Checklist Before You Buy A Two Wheeler Insurance

By Sandeep malik - November 15, 2018

When it comes to buying a bike, you consider a lot of factors- design, brand value, mileage, affordability, and other technical details. But, when insuring it comes into the picture, it is either the last thing you think or don’t consider it at all. According to the current government mandate, it is compulsory to cover your bike with a valid two wheeler insurance cover. There are several options in the market, you just need to research a bit, and you are good to go. Don’t buy any two wheeler insurance policy blindly just for the sake of buying it.

Two Wheeler Insurance

Here is a list of a few basic things you should know before buying your two-wheeler insurance.
  • Type of planThere are basically two types of plan, namely, third-party liability policy and comprehensive policy. A third party liability policy is a mandatory policy that covers bodily injury and/or death or property damage of any third party. This policy also includes an owner-driver personal accident cover. A comprehensive two wheeler policy apart from protecting the aspects mentioned above also covers damage caused to your own vehicle.
  • Factors affecting your premium-  The more your bikes have specifications, the more it costs to protect it! The features and cubic capacity (cc) of your bike is an essential aspect that affects the premium you eventually pay. Additionally, the city of purchase also plays an important part. There are two zones - Zone A and Zone B. Zone A include Ahmedabad, Delhi, Chennai, Hyderabad, Kolkata, Pune, Mumbai, and Bangalore, whereas Zone B includes all the others. Cities in Zone A are charged higher premiums as compared to Zone B.
  • Add-on covers available - There are several add-on covers available for your two-wheeler insurance. You can choose the one that would fulfill your requirements. You can choose from collision coverage, fire, theft and vandalism cover, insurance for the pillion rider, engine protect, and key protects, etc.
  • Uninsured motorist cover-  Even though a third party cover is compulsory, several drivers don’t have a solid cover. In this case, if you meet with an accident with such a rider, you won’t be able to get any claim and have to bear all the expenses. Therefore, it is essential to have an uninsured motorist cover, which will help you in these cases.0.
  • NCBNo claim bonus (NCB) is a discount, which a policyholder can avail by making no claims during the policy term. It can be accumulated, and the discount ranges from 20% to 50% on the own damage premium. In case the customer changes his vehicle, he can transfer the same NCB to the new car purchased by him.
  •  IDV-  The IDV (Insured Declared Value) is the current market value of your vehicle which is calculated after deducting the depreciation amount. It is a crucial component of a two wheeler insurance policy as it determines the amount of compensation. In case of theft or destruction of your bike or scooter, the IDV is offered as "Sum Insured."
  • Change of ownershipIf you sell your two-wheeler, you can also transfer your existing insurance. You just need to inform the insurer within 14 days and give all the requisite information regarding the bike.
  • Change of vehicleYou can continue the same two wheeler policy even after switching your bike with a new one. It is just that the premium would be adjusted on a pro-rated basis and your new two-wheeler should be of the same value.
These are few basic things that you need to remember while opting for your two-wheeler insurance policy. It may prove to be worthwhile in the long run, isn’t it?

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