Two-wheelers are very popular in India. Many people use two-wheelers to commute on the roads in any place across the country. That is because they are more practical and less expensive to operate than cars. They can get around faster and are more comfortable to handle. They also offer various advantages on the road. Two-wheelers are also more fuel-efficient. Despite the benefits of riding a two-wheeler, it cannot be ignored that they are also very dangerous. In many cases, they end up causing fatal injuries.
When buying a two-wheeler, many factors are usually used to evaluate its worth. This includes design, performance, and price, among many others. However, many more elements can be used to make a better decision. Even after you have picked the bike, there are still some things that you need to consider before buying it. One of these is making sure that you are covered for the damages that can happen to it after an accident. Hence, you need to buy bike insurance online, and you need to buy it right.
Types of two-wheeler insurance
There are three types of two-wheeler insurance you can buy in the country. They are:
Third party two-wheeler insurance
Third party two-wheeler insurance is the minimum and mandatory level of insurance coverage you should have in India. It helps you cover any liabilities you may fall under due to a bike accident. It is designed to give financial compensation for any damage caused to a third party’s property or any injury caused to the third party themselves.
Standalone own-damage two-wheeler insurance
While third-party policies offer coverage directed towards another individual, they do not cover any damages to your vehicle. A Standalone own-damage two-wheeler insurance policy is purely designed to protect just your bike. Any damage may take in an accident, and the policy will cover its repairs. However, it will not cover third-party liabilities.
Comprehensive two-wheeler insurance
Comprehensive two-wheeler insurance lives up to its name and offers inclusive coverage to your bike. This means it provides near-universal coverage to your motorcycle in the case of accidents or mishaps. It provides protection for third-party liabilities as well as damages to your bike when an accident happens. Moreover, it gives you access to numerous additional pieces of coverage known as add-ons. These add-ons offer a unique range for specific situations. They can help you personalize your two wheeler insurance.
While the above descriptions give you a basic understanding of the different types of two-wheeler insurances, there is still much more to know. There are many elements to look at and many factors to consider before buying a policy online.
Tips to keep in mind while buying two-wheeler insurance
There are many options for two-wheeler insurance, so you must shop around and compare the plans offered by different insurance companies. The best way to go about this is to go to third-party comparison websites first. Compare other programs offered by various companies. Then you can select the insurance provider that offers the best plans for you and looks more into them through their website and other mediums.
Give the correct details.
Your two-wheeler insurance policy is a vital document. It helps you seek coverage when you need it and allows you to drive safely and legally on the road. Hence, it should have all the correct details that would be required. Therefore, you should ensure that you give the correct information while buying the policy.
Pay attention to insured declared value (IDV)
The IDV of your two-wheeler is the market value of your vehicle at the time you purchase the policy. However, it is also the payout you would receive if you ever lose your bike. It is meant to act as compensation for the loss. Hence, this amount must be set right. It would help if you found a balance between the IDV that your insurer offers and the one that you would ideally want. The IDV also affects your premium. Hence, you have been extremely careful.
Calculate the premium
The premium details, including taxes, are mentioned in the policy document. This ensures that the exact amount is charged from you at the time of purchase and renewal. However, it is better to be prepared. Hence, it would help if you used the premium calculator present on the insurance provider’s website before purchasing the policy.