There is no place in India where you would not see people commuting with bikes. Two-wheelers are one of the most, if not the most, popular vehicles on Indian roads. 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 benefits it offers, two-wheelers are also very dangerous. They put 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 designs, mileage, price, etc. However, there is much more to buying a bike than just these things. The purchase of a motorcycle does not end when you drive out of the showroom with it. As important as it is to choose the right bike for yourself, it is also essential 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 are countless accidents involving two-wheelers. Many of these prove to be fatal. Due to the lower physical protection 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 essential 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 mandatory for a vehicle owner per the Motor Vehicles Act 1988. This means that riding a bike without a valid insurance policy is punishable by law. However, only third-party bike insurance is compulsory according to the same direction. Since the third-party cover is cheaper, people buy that to avoid legal trouble and save money. But, it is essential to understand that purchasing bike insurance is not just about fulfilling a formality; it is about protecting yourself and your vehicle. Comparing and making the proper selections is essential to have the best coverage you can get.
How to choose the best two-wheeler insurance?
It is pretty 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 intelligent decision. Here are a few tips you can use to make a smart insurance buying decision.
Know your coverage requirement:
Before shopping for bike insurance, you must assess your budget and requirements. Knowing the range your bike needs based on calculated usage factors is necessary. It is also important to note that you can have different coverages for your bike. Once you see 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 available to cover the loss or theft of a car. 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. Accordingly, this sum is paid as compensation for the loss of your bike. As a vehicle gets older, its IDV will decrease. This will affect the premium that it brings. While the tip gets lower, it also means you would not get a higher amount of 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 important ways to ensure the right approach is sought. These are the things to consider when buying and 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 the sales brochure/policy wording carefully before concluding a sale.