When you are out there on a two-wheeler, hanging on to dear life while trying to keep a perennially unbalanced machine upright is risky business. Adding to that challenge are the various life-threatening hazards on the road one must dodge everytime he/she is in the saddle. Since the chances of something going wrong are always high, as an indemnity which covers the losses which could be the result of any untoward incident, a valid two-wheeler insurance policy is mandatory for anyone who wishes to ride legally on public roads.
The good news is, gone are the days when one had to contact an agent or the dealer for a two wheeler insurance renewal and in line with times, one can now buy two wheeler insurance online. The entire process is very simple, saves time, and gets you the best possible deal within seconds. However, before you fire up your device to buy two wheeler insurance online, here are some tips and facts which will help you to pick the right policy for your bike.
The Government of India has made third party insurance compulsory for all vehicles, which, in an unfortunate event when your vehicle hits another person/property, covers the damage you may cause to the other person/property. The premium for a third-party insurance policy will be very less for this particular reason as it doesn’t any resultant harm from an unfortunate event caused to you or your two-wheeler. However, for a little more, a comprehensive insurance policy will also cover for damages, which would otherwise wipe out a handsome amount from your bank account. Let’s take a look at the scope of damages which a comprehensive insurance policy covers:
Loss or damage due to:
- Accident, burglary or theft
- Riot and strike
- Fire explosion, self-ignition or lightning
- Natural Calamities
- Transit by road, rail, inland waterways, air or lift.
Personal Accident cover for owner/rider
A monetary death benefit for the owner/driver in case of accidental death.
Third party bodily injury liability covers penalty to be given to victim
It covers the injury or death of the person hit by you.
Property damage liability
Covers penalty you need to pay in case of damage to the properties due to the accident caused by you up to the limits as specified in the policy.
Ensure that the base policy provides many benefits by itself. In addition to the above, there are also add-ons one can pick in addition to the base policy. For a little extra cost, these can enhance the policy with the addition of zero depreciation or cover the pillion as well for full or partial disability. Before you decide to buy the policy from a particular insurance company, ensure you check their claim settlement ratio. It is recommended to buy a policy from a company with a high claim settlement ratio.
Make sure the two-wheeler insurance company appreciates your safe riding skills and awards a handsome No-Claim Bonus on the premium when it’s time to renew the policy at the end of a claim-free year. Choose the correct Insured Declared Value (IDV) of your vehicle as it impacts your premium amount. Remember that the declared IDV in your policy is the maximum sum assured amount that is compensated to you at the time of claim. It is also important that your insurer is accessible and can be reached 24/7 in order for you to file a claim. Since we now know the bits which can be covered, let’s take a look at what can result in a rejected claim.
- Driving when drunk
- If your bike gets damaged when driving under the influence of drugs or alcohol at the time of an accident, then your claim will be rejected
- Regular wear and tear of your bike
- Losses/Damages won’t be covered if you’re found riding your bike without a valid license, or if the bike’s driven by an underage person
- Riding your private vehicle for commercial purpose and vice versa doesn’t make any sense. Your claim is bound to be rejected.
- Other reasons: An expired policy, consequential damages, electrical and mechanical failure, staged accidents, and driving outside geographical limits are other reasons for claim rejection.
Ensure the insurance company allows a cashless claim, where you don’t have to wait for reimbursement after the vehicle is fixed. Such a facility allows you to get your vehicle repaired at any of their mentioned cashless garages and the expenses are directly paid to the garage by the insurer while you only have to pay the excess towards depreciation of replaced vehicle parts if applicable.
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