Considerations When Buying A Two-Wheeler Insurance Policy
Because of their affordability, efficiency on congested roads, and low maintenance costs, two-wheelers were popular in India even before the COVID crisis. That is why one must buy bike insurance to stay protected when many vehicles are on the road.
However, many two-wheelers are uninsured. The General Insurance Council of India (GIC) reports that nearly 60% of motor vehicles in India, primarily motorcycles and scooters, are uninsured. Considering that over 5 lakh road accidents occur in India yearly, resulting in over 1.5 lakh people breathing their last, this huge percentage of uninsured two-wheelers becomes even more problematic. Thus, two-wheeler riders must be adequately protected. If something goes wrong, the right gear and a comprehensive bike insurance policy cover you financially.
A comprehensive bike insurance plan protects the vehicle from theft, vandalism, and natural disasters. Riding without insurance is illegal in India. The government has also amended the Motor Vehicles Act to crack down on uninsured drivers. The new laws have harsher penalties and fines for violations.
Why Renew Your Bike Insurance on Time?
Buying bike insurance helps avoid harsh penalties under the new Motor Vehicles Act.
In an accident, your insurance will cover the repair costs. Accidents, natural disasters, and theft are all covered by your insurance.
Keep NCB active*
Suppose you renew your two-wheeler insurance policy on time. In that case, you can continue to enjoy the no-claim bonus (NCB) benefit, which reduces your policy’s premium if you haven’t made a claim in the last policy period.*
Assess your two-wheeler insurance needs before buying. Comprehensive and third-party bike insurance are the main types. The former covers third-party legal liabilities only, while the latter covers third-party liabilities, personal accidents, vehicle damage, and theft. Comprehensive insurance is better than a third party if you can afford it because it covers your losses.
Coverage, not price, should guide your policy purchase. To get a reasonable price, don’t sacrifice coverage.
Many policies allow policyholders to customise them with various riders. An example of this can be the zero-dep insurance for the bike.
Insured Declared Value (IDV)
IDV must be understood before purchasing a policy. Your two-wheeler’s market value is IDV. The IDV accounts for two-wheeler depreciation over time. Over time, premiums decrease. Make sure the IDV stays within your vehicle’s market value. Because in such a case, you may save money on premiums, but it also reduces the insured value you can claim in the event of a mishap. * ##
Even if you’ve researched, checked all the boxes, and picked the right two-wheeler insurance plan, if your claim is settled slowly, it may all be for nothing. You need an insurer that settles claims quickly and easily. Online payments can compromise credit or debit card information, so the right insurer is essential.
Renew on time
Letting a policy lapse is the most common mistake. Avoid that because it leaves you unprotected, raises your premium, and voids your no-claim-bonus. Always be punctual about your bike policy renewal.
* Standard T&C Apply
## All savings are provided by the insurer per the IRDAI-approved insurance plan. Standard T&C apply
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.