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How to Choose the Best Two Wheeler Insurance?

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Two wheelers are among the most commonly sighted vehicles on Indian roads. Right from style statement, passion to affordability, there are various reasons behind the sales numbers that two wheelers clock up in India every year.

The other fact is a concerning one, as it is about the alarming number of bikers who fall prey to road accidents in India every year. Even though bikes are one of the best modes of conveyance for filtering through congested roads within the country, they are inherently more accident-prone.

Owning a bike insurance plan for your two-wheeler is a responsibility that all bike owners must fulfil for their own good, and for the benefit of others driving on the roads. Two wheeler insurances are as important as maintenance is to a bike. Given that two wheeler plans are mandatory by law, not having one exposes you to not only accidental perils but serious legal issues as well.

Why do you need one?

Now while having bike insurance cannot save you from accidents or theft, the coverage it offers helps reduce a lot of mental and financial stress that accidental mishaps might cause you. Two wheeler insurances cover policyholders against losses and damages resulting from a wide number of reasons, right from road accidents and vandalism to theft.

Besides, for bike owners to legally ride their two wheelers on Indian roads, they need to own a bike insurance plan.

Types of Two Wheeler Insurance

There are numerous options that you can consider once you decide to purchase two wheeler insurance plans. Among the most basic types however are –

Based on coverage:

Third party two wheeler insurance – When a road accident takes place, it is not just the rider who is exposed to risks but also third parties. A third party bike insurance plan, also known as a liability only policy, covers you against financial claims made by third parties for loss or damage to property or bodily injury and death.

Comprehensive two wheeler insurance–Meant to offer an all-round coverage, a comprehensive two-wheeler insurance policy protects both you and your vehicle from financial losses related to a wide number of reasons such as natural calamities, theft, road rage etc.

In addition to it all, you also receive third party liability cover with a comprehensive two-wheeler insurance.

Based on tenure –

Two wheeler insurance plans are either annual year policies or multi-year policies based on the length of their tenure. While an annual year policy comes with tenure of one single year, multi-year policies can either have a term of two years or three years.

Tips to choosing the best two wheeler insurance for your bike

Now if you are confused as to which policy is the best for you and how do you go about selecting the right plan for your vehicle, here are some important tips that you must note –

Focus on the Coverage you require

The basic aim of buying bike insurance is to reduce the financial losses resulting from unexpected accidental mishaps. Generally, people opt for a comprehensive online insurance for two wheelers as it includes both own damage cover and third party liability cover.

Even if you do not use your bike so frequently or can afford repair and replacement of its parts, it is still prudent to have a comprehensive cover.

Pay attention to Premium

Once you know what kind of coverage you require, the next thing in your list should be to look for two wheeler insurance companies that offer those at a premium you can afford. Now, the Insurance rates for third party liability insurance policies are generally fixed by IRDAI or Insurance Regulatory and Development Authority of India, but the premium for comprehensive bike insurances differ from insurer to insurer. However, you must not compromise with the coverage offered for the sake of premium as it defeats the purpose of purchasing two wheeler insurance plans.

One thing that you must note here is that purchasing online insurance for two wheeler can get you a cheaper premium than when you buy it offline.

Background check of Insurance provider

Another major aspect that you must consider when selecting bike insurance is the insurance provider. Some of the leading insurance providers have established an online presence. This makes it easier for you to visit their website and check out their products online.

You must look into the number and quality of network garages that an insurance provider has, and the kind of customer support service they offer. Apart from this, you must also check out the claim settlement ratio of the insurance company you are considering before you finalize it for purchasing a plan.

Read the fine print

This is something that a lot of policy buyers forego, but you must not. Carefully studying the policy wordings and other policy documentation before you make the purchase can save you a lot of regret and hassle later on.

When reading the fine print, you learn of the inclusions, exclusions, claim processes and important clauses related to the coverage offered by the insurance provider. Thus, you get to make more informed decision when finally deciding whether or not to purchase a policy.

Compare and purchase online

In this modern, digital era, there is a lot that you can do online, especially with regards to the bike insurance you intend to purchase. Buying an online insurance for your two-wheeler is always better than buying the same offline. Firstly, you do not run the risk of being misinformed or misled by an insurance agent when purchasing two wheeler plans online. Next, you save greatly on time, effort and also money when you decide to purchase a policy online.

One of the best ways to find the most suitable bike insurance plan for your two-wheeler is to compare the policies online. Several websites offer policy comparisons, and that too free of cost to help buyers with policy purchase.

Purchasing bike insurance might seem a little confusing at first if you look at the boxes that need to be ticked, but if you follow the above tips, you can make the process a lot easier for yourself.

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