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Two wheeler Insurance

There is no doubt to say that bikes have been an inseparable companion through all your journeys. Be it short or long distance, two wheeler is the most convenient conveyance option to look for; and most importantly, they are much affordable than the four-wheelers. But, the other side of the coin states that the joy ride comes with certain responsibilities too.

Life is damn unpredictable and no one knows what next will come their way. Therefore, it is important to take safety measures, if not to control the events, but to get protection coverage from unforeseen loss or damages.

According to the Motor Vehicle Act, it is mandatory to have at least third party insurance, which covers financial and legal liabilities caused to third party by the insured vehicle. In case of not having mandatory insurance policy or non-compliance of rules and regulations, it can lead to legal punishments including fines or prosecution or both. Therefore, having an insurance policy not only protects from legal liabilities, but also gives a sense of security while plying a bike on roads.

What is two-wheeler insurance policy?

Bike insurance is a policy or an agreement between an individual and a company which ensures coverage against losses or damages caused to the insured vehicle. A plan also safeguards against third party liabilities caused from the insured vehicle.

Types of vehicle insurance policies:

Third party cover – This plan is specifically designed to provide coverage to loss or damage caused to the third party by the insured vehicle. It is also mandated by the law to have at least third party cover. However, the policy doesn’t cover loss or damage for the insured vehicle and rider.

Comprehensive cover – This is similar to the third party cover, but the only difference is that it provides coverage benefits for the insured vehicle and rider too.

What is covered under an insurance plan?

a. Loss or damage caused to the insured vehicle caused due to natural calamities such as fire, lightning, cyclone, self-ignition, and flood.

b. Loss or damage caused to the insured vehicle caused due to man-made calamities such as theft, strike, burglary, malicious acts, and accident.

Things to look out before buying two wheeler insurance:

Manufacturing year of vehicle – Though most individuals not pay attention to this point, it is really important to it into consideration the manufacturing year of a vehicle. This is because; it decides the premium cost and coverage sum.

Premium – It is significant to look out for premium factor as it will affect a number of other factors too. According to insurance experts, the cubic capacity (CC) of vehicle’s engine is the primary determinant of the premium. According to Vehicle Tariff in India, there are basically three CC categories – up to 150 CC, 150 to 350 CC, and more than 350 CC; and the premium value depends on the category a vehicle belongs to.

Insured Declared Value – While opting for Third party insurance cover, IDV has to be calculated. IDV refers to the value of insured vehicle which remains fixed during the term of the policy. Its calculation is based on manufacturer’s listed selling price after adjusting depreciation.

No claim bonus – NCB or No Claim Bonus, is an additional bonus which can be availed when you have a claim-free policy term. NCB is offered as discount on the policy premium up to a maximum of 50% NCB can be accumulated.

Claim process – Settlement of claim, in case of damage or loss, is the most vital part of your plan. For this, you will have to inform your insurer for completing the necessary formalities and settle the claim. In case of third party insurance cover, the insurance company will settle the claim only for loss or damage caused to the third party or property during any unforeseen incident.

Tips to save on Bike Insurance Premiums or Costs:

Excitingly, sale, discount, and offers are terms that always lure us. These terms certainly makes the experience thrilling and alive. This is because they can imply cost saving and making the pockets happier. And, when it comes to buying best two wheeler insurance policy, these terms actually works magic. Since, it is mandatory to have vehicle insurance policy, here are certain tips to save on overall insurance cost.

Buy online – The reason behind flourishing digital platform is the fact that online marketplace helps in saving certain pennies on purchase of goods and services. And, online bike insurance remains no different. It is undoubtedly difficult, if not impossible, to visit every insurance company, get quotes, and buy the policy through traditional method. However, doing so online is just a matter of few clicks, which saves time, energy, and of course, money. Comparing and buying the best insurance policy online is certainly easy, convenient, and hassle-free. Hence, the point tops the list on tips to save on vehicle insurance.

Choose long-term policy – IRDAI (Insurance Regulatory and Development Authority) has made essential amendments in regards to bike insurance policies, which now allows getting long-term policy plans. Contrary to one-year insurance plan, two wheeler policies are offered for tenure of up to 3 years. While going with a long-term policy plan, one can avail attractive premium discounts for up to 15 to 20%. Also, it gives peace of mind as there is no need to follow policy renew date every year.

Claim NCB discounts – If during an entire policy term, a policyholder didn’t made any claims, then they are liable to get No Claim Bonus (NCB) discounts on premium value at time of policy renewal. NCB discount rate increases for each successive claim free policy term and can go up to 50% discount on premium value.

Opt for voluntarily deductibles – Voluntary deductible is the amount which a policyholder chooses to pay in case of any claim being made to the company. The amount is usually higher than the compulsory deductible already mentioned in the policy’s term. While opting for voluntary deductible, the company’s liability towards the claim is lowered and this benefits in the policy owner in long run.

Bottom line

Two wheeler insurance policies provide security and protection from unforeseen events causing loss or damages. Therefore, having a vehicle policy is mandatory to enjoy stress-free ride. But, before getting the one, it is important to go through certain comparison between the policies and follow tips to make pockets happier.