According to the Indian law, if you own a bike it mandatory that you should own a two-wheeler bike insurance. So, most people have a two-wheeler policy, but they do not know the importance of researching and choosing the right one. Bike insurance policies go deep and you need to have a basic knowledge to choose the policy which suits you. When you choose your two-wheeler insurance policy, there are few things you must know. First is, there are two types of two-wheeler policies that you will come across often. Two Wheeler Insurance Policy | Image Resource : indiamart.com Comprehensive Bike Insurance Policy – This insurance policy covers for both third-party liabilities and for personal losses for an extra premium.
Third-Party Insurance policy – Unlike the comprehensive plan, this plan only covers for the losses incurred to the third-parties. It does not cover for the personal losses. On the bright side, you only need to pay a lesser premium. Things You Need to Know while Buying an Insurance Policy Apart from knowing the types of two-wheeler insurance policy, there are a few other things that can help you understand about insurance policies. Choosing the type of two-wheeler policy: It is always recommended to go for a comprehensive plan, but considering the fact that you need to pay an extra premium, it is always best to calculate your expenses and analyze whether you can meet both ends. If it is not affordable then you might be better of getting a two-wheeler policy. Comparing insurance policies: Comparing two bike-insurance policies can give you a better understanding about the pros and cons of the two insurance policies. Not all insurance policies have the same terms and conditions. It may vary with insurance providers. Limitations in Coverage: Some insurance policies have certain coverage limitations which prevent the insurance providers from paying the claim. Therefore, it is recommended to read the terms and conditions and scan for such limitations. This can prevent confusions in the long-run. Garage Network: Having a wider garage network can be very useful. It enables you to avail facilities in those garages and having an affiliated garage in the places you visit regularly can help you. Cash-less service: This feature is provided by most insurance providers and goes well the large garage network mentioned above. This let the insured avail cashless services if the bike is taken to one of the affiliated garages. Once again, having a wider garage network can be really useful. Riders: You can add riders or add-ons to your insurance coverage. But it comes with additional premium for each add-on separately. Add-ons like accident coverage, zero depreciation, road-side services etc. are just a few to name. There are more things you can do to learn more about bike insurance, but given above can help you get a good understanding about two wheeler insurance policy.
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March 2022
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