Buying a two-wheeler insurance policy is as important as having a valid driving license for your two-wheeler. It is a crucial policy that covers your bike against financial loss due to man-made or natural disasters like riots, strikes or earthquakes, floods, etc. No vehicle owner can take their two-wheelers on the road in India without purchasing a third-party insurance policy.
But, before buying a new two-wheeler insurance policy or renewing an old one, you need to carefully glance through the coverage and eligibility criteria. It will enable you to choose wisely from the various online or offline options for two-wheeler insurance.
Below are the five key aspects to look out for before buying a two-wheeler insurance policy.
1. Coverage
Several insurance providers extend coverage in different volumes based on the add-on benefits, the value of the two-wheeler, third-party liabilities, accidental damage, etc. It would help if you opted for a policy that secures you from the maximum damage, whether financial or legal.
Generally, a two-wheeler insurance plan must provide coverage against:
– Loss or damage due to natural disaster
– Loss or damage due to man-made disaster
– Third-party legal liability
– Personal accident cover
You can check out the two-wheeler insurance policies offered by Bajaj Finance. These policies secure you from bearing the financial expenses due to an unexpected individual or property loss.
2. Affordable premium
A two-wheeler insurance premium can vary based on the price of the vehicle and the benefits offered by the policy. Since the Motor Vehicles Act 1988 mandates having at least a third-party insurance plan, you are bound to buy a policy for your bike. Thus, ensure that the premium you pay justifies the coverage offered under the insurance policy.
It is advisable to not just opt for third-party bike insurance but also for a comprehensive plan that includes own damage, third-party, and personal accident cover.
3. Insured declared value of the two-wheeler
The value of the two-wheeler or the Insured Declared Value (IDV) is another criterion to look out for before buying bike insurance. IDV is identified based on the current market value of the two-wheeler. It is the maximum amount to claim on your bike insurance in case of total loss or theft.
IDV for a new vehicle is generally higher, and in case the damage is greater than the IDV, the policyholder must bear the loss.
4. Hassle-free and cashless claims
A few insurance providers take you through a lengthy process before claiming the policy. You need to submit multiple documents, and the procedure may take a few days to complete. Thus, you must opt for a hassle-free policy claim. Many insurers also provide the option of buying the plan online.
Apart from this, insurers also provide cashless claims through their extensive network of garages spread across the country. You should check for insurance providers that offer easy accessibility and pocket-friendly services.
5. No Claim Bonus (NCB)
Insurance providers reward you with a no-claim bonus every year if you do not register for any loss. Through NCB, you are eligible for discounts on your bike insurance policy at the time of renewal. A few policies may not offer this benefit, but you can avail of its services as an add-on coverage to your existing plan. These additional benefits enhance your two-wheeler insurance policies by covering your different financial needs.
Bajaj Finance insurance partners provide you with various benefits and coverage that can secure you from burdening financial loss that may unexpectedly occur due to an accident or disaster. These benefits can be availed while buying a new policy and renewing it.
With Bajaj Finance, buying a two-wheeler policy becomes convenient due to its practical and time-saving online procedure, availability of multiple insurance providers, and additional discounts. Moreover, buying a bike insurance policy is not just legally mandatory but also necessary from the perspective of personal injuries or financial loss.
Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.
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