One of the most crucial responsibilities of owning two-wheelers is ensuring sufficient protection with the help of the right insurance policy. In this digital era, you don’t have to visit multiple offices to buy a two-wheeler insurance; instead, you can buy it online with a few clicks. Analyzing coverage options, understanding the insurance policy terms, and determining the reputation of the insurance providers become crucial.
Let us dive into each of these aspects in detail:
1. IDV of your Two-Wheeler
IDV (Insured Declared Value) is the highest amount an insurance company will pay you, up to the declared value, if your vehicle is completely damaged beyond repair or stolen and cannot be recovered in any manner. IDV represents the approximate market value of your two-wheeler at the time of purchasing or renewing the insurance policy.
2. No-Claim Bonus on the Insurance Policy
No-Claim Bonus is the discount provided by the insurance company to you for not raising any claims during the validity period of the two-wheeler insurance policy. This No-Claim Bonus will be discounted in the premium of the upcoming year’s two-wheeler insurance policy.
3. Comprehensive Coverage
In Comprehensive Coverage, the two-wheeler insurance policy covers your vehicle and any injuries or damages caused to a third party or their property or vehicle any injuries or damages caused to a third party or their property or vehicle in the event of an accident or natural calamities.
4. Deductibles
A portion of the claim that you have to pay before the insurance company pays the remaining are deductibles. This is when you will raise a claim against the two-wheeler insurance policy.
Compulsory Deductible
This is a fixed amount, which is part of your two-wheeler insurance policy claim that you must pay before the insurance company covers the rest. As per the IRDAI (Insurance Regulatory and Development Authority of India), the compulsory deductible is fixed per the CC of your two-wheeler.
Voluntary Deductible
It is the portion of the claim amount that the policyholder chooses to pay willingly in the event of an accident. The policyholder can decide this amount, considering their budget and risk preferences, and it will be mentioned clearly in the insurance policy.
Opting for a higher voluntary deductible means the policy owner will pay more during a claim, but they enjoy a lower premium for their two-wheeler insurance policy.
5. Optional Cover
Optional cover is also referred to as additional cover or add-ons that you can purchase other by paying a small additional premium amount. These usually include – consumables cover, tyre damage, passenger assistance, engine safety, key loss cover etc.
6. Inclusions and Exclusions
Specific benefits in the form of coverage that are included in the insurance policy are considered to be Inclusions. Exclusions are described according to the specific events, situations or circumstances which are not covered in the insurance policy. Inclusions and Exclusions depend upon the type of two-wheeler insurance policy: Third-Party Liability Two-Wheeler Insurance Plan and Comprehensive Bike Insurance Coverage.
Generally, inclusions and exclusions are:
Inclusions:
- The damages caused to your vehicle int he event of an unfortunate accident will be covered.
- Additionally covered will be the third-party liability arising from an accident.
- Your financial and legal obligations will be met if your bike has bodily injured a third party physically.
- In the event of an accident, it covers damage done to third-party property.
- The Motor Tribunal Court decides the amount of compensation for victims. You don’t have to pay anything if the compensation amount is less than the coverage offered by the insurance policy.
Exclusions:
Speeding, riding without a valid license, drinking and driving, electrical or mechanical failures etc.
7. Providing Appropriate Details
Providing the correct details to your insurance provider is vital. You should be attentive while filling out the particulars so that your two-wheeler insurance policy can get approved at the earliest, instead of getting rejected.
8. Quotations and Benefits
Always look at all the options possible before you buy a two-wheeler insurance policy. Get quotations and compare the two-wheeler insurance policies with multiple tools available online.
Also, check for the benefits before finalising the two-wheeler insurance policy that your insurance provider is offering, such as: roadside assistance, towing charges, and free medical check-ups for yourself and your vehicle.
9. Market Reputation of Insurance Provider
Before choosing your insurance provider, you must check for a good claim settlement ratio and customer reviews. Talk with customers to get a fair idea about the insurance provider. Avoid insurance providers with bad reputations, as they might sell fake policies. Also, check if the insurance provider is licensed under IRDA.
Conclusion
To summarize, knowing the critical elements of choosing a two-wheeler insurance policy is equally important as choosing the best insurance provider. Therefore, considering the above-mentioned factors is crucial, which will help buy a two-wheeler insurance policy. Since insurance policies can be bought online, this article will help you to buy two-wheeler insurance online.
Also read: Third Party or Comprehensive Insurance: Choosing The Best for Your Electric Bike
