In India, purchasing a two-wheeler insurance coverage is required for a very long time. Because it is so important, the government has mandated that buyers of new bikes get five-year long-term insurance coverage. It seems logical that purchasing bike insurance shouldn’t be taken lightly, given the importance placed on purchasing coverage and safeguarding your funds.
You should choose your insurance provider independently rather than relying on the bike dealer. Keep in mind that purchasing bike insurance is required. You can purchase your own coverage independently and without a dealer’s assistance. Here, we’ll review several issues you should pay attention to while purchasing bike insurance. Let’s get going.
Details to consider while purchasing two-wheeler insurance
- Type of policy
Motorcycle insurance coverage comes in two different types: Bike insurance for third parties and comprehensive bike insurance. You must choose which kind will best fit your requirements. The third-party policy will cover only losses or injuries you cause to third parties. However, complete coverage will pay for both your personal harm—that is, damage to your bike—and damage to third parties. Compare two-wheeler insurance to see the specific differences. According to experts, you should always get comprehensive insurance since, in the case of an accident, it provides more coverage and spares you from paying a hefty amount of money.
- The worth of your bike
The cost of your comprehensive bike insurance is calculated beginning with the bike’s current market value. Knowing your bike’s general market worth will simplify calculating the Insured Declared Value (IDV). If your bike is a high-end or sports model, it will have a higher IDV. IDV and insurance costs will be cheaper if you own a simple 110cc motorcycle.
Knowing and understanding the coverage of the vehicle insurance policy is the most important thing to keep in mind when choosing a policy. You will receive greater coverage if you buy motor insurance policy online. Typically, a complete policy provides the following protections: Theft cover, Fire accidents, Natural disaster damage from floods, earthquakes, landslides, etc., and damage brought on by man-made disasters, such as vandalism and rioting, third-party damage, the liability of third parties, etc.
Your claim will be turned down if your policy does not cover the damage. By going to the insurer’s website, you may verify the coverage of your two-wheeler insurance purchased online.
Both the coverage and the exclusions of your insurance should be understood. You need to be aware of the circumstances in which you cannot make a claim. When purchasing your bike insurance coverage, the policy paperwork will also list a checklist of exclusions. These are some typical exclusions:
- Breakdown of the mechanical or electrical parts
- Regular deterioration
- A two-wheeler accident that occurs while the rider is under the influence of alcohol or drugs
- Damage that occurs outside of defined boundaries
- The harm caused by nuclear reactions, etc.
You may examine the exclusions of your online two-wheeler insurance policy on the company’s website, just like you can for coverage.
- The reputation of the insurance provider
A trustworthy insurer must provide you with two-wheeler insurance. This will be beneficial while submitting claims. When you really need them, if the return policy, services, product features, etc., don’t live up to your expectations, it will be frustrating. As a result, pick your insurance carefully. Before purchasing your insurance, check for the company’s reputation. These days, social media is the best platform for finding out how satisfied previous customers were with their two-wheeler insurance purchases made online.
Use third-party comparison websites to examine the coverage and premium rates if you’re unsure how to buy motor insurance policy for your vehicle. You will avoid a lot of future difficulties and find long-term value in learning the phrases related to auto insurance.
Visit the Apna Mechanic website, provide your information, and their sales staff will send you a link for comparing bike insurance if your current policy is about to expire and you want to transfer to another insurer. Select the bike insurance plan that best satisfies your demands and financial constraints.