Consider This Before Buying Your Online Insurance Policy

There are many factors that affect your premium, here are a few things to keep in mind before you buy your next insurance policy


Riding a two wheeler without two wheeler insurance is a huge mistake. But does “ANY” online two wheeler insurance policy do the trick? Short answer - No!

When you buy a bike, you compare its features, mileage, performance, price and other aspects. Shouldn’t you then do the same when your selecting your online two wheeler insurance policy? One way to do this is to ask your friends and family. But another, more credible way is to look up online two wheeler insurance websites and check for the best premiums, service and additional covers to suit your need. You may be spoilt for choice when it comes to buying an online two wheeler insurance policy. But while you are choosing, here are a few tips that would help to make the right choice.

We’ve listed a few key factors that you MUST consider before buying an online two wheeler insurance policy. But first, down to some basics.

Types of Two Wheeler Insurance

Comprehensive Insurance: When you buy an online two wheeler insurance policy for a comprehensive plan, it covers all the components of the third-party two wheeler insurance and own damage which includes injury or damage caused to you and your vehicle—. Additionally, you can purchase various added benefits (add-ons) which will vary from insurer to insurer.

Third-Party Insurance: Now, when you buy an online two wheeler insurance policy for third party, it only covers individuals, vehicles or properties who have been injured or damaged by the policy holder’s vehicle. It excludes any damage to the policy holder or their vehicle. This type of insurance is the most basic type of online two wheeler insurance available. This is the one that is mandatory.

Factors Affecting Your Online Two Wheeler Insurance Premium

Numerous factors can influence your online two wheeler insurance premium amount. Being aware of these factors can help you estimate your premium amount and select a right online insurance plan for you and your vehicle.

1) Where You Stay

Indian cities are divided into two zones for premium calculation. Zone A includes Ahmedabad, Delhi, Chennai, Hyderabad, Kolkata, Pune, Mumbai and Bangalore. The rest of the cities are included in Zone B. Zone A cities have a higher insurance premium than Zone B cities. More population means more cars, means more risk, hence higher the premium.

2) What’s Your Ride?

Your bike’s make, model, features and accessories will also affect the premium amount for your online two wheeler insurance. So, depending on your bike model, the cubic capacity (cc), and any added accessories (both electrical and non-electrical) or modifications made to your two wheeler, your premium amount will differ. Simply put, the higher the value of your two wheeler, the higher will be your premium.

3) What’s Are Your Details?

You matter too! The age and riding experience of the rider also affects the premium amount. The higher the age of the rider, and the more the years of experience they have, the lower will be their premium amount. You can also cover the pillion rider as a separate passenger in your online two wheeler insurance policy. This is highly recommended, especially if the bike is used as a family vehicle.

4) What Add On Covers YOU Need

Though your premium contribution will be minimally higher with each add-on cover, the risk will be minimized with each add on you move to your cart.

A) Coverage Offered

Every two wheeler insurance company will offer you a different sets of coverage and benefit. Some motor insurance companies go a step ahead and offer additional coverage such as:

● Road Side Assistance (Includes towing, on the spot repair, punctures, fuel assistance)

● Zero depreciation

● Hospitalization cover for the rider/pillion

● Engine protection

An online two wheeler insurance company may also let you pick through an à la carte version of additional covers on the website. This will be customized to your need. This is a great option, since an offline channel has intermediaries who may offer you covers at a bundled rate, that are not required for you at all. You can skip the hassles through an online insurance channel. So, check with the online two wheeler insurance company to understand the kind of coverage and unique benefits you will require.

B) List of Exclusions-

Just like everything else in life, there are exclusions even for insurance. Now when you are selecting an online two wheeler insurance policy, do not forget to check the coverages offered and exclusions. You should be careful as surprises at the time of claims will be very upsetting. Most irks about insurance revolve around the fact that the consumer couldn’t claim for a lot and ended up paying a whole lot more from their pocket. This is just like your insurance add on covers, every insurer will offer you different exclusions and covers. It’s best to check since it’s not just another statutory warning at the end of an advertisement. Reading the offer documents carefully before investing works with online two wheeler insurance too.

Start the hunt for the perfect online two wheeler insurance policy much in advance. But a word of caution is to do it before your old two wheeler insurance policy expires. If your two wheeler insurance has expired you are putting yourself in a high risk position.

So, the next time you consider buying online two wheeler insurance for your bike, don’t forget to consider these key factors before you click the ‘Buy’ button!

The views, thoughts, and opinions expressed in the artefact above are for marketing purposes only. Before concluding the sale, please refer to policy wordings and prospectus

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