Purchase A Two Wheeler Insurance Policy In Six Easy Steps

Buying A Bike Insurance Policy Is Not A Hassle, Especially If You Follow These Steps

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The thrill of riding a two wheeler is different than the one you experience while driving a car. The feeling of air hitting your face is indescribable. Not to mention the convenience that comes with navigating congested roads on a two wheeler. Even if you have a car at home, there are days when you just want to ride your two wheeler to work or to the movies.

Even if you don’t ride your motorbike as often as your car, it is still essential to have a two wheeler insurance cover just like you have a car insurance policy. According to the Motor Vehicles Act, it is compulsory for every vehicle to have third party insurance. So, if you are caught riding your bike without third party two wheeler insurance, you will be penalized by traffic cops. A two wheeler insurance policy not only saves you from paying a fine, but also protects you from monetary losses due to accidents. If you are not sure how a two wheeler insurance can protect you, let’s look at this example. You hit a pedestrian while riding your bike. You are obliged to take the person to the hospital. Once you reach the hospital and get the person admitted, the doctor tells you about the injuries that the victim has received, and presents a bill to the tune of about Rs one lakh. Now, if you have a two wheeler third party insurance, your insurance company will pay claims for any bodily injuries caused to a third party. On the other hand, if you don’t have a third party insurance, which is mandatory by law, not only can you be fined for it, but you will also have to pay for damages or bodily injuries to the third party. If you have comprehensive bike insurance, your insurance provider will pay for damages caused to your insured vehicle along with bodily injuries to the third party.

Now, that you understand the importance of two wheeler insurance, here’s how you can purchase it in five easy steps:

1) Know your requirement

The first step towards buying any product is knowing your requirement. There are two kinds of two wheeler insurance policies available in the market: comprehensive two wheeler insurance and third party bike insurance. If you use your two wheeler regularly, the ideal insurance cover for you is comprehensive two wheeler insurance as it will not only protect you against claims made by third parties but also pay for damages to your insured two wheeler. If you bike is over 10 years old, and is mostly parked in the garage, then you could consider buying the third party two wheeler insurance cover. Even as you understand your requirement, it is important to know what you are buying. Therefore, take some time out to read about basic motor insurance terms such as Insured Declared Value (IDV), No Claim Bonus (NCB), zero depreciation add-on cover. Did you know that you can earn discounts on your two wheeler insurance policy renewal if you have NCB accumulated on your two wheeler insurance policy? You will be able to make the most of your two wheeler insurance if you are familiar with commonly used motor insurance terms.

2) Buy two wheeler insurance online

Now, we want to buy everything online from groceries to even homes, so why not motor insurance? Years ago, buying two wheeler insurance online seemed like a distant dream, but today this is absolutely possible. You can buy bike insurance online from the comfort of your home or office anytime. If you need help with your two wheeler insurance purchase, you can even contact the customer care through various means such as chat, phone, email.

3) Determine the IDV of your bike

IDV is the maximum amount your insurance provider will pay you in case of theft or total loss of your bike during an accident. Therefore, determining the right IDV for your two wheeler is crucial. It shouldn’t be too high or too low, but in accordance with the present market value of your bike. Also, higher the IDV, higher would be your two wheeler insurance premium.

4) Pick add-on covers as per your need

You can enhance the coverage of your two wheeler insurance policy by choosing add-on covers. Add-on covers or riders are available at an additional cost, and can only be added to comprehensive two wheeler insurance policy. You can choose from many add-on covers such as zero depreciation, engine protection and roadside assistance.

5) Read your policy document

Often, while purchasing the insurance policy we overlook the policy documents. But, in fact, this is one of the most important documents that you need to read before buying two wheeler insurance online. The document will help you understand not only what is covered under your policy but also the exclusions, so you are not surprised at the time of making claims. You can also know about the terms and conditions of your insurance policy.

6) Make the purchase

Once you have understood everything about your two wheeler insurance policy, the final step is actually buying the cover. You can close the deal by entering your vehicle and personal details and payment details. Once the payment is accepted, the policy will be mailed to you within minutes.

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