Two wheelers are a common mode of transport on Indian roads. Having a two wheeler insurance is a must, according to the Motor Vehicle Act, 1988. Having an insufficient two wheeler insurance cover is as good as having no insurance cover at all. Hence, it is important to compare insurance offers and clauses to ensure that you buy the right two wheeler insurance that caters for your needs. Two wheeler insurance purchase should be a well-researched decision that incorporates your requirements.
Here are tips to help you choose the right two wheeler insurance cover.
1. Understand your coverage requirements
The first step towards choosing the best two wheeler insurance is assessing your insurance requirements and budget. Based on your budget and requirements, you can go for a comprehensive cover or a third party cover. Choose the two-wheeler insurance plan that offers the right coverage in regards to how you use your two-wheeler, its recurrent expenditures and existing liabilities.
2. Know your bike’s cubic capacity
A bike’s cubic capacity is an important factor that determines the amount of premium to be paid. If your bike’s cubic capacity is high, then your premium charges will also be high.
3. Know the insurance declared value (IDV)
Insurance Declared Value (IDV) is the current market value of a two-wheeler being insured. As such, it is the maximum sum insured and is determined when purchasing a two-wheeler policy. It is also the amount your insurance provider will pay in case of theft or total loss of the two-wheeler. As your two-wheeler ages, the IDV reduces, and in turn, you pay lower annual premium charges.
How to Recognize the Right Two Wheeler Insurance
Just like other products, there are factors that help you identify the right two wheeler insurance. They include;
Coverage defines what a two wheeler insurance plan covers. The right insurance plan should cover all your requirements. For example, the standard and legally required two wheeler insurance covers third party liability only. Though your budget may be insufficient, it is strongly advised to get a comprehensive two-wheeler cover that caters for basic third party losses as well as accidental damages.
2. Positive online reviews
Go through insurance comparison websites like Coverfox.com to read reviews by verified customers who share their experiences with different two wheeler insurance providers without prejudice. The right and reliable two wheeler insurance providers will have a substantial number of positive client reviews either because they settle claims promptly, handle clients professionally or offer competitive premium discounts.
Riders/ insurance add-ons make your two-wheeler insurance cover more exhaustive. Hence, the right two wheeler insurance will allow you to include riders but at an additional but affordable cost. Common riders offered with two wheeler insurance policies include; zero depreciation cover, personal accident cover and towing cover among others.
Features of the Best Two Wheeler Insurance
1. Network garage
Network garage is a motor garage that work in conjunction with a two wheeler insurance provider to offer repair services to their customers. If your two-wheeler is repaired at any of the network garages, the insurance provider caters for all the incurred expenses. So, look for the quality and number of network garages your insurance provider offers. A wider network offers numerous repair location options and above all, ensures quicker settlement of repair claims.
2. Reputation of the insurance provider
Though different clients will have different experiences, always look to work with a trustworthy and reputable insurance provider. You can determine this by examining the claim settlement ratio and efficiency of how the address their client issues. Working with a reputable two wheeler insurance provider ensures that you get a hassle-free and efficient claim process.
3. Customer service and support
Your insurance provider should be available to assist you when unforeseen situations like theft or accidents arise. Therefore, the best two wheeler insurance will offer 24/7 customer support. This gives you the freedom to contact your insurance provider whenever you need their assistance.
Why Buy the Ideal Two Wheeler Insurance
Purchasing two wheeler insurance should not be taken as a compulsory legal expense, but a way of guaranteeing financial security in case anything happens to your two-wheeler. Therefore, it is advisable to spend time conducting research to determine the ideal two wheeler insurance policy based on your location, nature of work and financial position. The ideal two wheeler insurance offers peace of mind in case an unfortunate event occurs.