In India, two-wheelers are popular because of general affordability and the ease of mobility that they offer. However, while they are greatly useful for millions in the country, they are also come with their fair share of vulnerability. Being a bike-owner, you are potentially exposed to a variety of risks towards yourself and your bike. Accidents, theft and natural disasters can often neither be predicted nor be controlled. Hence, having a bike insurance policy is absolutely necessary. Moreover, to not carry a bike insurance policy is also a punishable offence.
Today, there a variety of bike insurance policies that you can avail of. While most of these can keep you secure, it is nonetheless very important to choose the policy that is right for you. While there are a variety of third-party insurance policies available in the market, it is advisable to invest in a comprehensive policy that will provide you with adequate security while also being flexible. Below, we will look at some of the factors to be considered while choosing and buying two wheeler insurance.
How to Choose the Right Insurance Policy
There are a range of two-wheeler insurance policies available such as those offered by Bharti AXA and others. While there are many third-party two-wheeler insurance policies available, it is always advisable to go for a comprehensive plan. The following are some of the things that you should consider while choosing and buying two-wheeler insurance.
- Coverage Specifications: While choosing a two-wheeler insurance policy for your bike, you need to make your choice according to your budget and what you believe to be your specific requirements from it. Choose a comprehensive policy based on your current liabilities. Simply put, what may work for somebody else may not work for you.
- Two-wheeler Cubic Capacity: When choosing bike insurance, the cubic capacity of your bike’s engine is an important factor determining the price of the premium that you will need to pay. The price of premium is directly proportionate to the “cc” of your bike and therefore, a higher cubic capacity will mean a higher premium and a lower one will mean a lower premium.
- Value declared by Insurance: The cost of your bike as declared by the current market value is known as the Insurance Declared Value (IDV) and this equals the total cost that will be need to be paid in the case of theft or irreparable damage to your bike. However, as the age of the vehicle increases, the IDV decreases and this will automatically result in decreasing premium every successive year.
- The Insurer: It is important to choose the right insurer for your two-wheeler. While you can avail of third-party insurance, it is best to get a comprehensive insurance policy for your bike.
- Reviews: While online reviews can sometimes be very misleading, they can also be extremely useful, especially while trying to choose a good insurance policy for your two-wheeler.
It is advisable not to hurry while getting two-wheeler insurance. Keep in mind the above factors while choosing insurance for your bike and opt for only the best insurance companies in the market.
