Buying an Online Two Wheeler Insurance - Do's and Don’ts

All of us understand the importance of two wheeler insurance. Correct? It is mandatory per traffic laws as well as equally important for your vehicle. Apart from the law, insurance for your two-wheeler safeguards you as well as your vehicle from unforeseen circumstances.

Understanding the concept of two-wheeler insurance

What happens is that we tend to purchase two wheeler insurance without knowing the facts and the clauses. Maybe we do it just because it is the penalties levied for not having one.

Two wheeler insurance is a type of insurance plan which covers the costs incurred in case of damage due to accidents, theft, etc. There are many aspects to understand before selecting insurance for your motorcycle or scooter. When it comes to buying insurance, the first thing that one needs to understand is about the different types of options. Lucky for us, there are just two of these, and the concept of either is easy to understand.

Here are the two types – 

Third Party Insurance – this insurance is mandatory if you wish to ride that bike of yours. This kind of insurance takes care of the expenses incurred due to injuries caused to the third party. So, if you hit someone’s car and put up a dent, worry not, third-party insurance has got it covered! However, it doesn’t include expenses incurred to fix your vehicle.

Comprehensive two wheeler insurance - this one is a combination of the third party insurance and also damage cover for your vehicle. In short, comprehensive insurance offers financial coverage for all expenses against damage to third party or your vehicle, for any damage to your vehicle due to natural or man-made calamities. The range of cover varies per provider. You can ensure your vehicle against disasters like fire, explosion, flood, earthquake, hurricane, riot, and many more options.

There is also a type of personal accident cover. This insurance covers the owner of the vehicle up to a certain amount of injury while riding the vehicle and also while getting on and off it. 

If the aforementioned is clear, let’s hop on to the next part! Which insurance should I opt for? I would go for the comprehensive type (though it is a bit heavier on the premium as compared to the third party).

Factors that might affect the premium you will pay

The premium that you will be shelling out for your preferred insurance type will also vary per some elements. Whenever you are ready to select any two wheeler insurance online, ensure that you make a list of the below before you research:

• Insured Declared Value of the vehicle to be insured. This is calculated on the Selling Price of the vehicle plus the accessories by the vendor minus the depreciation.
• The make and model of your vehicle
• The age of your vehicle
• Your vehicle’s engine capacity
• And, your area of residence (geographical location)

Once you have the list ready, embark on the search for the most appropriate insurance as per your needs. However, researching online is a tough job! Relax, we got you covered here 

Things you should avoid

• Selecting a policy just because it is cheap – just because some two wheeler insurance is affordable, you shouldn’t opt for it. The reason is that more affordable policies tend to have minimal cover and in the event of an unforeseen calamity, a good cover would obviously provide monetary backup.
• Skipping the Terms and Conditions – yes, I understand! If you’re the TLDR type, you might miss some crucial information and clauses by skipping the T&C. Try reading everything, then comparing the benefits. Once you have a clear understanding, you are good to add the policy to your cart.

Things you should check before buying the insurance

You learned about what not to do, let us now highlight the requisites, so your two-wheeler insurance buying process gets more comfortable.

• Selecting the type – you will need to filter your search by the kind of insurance that you want for your vehicle. You can opt for the third party. However, a comprehensive policy is highly recommended.
• Research the add-on features, if any – as there is a massive competition in the insurance market, service providers tend to offer lucrative add-ons and extra features alongside the primary plan. As the industry thrives for maximal customer satisfaction, you can opt for add-on features like roadside assistance, repairs, etc.
• Understand the coverage offered – You should have a clear understanding of the amount that you are eligible for in case of an unexpected occurrence. In addition to this, you will also need to have an insight of the factors impacting the sum covered. Knowledge of either would be beneficial for you while you file a claim.

Other than the above, you can also try comparing the quotes and benefits offered by service providers. More the data, better the decision! You might even want to check the customer reviews and claim efficiency/fulfillment records of the service provider.

Summary

The use of two-wheeler is more of a necessity than a luxury these days. Just as a full tank ensures that your journey isn’t hindered due to low fuel, two wheeler insurances provide that your finances are not impacted due to unavoidable calamities.

If you follow the above, you will surely be able to drill down the best option per your needs. Above all, securing the perfect deal is all about exploring, analyzing, and comparing the market.

Also Visit: PolicyBazaar Facebook Page