One of the most often used forms of transportation in India is the two-wheeler. While riding a two-wheeler can make it easier to manoeuvre through traffic, riders also run a significant danger of suffering accidental injuries and passing away.
Why Get Insurance for Two-Wheelers?
It is against the law to ride a bike without insurance because it is required under the Motor Vehicles Act of 1988. However, only third-party insurance is mandatory. Thus, people prefer to get it to save money on their premiums. It’s crucial to recognise that having inadequate insurance coverage is equivalent to having none at all. Therefore, it is crucial to buy bike insurance online and get a plan that best suits your needs. ##
How Can I Pick the Best Two-Wheeler Insurance?
It is advised to choose to purchase comprehensive two-wheeler insurance coverage over third-party insurance because it offers all-inclusive coverage. Like any other insurance transaction, buying bike insurance should be the result of careful consideration following an assessment of your needs and a comparison of the available insurance plans.
Here are some helpful hints to assist you in buying bike insurance that meets your needs and budget: –
- Understand your coverage needs
It’s crucial to examine your needs and financial situation before you begin looking for insurance. According to coverage, there are two forms of bike insurance: third-party protection and comprehensive cover. Choose a plan that offers the appropriate coverage based on how you use your two-wheeler, your spending habits, and other obligations that you have.
- Become familiar with Insurance Declared Value (IDV)
IDV is the shorthand for the approximate value of the car. IDV, or the maximum sum insured, is the amount that will be paid in the event that a two-wheeler is totally lost or stolen and was fixed at the time the policy was purchased. Depreciation will rise as the vehicle ages, the IDV will drop, and as a result, the premium will reduce year over year. One of the most crucial elements that affect motor insurance premiums is its IDV. *
- Pick a reputable insurer
Always look for a reputable insurance provider. Don’t forget to look at the company’s claim settlement ratio to see how effectively the insurer handles claims. Selecting reputable insurance guarantees quick and easy claim settlement.
- Online bike insurance comparison
Comparing the available plans before purchasing insurance is a crucial step in making an informed choice. Online comparisons of bike insurance policies are possible based on factors like cost, coverage, inclusions, and exclusions.
- Remember to check out online reviews
Read online testimonials from real clients who discuss their interactions with the insurance provider. It might be wise to examine the reviews and complaints if you are uncertain. Additionally, as you renew your policy, be sure to review your needs to determine whether the coverage suits them.
A bike insurance calculator is a tool you may use online to determine the amount of coverage required based on your needs.
* 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.