Getting two-wheeler insurance is the easiest way to protect your bike against damage caused by an accident or anything else. Not only could it protect you from unexpected costs, but it could also help you follow India’s Motor Vehicles Act, which says that you must have third-party insurance.
Still, many people who are buying two-wheeler insurance for the first time are confused and end up making the wrong choice. This can make it hard to get insurance money. Before buying a policy, it is better to know about them and compare them. You can just use a bike insurance check app download. Here are some points to think about before deciding on a two-wheeler insurance policy, especially if it’s your first time buying one:
Different kinds of insurance
There are two kinds of auto insurance policies on the market right now: Comprehensive and Third Party. As we’ve already said, the Motor Vehicles Act of 1988 says that all vehicles must have at least third-party liability insurance.
A comprehensive two-wheeler insurance plan will help protect your bike against theft, damage to the vehicle, and accidents. It will also cover the owner-driver in case of an accident. While third-party insurance will cover damage your bike does to someone else’s property or vehicle, it won’t cover theft or damage to your own bike. You can find both of these on an app for bike insurance. *
Premium rates
The policy premium is based on a number of things, but cubic capacity (CC) is one of the most important ones. The India Motor Tariff divides bikes into three groups: those with 0–150 CC, 150–350 CC, and 350 CC and above. The cost of your insurance could depend on which category your bike is in. This means that the premium will be higher the bigger the engine. *
Location is another important factor that will be taken into account when figuring out the premium. Zone A and Zone B are the two areas. The areas in Zone A are mostly big cities, so they have a higher premium than the areas in Zone B. Use an insurance premium calculator for a two-wheeler to get an idea of how much your premiums will be. You can find the calculator on a bike insurance online app. *
Insured declared value
In simple terms, IDV is the value of the bike on the market right now. The Insured Declared Value (IDV) is the most you can get from your insurance if your bike is stolen or lost. In general, the Insured Declared Value of a bike goes down as it gets older. *
Add-ons to insurance
If the coverage on your current policy isn’t enough, you can add riders to your existing policy to increase the coverage on your two-wheeler. Riders are extras that can be added to a bike insurance policy for a fee. Some common add-ons are roadside assistance, coverage for personal accidents, a “zero depreciation” option, etc. *
No claim bonus
No claim bonus is an extra bonus you can get if you don’t make a claim during the policy term. NCB is a concession on the policy premium, and it can be saved up to a maximum of 50% of the premium. * ##
How to make a claim on an insurance policy
A good two-wheeler insurance policy is one that makes the process of making a claim easy and quick. Check the insurance company’s claim settlement rate to find out how well they handle claims. *
All of this information can be found on an app for bike insurance. Do your research properly to avoid any issues with your bike insurance policy.
* Standard T&C Apply
## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
