Two-wheeler is the basic mode of transportation for millions of people across the nation. In India, affordability is not the only issue as even the people who can afford the cars prefer to travel on motorbikes to avoid getting stuck in the snarling traffic. There is no second thought that two wheelers come cheaper than four wheelers, with better mileage, savings on fuel, flexibility to travel and beyond that the happiness of those joy rides anytime and anywhere. So you cannot afford to lose it for silly reasons and the owner gets penalized for it.
To keep your vehicle safe from unnecessary problems, nature’s fury, manmade damages etc. it is better to buy a suitable 2 wheeler insurance policy. By acquiring an insurance policy, one can get the compensations for natural calamity or other reasons including, accident, fire, explosion, self-ignition or lightning, earthquake, flood, typhoon, hurricane, storm, tempest, inundation, cyclone, hailstorm, frost, landslide, rockslide. Bike insurance offers you risk coverage towards self-physical injury, damage/loss of the vehicle and third party liability. Your bike insurance promises the insured, the longevity and safety to your beloved ride. It offers the necessary financial back up during uncertain events like third party damages, accidents or natural and man-made incidence. It acts as real protection during such crisis time.
Here are few reasons to own a suitable bike cover:
It offers a financial cover against damage or loss during natural calamities like flood, earthquake, tornado, etc. or during man-made riots or burglary incidences.
The third party cover protects you against issues arising out of injury/death or property damage of third party vehicle.
Beyond this it’s the mental peace of mind that you have a sound financial back-up to face such crisis. If there is total loss to your vehicle you get the necessary finances to buy a new one.
General Insurance segment cater hundreds of customized policies to customer that will fit in their budgets and cover exclusive needs. Most people just run into the purchase of policy without understanding the necessary terminology that will help them ease the process of 2 wheeler insurance policy purchases. Let’s understand the few necessary ones:
Premium is money paid at regular intervals usually yearly towards the coverage of policy. It depends on various factors like city of registration, vehicle make and model, age of vehicle, date of purchase, etc. IT is decided and regulated by IRDAI and there is not much variation across various companies.
This is the financial protection value provided to your bike against damage or loss due to natural or man-made calamity along with third party liability. It differs from company-to-company and policy-to-policy. It is calculated on the basis of Insured Declared Value decided upon by the insurance company after judging the value of your bike on certain parameters.
These are situation being not entitle to file a claim. Normal wear and tear, damage due to drink and drive, accident without owning proper license, or due to war or nuclear explosions etc. will not be included in your vehicle policy.
No Claim Bonus
These are those reward points that you get for not claiming the 2 wheeler insurance policy in preceding years. You can accumulate bonuses upto 60-70% in consecutive non- claim period. It is advisable don’t claim for petty scratches or dents instead wait for the amount to get accumulated and utilized it for lowering your premiums or higher claims.
Whenever there is a claim on your policy you need to have set of documents required for making claim like vehicle registration copy, photocopy of insurance and FIR, seismic report if earthquake, or weather reports if natural disaster etc. So, you should keep the necessary document handy and get scanned copy of reports beforehand for hassle free claims. Choose your policy wisely making sure it suits your needs the best.