, the comprehensive insurance policy is ideal because it offers complete protection as it constitutes everything offered in the first two policies.
The reputation of the insurer: It is better to opt for an insurer who has been in the business for quite some time and has the reputation for providing great customer service. After all, insurance is a service that has specific value and is meant to help you during unforeseen circumstances. Not only is it good, but it is also recommended that you select an IRDA (Insurance Regulatory and Development Authority of India) approved insurer. You must research about the insurer’s customer service record as well as claim settlement ratio.
Consider the sum insured: To ensure that you are receiving complete coverage against all damages and/or losses, applicable under your two wheeler insurance policy, you must opt for the right sum insured.
Consider the deductibles: In every vehicular insurance policy, the policy holders must agree to pay a certain amount voluntarily if a claim is made towards their vehicle. The deductible constitutes a specific percentage of the total amount of the claim that is to be borne by the policyholder. It is therefore important to choose your deductibles after careful evaluation. Voluntary deductibles can lower your premium amount to a certain extent.
Consider add-ons: While purchasing your bike insurance policy , you must assess all the benefits of purchasing add-on covers to your policy. Ensure you opt for only those add-ons that you actually need and those which offer enhanced protection for both you and your vehicle.
Compare different policies: After determining all the above factors, you must compare the various insurance policies. Remember that every insurance company has different terms and conditions and the degree of coverage offered also vary from insurer to insurer. Select a policy that best suits your budget and requirements.
Read the fine print: It is very important to read the policy document carefully. While the document is filled with a lot of legal jargon, which can be difficult to read, ensure you at least read about the benefits offered, what is covered and what isn’t.
