Two-wheeler insurance is of prime importance when you buy a two-wheeler. This not only gives you financial security against any accidents or damage to your vehicle but also helps you cover the expenses involved in unwanted legal complications or damage to the third-party vehicle.
If you are looking at buying an insurance policy or renewing an existing one, it is always a safe bet to check for online two-wheeler insurance policies and compare features before buying one. There are two types of two-wheeler insurance that you need to know about:
Comprehensive Policy: As the name suggests, this is a complete insurance package which covers not only losses due to theft, damage or loss but also gives covers you against personal and third-party liability.
Liability-Only Policy: This kind of insurance policy for a two-wheeler only covers third party liability and does not cover any damage, theft or loss of your vehicle due to an accident, natural/man-made calamities, transit or theft.
What is the Role of Two Wheeler Insurance Online
Buying your two-wheeler insurance online would save you a lot of potential unwanted inconveniences that come with owning a two-wheeler on Indian roads. You can compare all the available options and buy one after careful scrutiny within minutes. Apart from this, here are some benefits of buying an online two-wheeler insurance.
#1. Quick Documentation
Unlike the normal process where the policy document would take days to reach you, an online two-wheeler insurance policy would mean that you get your policy document within minutes of applying.
#2. Easy Insurance Calculation
Assessing your insurance cover is never easy. However, when you buy your policy online, you get to avail of the online two-wheeler insurance calculator that could help you understand the amount of financial cover you would need. All you need to do is enter the basic details of your vehicle and view quotes of all the available policies.
#3. Comparing Online Reviews
While buying your two-wheeler insurance policy online, you can compare their online reviews and claims settlement ratio to check if that policy could benefit you in case of any unexpected incidents such as breakdown or damage.
Things You Cannot Miss About Two Wheeler Insurance
The fact that there are many two-wheeler insurance policies available in the market makes it very difficult to determine the right one for your vehicle. Here are some top things that you must not miss while making your choice:
#1. IDV or the Insured Declared Value of your Vehicle
This is a value that is mentioned in your policy document and refers to the value that you would get for your vehicle in case of theft or complete damage of your vehicle due to an accident or calamity. This IDV is calculated on the basis of the current market value of your vehicle and adjusting it against depreciation. The depreciation value increases as your bike ages and as your IDV comes down.
#2. Add-ons or Riders
Always check for additional add-ons and riders when you compare options in two-wheeler insurance. There are various options available like the accessories cover, medical cover, passenger cover, zero depreciation cover and roadside assistance cover. However, only invest in those riders that would actually benefit you because every additional rider increases your overall premium value.
#3. No Claim Bonus
Every year you don’t make a claim against your two-wheeler insurance you are eligible for a certain percentage of no-claim bonus. The rate of discount is generally fixed and increases every subsequent year and would bring down your overall premium payable on renewal.
#4. Policy Features
Before investing in a two-wheeler insurance policy, understand the type of cover you are getting and all its features. While your premium value depends on your age, the age of the vehicle, its IDV, a model of the bike, place of registration and the kind of cover you have opted for; compare and determine if you have got the best deal for the money you will be paying.
#5. Insurance Renewal
It is always advisable that you renew your two-wheeler policy before it expires. By buying your policy online, you get notifications and reminders that help you remember when your policy is due to expire. However, if you happen to forget renewing your policy in spite of these reminders, renewing it online will help you get the policy without any additional charges, mandate vehicle inspection, and without having to furnish the previous policy details. The renewed policy will also be issued quickly when you do it online.
Buying your two-wheeler insurance plan online saves you a lot of effort and unwanted hassle. Never forget to compare all your available options on Coverfox.com, before you zero-in on a policy.
