5 Interesting Facts about Two Wheeler Insurance

Before buying a bike, there are a lot of factors that need to be considered - like its brand, cost, design, model, mileage, cubic capacity and other configurations. When you buy a two-wheeler, you all want to use it through city roads, want a good average, save fuel cost and amid all this; it goes through some wear and tear. Therefore, to safeguard your bike or a two-wheeler, it’s imperative to have it insured. While buying the bike, flipping through some two-wheeler insurance policies is not a bad idea. 

Either we think about it or don’t at all. Many of us forget to even consider it; instead we do it because it is mandatory to have our vehicle insured, before it hits the road. And, in a hurry, we might end up selecting from any policy which the dealer may offer us, without even knowing the basic facts which every vehicle owner should be taking into consideration. 

The enthusiasm of driving your own bike is shown not only by purchasing it, but also by insuring it. Pamper your two-wheeler by buying an insurance policy to ward off the financial loss you might face in case of any unforeseen circumstances like an accident or theft. Ensure a safe ride by simply buying an insurance policy for your two-wheeler.

Here are 5 interesting facts that you should know about your two-wheeler insurance. 

1. Types of Inclusions: Ensure that your policy covers following parameters, including any physical damage to your or third party vehicle, accident cover or injury to you or third party, death and other unforeseen damages which may incur.
   
2. Premium Cover: Your two-wheeler’s premium amount varies on a number of factors, including your bike’s cubic capacity (cc), for example, if your bike is 150cc, its premium will be quite less as compared to a 350cc bike. The premium also varies based on the city of purchase, for example all the metro cities, would have a higher premium as compared to tier 2 cities.
   
3. Coverage Inclusions: The insurance policy provides cover from a number of things like - crash cover, theft, wreckage and fire cover. There are policies which insure the pillion rider as well. Select the one which meets the best of your requirements.
   
4. Third party insurance - It will provide you cover from third party or an uninsured rider. In case the person you met an accident with, has not got his two-wheeler insured, or his policy is lapsed or needs a renewal; in those circumstances a third party insurance cover can be claimed and save you off all the expenses. Also check the cap on third party insurance, as it varies from vehicle to vehicle and also a number of other possible factors.
   
5. Ownership – In case you buy a second hand bike or sells yours to someone else, in that case you would need to transfer your insurance to the new bike owner, and needs to be informed to the insurer with all the necessary two-wheeler insurance details. And in case you buy a brand new bike of the same value, then also, the same policy can be substituted for the new vehicle and the premium would be attuned on pro-rated basis.

Also check for ‘No Claim Bonus’ in case you do not claim your policy, and as the number of years increases, so does the benefits, with an upper limit attached to it.

Also Visit PolicyBazaar Wikipedia