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Dos & Don’ts of Buying a Two Wheeler Insurance Policy

Most would agree that two-wheelers are the most convenient mode of transportation. That’s why the number of bike and scooter owners in India are increasing exponentially. This renders two wheeler insurance extremely important for securing bike riders across the nation. However, you’re bound to be dizzied by the many bike insurance plans or options available in the market. Choosing the right insurance plan is as essential as purchasing the best scooter/bike. Considering the following suggestions will help you narrow down your options and select the best possible plan.

 

Dos

 

Know the types of two wheeler insurance

 

Your two wheeler insurance will come in a couple of variants viz. comprehensive and third party – both within the context of coverage. It’s compulsory to purchase third party insurance according to law, as it protects riders against third party liabilities. This insurance will also provide coverage to third party individuals for any injury or damages to property in case you are held liable for the accident. Comprehensive coverage, as the name suggests, covers both personal losses and third party damages.

 

Check for add-ons

 

Many insurance providers will offer the option of add-on’s to supplement your existing coverage. These additional services might be just what you’re looking for in an insurance plan. You might also stumble upon some attractive offers that’ll help you save a substantial amount of money. You can avail services like fuel assistance, flat tyre, towing facilities, etc. by adding add-ons to your policy.

 

Inclusions and exclusions

 

It’s critical to thoroughly understand the specifics of your two wheeler policy. There will be important clauses pertaining to no claim procedures, damage occurring due to specific incidents, riding under the influence of alcohol or drugs, and many more. Make sure to read the list of exclusions before selecting your two wheeler insurance policy.

 

Understand IDV

 

Insured declared value or IDV refers to the current market value of your two wheeler and its anticipated depreciation. On the basis of these calculations your premium will be decided. Hence, understanding this concept is extremely crucial.

 

Utilise insurance premium calculators

 

This will be available on your insurance provider’s website and will help you take a calculated decision.

 

Conduct exhaustive research

 

Make sure to compare the different two wheeler insurance plans and select the one which effectively services your needs.

 

Don’ts

 

Settle for a plan offering cheap premium

 

Lesser premiums don’t necessarily translate to adequate services. Many offers can be deceptive and may seem too good to be true. Be careful and avoid falling for such traps.

 

Ignore terms and conditions

 

Don’t quickly declare ‘I agree’ like how most people do after downloading apps or software online. Instead, listen to the insurance guy on TV reciting, “Read the offer document carefully before investing” or consult an expert.

 

Carefully note the expiry date

 

Make sure to renew your policy on-time to avail timely benefits. You don’t want to file a claim and then later discover that your two wheeler insurance has expired!

 

Now that you’re familiar with the dos and don’ts of purchasing your two wheeler insurance, commence your research today. You can apply for your two wheeler insurance online.

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