Things to know about two-wheeler insurance policy

3 min read

Insurance is a technical concept. This is the primary reason that many individuals lack the essential knowledge about the subject. But one thing that every bike user knows is that nowadays maintaining valid insurance is mandatory as per the Motor Vehicles Department rule. Before you purchase a policy, you have to consider certain major factors.

Types of Two-wheeler insurances policies

Two wheeler insurance policy plans can be classified into two types:

  1. The third-party policy covers all sorts of financial liabilities and bodily injuries that have been incurred by your vehicle to a third party.
  2. The comprehensive policy covers the third party liabilities for any sort of inflicted damage caused by your vehicle along with all the damages suffered by you and your vehicle. It even pays for the repairs needed due to theft, damage caused by man-made issues and natural calamities as well.

Available add-ons in two-wheeler insurance policy

The comprehensive plans are lucratively designed with several types of additional benefits, technically termed as add.-on. Compare two wheeler insurance policy online to grab the best deal. Some of the popular Add-ons include:

  1. Zero depreciation coverage:
    During the claim of the replacement of the bike’s parts, the insurance company pays off all the costs calculated as per depreciated value. Zero depreciation is such a benefit that negates the effects of depreciation, which means the company pays for the entire costs.
  2. NCB protection stands for No Claim Bonus that is applicable in case of a claim-free year. You can consult insurance brokers online for exact clarification.
  3. Passenger cover is an optional add-on that you can add to your plan as damage coverage for the pillion. It becomes helpful during the accidental death /disability of the pillion.

 

Discounts on two-wheeler insurance policy

You can enjoy certain types of discounts on the premium value of the plan by online purchasing of the plan, during the installation of the safety devices; by using the accumulated NCB or while buying a long-term policy. You can also avail insurance brokers online.

Claim settlement process on two-wheeler insurance policy

The claim settlement procedure is one of the most vital steps in this field:

  1. Firstly, you must inform the concerned company while seeking a claim
  2. Take the concerned vehicle to the nearest garage, one that needs to maintain a tie-up with the insurer. This is essential for cashless claim settlement. For non-networked garages, you have to bear the repair costs initially, which gets reimbursed by the company later on.
  3. You have to file an FIR in case of theft of the bike
  4. As you inform the company an appointed surveyor will visit you, after which the repairs will start.
  5. Once the repairs are complete, the company settles the bill.
  6. If the bike is stolen or damaged beyond repairs, the company pays the IDV as your claim of two wheeler insurance policy.
  7. Compare two wheeler insurance policy online to settle for the best.

 

IDV on Bike insurance policy

IDV stands for the current market price of the concerned vehicle, i.e., the maximum limit that you can claim during the complete loss of the bike.

Premium of Insurance Policy

Depending on the engine capacity of the bike, the premium value is decided. There are three categories—0-150 cc, 150-350 cc and 350 cc and above. You can also avail insurance brokers online for detailed confirmation.

Riders in Insurance Policy

In case, you feel that the current plan coverage is not sufficient enough, you can extend it by adding riders to it, costing an extra premium value. You can consult insurance brokers online for detailed clarification.

Compare Online before Buy Two-wheeler insurance policy

You can compare two wheeler insurance policy online for buying the best. It is fast, simple, cost-effective, hassle-free and requires minimal paperwork. You can do your research about different plans and companies before buying.

These are the principal factors that you need to consider before buying a two wheeler insurance policy.

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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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