If you are the owner of a two-wheeler, having a two wheeler insurance policy for it is absolutely essential. Without an insurance policy for your bike, you are liable to incurring a variety of expenses that may be not be under your control. These can include accidents, theft or natural disasters which you cannot predict or which cannot be foreseen. However, you can buy yourself some financial security with a two-wheeler insurance policy. There are a variety of insurance policies available online today such as those offered by Bharti AXA and others.
Moreover, in line with the Motor Vehicles Act of 1988, it is, in fact, a punishable offence to be riding a bike without an insurance policy. While a third-party insurance may be sufficient legally and otherwise, it is important to invest in the right insurance policy that will give you maximum protection against a range of situations and circumstances. Sometimes, having no insurance at all may even be better than having a bad insurance policy. Below, we will look at the criteria and factors you need to keep in mind while getting a two-wheeler insurance policy.
How to Select a Good Two-Wheeler Insurance Policy
In general, while there are several third-party two-wheeler insurance policies available, it is better to invest in a comprehensive insurance policy that covers your two-wheeler against a variety of unforeseen eventualities. Accordingly, you need to conduct a thorough research of the various policies that are available today, which fortunately, you can do online. Following are some of the criteria and factors to look out for and to keep in mind while choosing an insurance policy for your two-wheeler:
- Coverage Requirement: One of the most important factors while choosing an insurance policy for your two-wheeler is to be sure about your budget and your specific requirement. While it is advised to take a comprehensive policy, you can decide depending on your existing liabilities and usage of your two-wheeler.
- Cubic Capacity: The cubic capacity of your bike is your bike’s “cc”. When choosing an insurance policy for your two-wheeler, you need to take the cubic capacity of your bike into consideration. Simply put, higher the cubic capacity, higher the premium.
- Insured Declared Value: The Insured Declared Value (IDV) is the current market value of your two-wheeler that is also equivalent to the total sum which will need to be paid in the case of theft. However, as the age of the vehicle increases, the IDV decreases which results in the premium decreasing from one year to the next. Hence, choose a policy that perfectly aligns with the current and stipulated IDV of your vehicle so as to get the most out of your insurance premium.
- Choosing the Insurer: When looking for a two-wheeler insurance policy, you should try to make sure that you are able to get the best possible scheme from a reputed insurance company.
- Online Reviews: Lastly, you should read online reviews posted by verified customers of various insurance policies. While reviews can be confusing sometimes, they also offer a great insight into good two-wheeler insurance schemes.
Choosing the right policy is very important especially since there are a lot of policies that are available today. Check the above criteria in order to choose a good scheme. Companies like Bharti AXA offer comprehensive insurance policies for your two-wheeler, choose wisely and choose safety.