One of my friends recently met with an accident. Though he was completely safe, the other person involved in the accident was injured. The accident also caused substantial damage to the fuel tank of that person’s bike. My friend not only had to take care of the injured person but also had to pay for the repairs from his own pocket. When he was narrating this incident to me, I simply said, you could have avoided it all.
No, not avoid it by not riding on the roads at all. But avoid it by having an insurance. Getting a two wheeler insurance online these days is as simple as ordering clothes or furniture from online stores. If my friend had spent some time in finding out a suitable two wheeler insurance online, things would have been very different. He would not have to pay for the injuries or the damages to the bike. To buy the best two wheeler insurance, you need to look for a few specifics. The following are some of them.
Key points to Look for While Choosing a Two Wheeler Insurance
Before you zero down on your next two wheeler insurance, here are some factors you should take a closer look at.
- Insurance Type
Two wheeler insurance provides you with two primary types of insurance. A third party liability policy and a comprehensive insurance.
A third party liability policy is the most basic form of vehicle insurance and ensures that any injury or damage to third party individual or property is taken care of.
A comprehensive policy builds on the top of it. It packs in a ton of additional features such as own damage, personal accident cover, covers against natural calamities, covers against riots, theft etc. And a comprehensive insurance policy lets you get additional coverage in the form of riders or add-ons.
Insurers like riders who ride safe and do not meet with accidents. Insurers like them so much, that there is a discount for such riders. A NCB or no claims bonus is a rebate for riders if they do not make a claim their insurance policy. The discount starts at 20% for the 1st claim free year and goes up to a maximum of 50% in 5 claim free years. The most interesting part being, you can accumulate the discounts and transfer them as they are tied to the policyholder and not the vehicle.
- Cost of Premium
There are two major factors that decide the insurance premium of your bike, the engine capacity and location of registration. As the engine capacity grows, the premium amount also increases. Also, there are two zones which decide the premium costs. Zone A fetches higher premiums and includes places like Mumbai, Delhi, Pune, Kolkata, Bangalore, Ahmedabad etc. All other cities come under Zone B and have a slightly lower premiums.
Add-ons help you enhance the coverage of your policy by paying a nominal amount as premiums. But one must be judicious while deciding which ones to buy and which ones to skip. Add-ons such as zero depreciation cover, return to invoice, personal accident cover, and engine protector are among the most commonly preferred ones.
- Garage Network
Getting your bike’s servicing or repairs done at a network garage is easy and convenient. In network garages, you can avail cashless service and a host of other benefits. Don’t forget to take some time to find out if your friendly neighborhood garage is on the list or not.
Each insurer has a list of scenarios that they do not cover as a part of their policies. It is better to go through the exclusion list before signing the deal with your insurer.
How to evaluate the coverage offered by two wheeler insurance plans
When you are looking for two wheeler insurance online, you must take a close look at the tenure of the policy along with the premium that you are paying. A standard comprehensive two wheeler insurance online will cover most of the scenarios that you can throw at it. At least ensure to have a third party liability policy for your bike, though a comprehensive one is recommended.