Two-wheelers are one of the most convenient way to travel, especially in the urban jungles where the traffic situation is less urban and more jungle. At such times, a car may be convenient to travel, but cannot escape the long hours of traffic jams. This is where a two-wheeler shines not just providing convenience of travel, but also navigating through traffic jams.
For such two-wheelers, the Motor Vehicles Act of 1988 mandates a two-wheeler insurance policy. With digitisation in the country, you can also purchase such two wheeler insurance online. A two-wheeler insurance cover helps safeguard against liabilities arising due to accidents, protection for own damages, along with theft cover and more. Here are some crucial factors that you must consider when comparing the different available plans:
- Type of insurance cover
The foremost factor of comparison is the type of bike insurance policy. there are two types of insurance policies that can be bought—third-party cover or comprehensive cover. Among the two, the Motor Vehicles Act makes it mandatory to at least have third-party coverage.
A third party bike insurance policy is the one that offers minimum insurance cover in form of protection from third-party legal liabilities. These liabilities may arise due to your fault injuring a third person or their property. At such times, the legal cost including the damages as specified by the Tribunal are paid the insurance company providing a financial cushion.
Comprehensive plans are alternative to third-party covers. These policies have a wider coverage than third-party plans and hence have a higher bike insurance price. Comprehensive plans include protection not just legal liabilities, but also from damages that may arise to your bike. Accidents do not impact third-party vehicles and hence it is essential to seek an insurance cover for your bike. *
- Premium amount
Another factor to consider is the premium charged for the insurance plan. The premium is based on not just one factor, but a combination of many. Engine capacity, type of insurance cover, policy features, renewal benefits, insured declared value are some of the factors that impact the premiums directly. While cost conscious buyer place entire weightage on the premium when buying a policy, it must be balanced with the policy benefits too. *
- Insured Declared Value
Insured Declared Value, or popularly known as IDV, is the maximum amount which the insurance company pays in the event of total loss or damage to your bike. When comparing different insurance plans, such IDV must be factored in to know the maximum compensation that shall be paid. A situation of total loss occurs when the damage is beyond repair or even for a case of theft. *
- Add-on covers
Add-on covers are policy features that can be opted when you purchase a comprehensive plan. These add-ons help enhance the policy scope significantly to cover those perils that otherwise are excluded from a standard insurance policy’s scope. There are myriad add-ons that an insurance company offers, but selecting only those that offer real and tangible advantage to your policy scope is critical. *
* Standard T&C Apply
With these factors in mind, selecting a suitable insurance cover can become easy. A nifty tool like bike insurance calculator can come handy to compare the different plans not just based on price, but also the features offered by it. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.