Two-wheelers are one of the most, if not the most popular vehicle on Indian roads. There is not a place in India where you would net see people commuting with bikes. They are cheaper and easier to handle and offer various advantages on the road. Riding a two-wheeler means you can easily breeze through traffic while others are stuck in it. However, for all the advantages it offers, two-wheelers are also very dangerous. They out you at a higher risk of major accidental injuries and in some cases can prove to be fatal.
When you decide to buy a two-wheeler, you look at various factors like design, mileage, price, etc. However, there is much more to buying a bike that just these things. In fact, the purchase of bike does not end when you drive out the showroom with it. As important as it is to choose the right bike for yourself, it is also important to make sure you are protected in the case of an accident. For this, you have to buy the right two wheeler insurance:
Why buy two-wheeler insurance?
Each year, there countless accidents involving two-wheelers. Many of these prove to be fatal. Due to the lower physical protection that you have with a bike, most of these deaths are of the bike rider involved in the accident. Even if you survive, your injuries can be grave and the damage to your vehicle can be immense. Hence, it is important to have a comprehensive bike insurance policy that covers you against the damages to your bike and injuries to yourself.
Most importantly, motor insurance is a mandatory purchase for a vehicle owner as per the Motor Vehicles Act 1988. This means that riding a bike without a valid insurance policy is punishable by law. However, according to the same law, only third party bike insurance is compulsory. Since, the third-party cover is cheaper, people simply buy that to avoid legal trouble and save money. But, it is important to understand, that buying bike insurance is not just about fulfilling a formality, it is about protecting yourself and your vehicle. To have the best coverage you can get, it is important to compare and make the right selections.
How to choose the best two-wheeler insurance?
It is quite simple. A comprehensive two-wheeler insurance policy offers all-inclusive coverage. Hence, it is better to buy it over third-party policies. Apart from that, a bike insurance purchase should involve a well-researched and smart decision. Here are a few tips you can use to make a smart insurance buying decision.
Know your coverage requirement:
Before you shop for bike insurance, it is important that you make an assessment of your budget and requirements. It is also important to note that these are different types of coverages you can have for your bike. It is important to know the coverage your bike needs based on calculated usage factors. Once, you know the protection your bike needs, looking for bike insurance will get easier. Meanwhile, also look into the amount of premium you would be willing to pay for two-wheeler insurance coverage.
Understand insured declared value (IDV):
In simple language, IDV stands for the current market value of your vehicle. It is the sum of money that’s available to cover the loss or theft of a vehicle. Sometimes, your vehicle could get damaged beyond repair or stolen. Hence, you cannot get repairs done on it. This means there is no question of asking for coverage on repairs. Hence, this sum is paid as a compensation for the loss of you bike. As a vehicle gets older, its IDV will decrease. This will affect the premium that it gets. While the premium gets lower, it also means you would not get a higher amount money at the time of vehicle loss. * Standard T&C Apply
Apart from the above, looking for adequate coverage, comparing different policies, checking customer feedback are some of the important ways to ensure the right policy is sought. These are not only the things to consider when buying, but also at the time of bike insurance renewal. When buying, also remember that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.