Before you buy a 2 wheeler insurance, you should be aware of some lesser known facts. You can ride smoothly only when you know your two wheeler in and out – accelerator, brakes, gear, etc. Likewise, when you are aware of the basic details of your 2 wheeler insurance, you can make the best out of it. Plus, you save money.
This post intends to help you to know not only the details of a two wheeler insurance policy but also save money.
Know your 2 wheeler insurance policy
A two wheeler insurance policy acts as a protective cover. It works as a financial aid in case of any loss or damage arising to the insured 2 wheeler due to any unfortunate incident or losses incurred to the third party by the insured 2 wheeler.
Here’s why you need a 2 wheeler insurance policy
For a simple reason, you don’t want to dig a hole in your pocket. In case of an unfortunate incident, that may cause damages to your bike. You will end up paying a high amount of money if any such unfortunate eventualities occur. Besides, it’s illegal to ride a two wheeler without a third party insurance policy. A third party policy covers you against any third party liability.
Don’t forget why you need a third party 2 wheeler insurance
First of all, it is mandatory to have a 2 wheeler insurance as per the Motor Vehicles Act, 1988. Second, as the owner of an insured two wheeler, you stay financially protected against any bodily injury, loss or damage that may incur to a third party due to your vehicle. The insurance company pays the coverage if such an eventuality occurs.
And yes, it also offers a personal accident cover for the owner. This personal accident cover comes with coverage up to Rs.1 lakh for the owner, only on a yearly premium of Rs.100. In case of an accidental death or dismemberment, the insurance company covers you financially.
Act on the fact that you need a comprehensive insurance coverage
A simple act of going for a package or comprehensive policy for your 2 wheeler insurance is what you need to protect your two wheeler. A comprehensive or a package policy provides full coverage to your two wheeler. It provides financial protection in case of any loss or damage that may happen to your own two wheeler.
A comprehensive policy comes complete protection cover against any natural or man-made perils including theft.
What else should you know about 2 wheeler insurance?
- The key to the right comprehensive plan is, knowing the Insured Declared Value (IDV) of your 2 wheeler. IDV is the current market price of your 2 wheeler. Not only that, it is the maximum amount of money that you can claim, and an insurance company will pay at the time of claim. Choosing a right IDV is important. IDV impacts your premium. Lower the IDV, lower the premium. However, the lower IDV may not be helpful at the time of claim. Remember, it is the maximum amount you can claim. So, always try to opt for the maximum IDV, unless situation doesn’t allow.
- When you buy a comprehensive or a package policy, you have an option of widening the policy coverage by buying add-on covers. Add-on covers are optional paid features that help to expand the scope of the coverage of your two wheeler insurance. But buy only those add-ons those are necessary.
- You can easily buy a 2 wheeler insurance online, with few clicks you receive your insurance policy in your inbox within minutes.
- Whether buying for the first time or renewing your policy, always compare 2 wheeler insurance plans online.
- You can save money:
- If you install an anti-theft device on your two wheeler.
- If you opt for a voluntary deductible.
- If you lodge no claims during a policy period, you are eligible for a discount that all insurance companies offer, known as a No Claim Bonus.
- When you buy a long term policy.
- When possible always opt for a long term 2 wheeler insurance. A long term policy helps you in lot many ways. It helps you to save money and saves you the trouble of forgetting your yearly renewal.
I hope this post related to 2 wheeler insurance helped you to know the basics of the two wheeler insurance policy and also how you can save money. So, insure your 2 wheeler instantly and stay protected.