Some Important Points to Consider While Buying a Two-Wheeler Insurance Policy
Purchasing two-wheeler insurance has become mandatory owing to the increasing number of road accidents. This is owing to indiscipline acts of the drivers, rough roads and disobeying of traffic rules, which cause fatal accidents. Keeping in view of this, the government has made it compulsory for anyone who has a vehicle to buy insurance to safeguard both the driver and the third party.
A vehicle insurance policy provides you protection against thefts, accidents and other mishaps. Having adequate two-wheeler insurance covers the passenger, driver and third party and any loss of damage to the vehicle.
There are innumerable vehicle insurance policies offered by different companies in the market. Where you want to buy a two-wheeler insurance plan, then have enough research on it. Below-mentioned are some of the points to remember before you purchase a suitable two-wheeler bike insurance plan. However, it is important to know the types of bike insurance available in the market.
Different Types of Two-Wheeler Insurance Policies
A comprehensive bike insurance policy should cover driver, third party, and vehicle expenses, in case you face any financial loss by paying the expenses. When you purchase two-wheeler bike insurance,first understand the type of the insurance available in the market. Generally, there are two types of bike insurance available in India and they are:
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Third-Party Insurance: Being mandatory under the vehicle rule act of India, third-party insurance covers the person who is injured by your vehicle. It covers and insure against the legal commitments to a third party owing to permanent injury, demise, or harmto any property.
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Comprehensive Insurance: The comprehensive two-wheeler insurance covers any loss against theft, accident and natural calamities such as flood, storm, earth quake, as well as third-party liability.
How to Find the Best Bike Insurance Policy?
Now you know the types of bike insurance and what it covers, the following factors will make the search for the best two-wheeler bike insurance easier.
When you buy bike insurance, always know the Insured Declared Value (IDV) amount. This is the maximum amount you can claim on your vehicle. Generally, the IDV is assessed based on the exact market value ofyour vehicle. For this reason, it is important to know the exact value of your vehicle before purchasing any two wheeler insurance policy.
Furthermore, bike insurance basically does not cover many aspects such as roadside assistance, pillion rider injuries, personal accident, and so on, it is therefore essential to check the aspects you want to include in the coverage.
