Looking for a two-wheeler insurance to protect your bike and yourself? Well, here’s all you need to know about the different two-wheeler insurance plans available online.
A Two-Wheeler Insurance is a financial coverage that protects your two-wheeler and you from all kinds of damages and losses in case of unforeseen events. Pick up an insurance policy wisely so that you don’t have to bear the expense of such damages.
A two-wheeler policy can be classified into Third Party Two-Wheeler Insurance and Comprehensive Insurance. It is mandated by the law that all owners of two-wheelers must possess a valid third party liability cover that offers protection only against injuries arising from any third party action. On the other hand, he right comprehensive two-wheeler insurance policy safeguards you from a huge financial loss in case of any unfortunate accident causing damage to the vehicle, physical injury to the rider, pillion, or the pedestrians, along with any third party involved.
If you resort to a Two-Wheeler Insurance Policy, you can be benefitted in several ways:
Like many other countries all across the world, it is compulsory by the Indian Motor Vehicles Act 1988 that every owner of a two-wheeler must possess an insurance policy to ride on the roads of the country. It is recommended that you carry at least a photocopy of your policy always to avoid penalty payments.
Your comprehensive two wheeler insurance policy can act as a protective shield in terms of financial loss if there is any incident of theft or vandalism, causing substantial damage to your vehicle.
Accidents on the roads have become extremely frequent nowadays, thereby increasing your financial burden as well. If you get an insurance cover, then you can get a substantial amount for accidental death or even a permanent disability.
Peace of Mind
Being financially protected against the damage repair costs will also give you peace of mind as you know the insurer has your back in times of an unfortunate event.
Comparing Two-Wheeler Insurance
Now that you are convinced why a two-wheeler insurance is absolutely mandatory, then you should make your choice regarding the best two-wheeler insurance. With so many options around you, this can be quite a challenging matter. But the process can be a lot simpler, if you compare the policies online and then choose the one which is the most suitable to your needs.
Ideally, you should take certain factors into consideration before purchasing an insurance policy online, such as:
- Type of Coverage (Comprehensive or Third Party Liability)
- Add-on Covers
- Cashless Network Garage List
- Insured Declared Value or the IDV
- Premium Rates
The Process of Comparing Two-Wheeler Insurance
In order to compare the two-wheeler insurance policies, you have to enter all the relevant details about your vehicle such as the variant, make, model, RTO location, date of purchase etc. After feeding all the details, you have to click on ‘Get Quotes’ to see the top-rated insurance companies feasible for your requirement. Then, you have to compare the details, features, and benefits of the insurance policies offered by these companies along with the premium rates to choose the one that is the best for you.
There can be several advantages of comparing two-wheeler insurance policies. We have enlisted some of them below:
- Seek the Best Plan
If you compare two or more insurance policies, you will understand the features and benefits of each one in detail, and therefore, will be able to choose the one that best suits your requirements. Save Your Money
Everybody has a set budget for their insurance needs. Moreover, it’s not wise to overspend your hard-earned money. If you make a comparison between the policies, then you will be able to select the one with the lowest premiums and the best coverage and thereby, save a lot of money.
- Insured Declared Value
If you go through the various insurance policies online, you will be able to know the insured declared value. You should always consider going with the insurer providing the highest IDV for your vehicle as this is the maximum that an insurer is liable to pay you in case of theft or total loss of your vehicle under a comprehensive two-wheeler insurance.
- Add-on Covers
Checklist for Comparing the Two-Wheeler Insurance
While comparing the insurance policies, you must check-
- Good Reputation of Claim Settlement
- Financial Capabilities
- Remarkable Customer Support
- List of network garages
Usually, such comparisons are free of cost and you can extract information including benefits, features, exclusions, and quotes which would otherwise be quite troublesome if one had to knock door to door of every insurance provider. This is the quickest, most effective, and simplest way to compare different two-wheeler policies online.