It’s really very tough to select the best two wheeler insurance policy. There are many insurance companies operating in India and there are different plans and features available. We should think what is the main purpose of the insurance policy. First, one is the legal requirement.
Second, we want to claim financial loss in case of any incident. We would like to have a policy from the company that can provide the claim easily and hassle-free. What else? Premium, Features, and add-on covers are the other factors that you should consider while buying insurance for your bike.
Following are some important factors that can help you to buy the best two wheeler insurance policy:
1- Check Own Damage And Third Party Covers
You should check both the component’s own damage and the third party properly. Check whether the owner-driver cover is added to the policy or not.
If not added then please ask your agent to add the personal accident cover for the owner-driver. It may cost you a small additional premium but it is a very important factor in the best two wheeler insurance policy.
2- Do Compare
Whether you are purchasing a policy for the first time or renewing it you should always do a comparison. Select five to six companies and take quotations from each. Online and offline options are available. You can take the help of your agent.
Compare all the premiums, features, benefits and claim processes, etc. Check which company is giving maximum benefits and minimum premiums.
3- Check IDV
IDV means an Insured’s Declared Value. It is the current value of your bike which is fixed by the company after depreciation (Depending on the Age of the Vehicle). Check what is the IDV of your bike.
Sometimes agent offers you very less IDV to give you a quotation of a low premium. It is directly associated with your premium. As much as you will reduce the IDV the insurance premium will also reduce and it will increase with increasing IDV. So, check that you are getting the correct IDV of your vehicle.
4- Discount Negotiation
As you know that there are many companies in insurance. Check some of the quotations and have a look at the discount available on them. If you have a good record then try to increase your discount. Ask your agent to provide you with some extra discount or exceptional discount if available.
5- No Claim Bonus
If you have not made any claim in the full policy year then You get a no-claim bonus at the time of renewal. It is a minimum of 20% when you don’t have any claim for one year and a maximum of 50% if no claim for five consecutive years.
Check your claim status and get your No Claim Bonus Discount if you are eligible for it. Even if you are selling the existing bike and purchasing a new one then also you can transfer the existing No Claim Bonus to a new bike insurance policy also.
Please note you only claim the NCB reward when you really eligible for it. Please do not provide any wrong claim status to the company.
6- Add-On Covers
It is a good idea to have some additional features also. There are several types of ads like Zero Depreciation, Return to Invoice, Consumable Cover, Engine Protection, Roadside Assistance, Daily Cash Allowance, n others available.
Select the best suitable for your bike. If your bike is under three-year-old then you should opt for zero depreciation, Return to Invoice, etc. You can also take roadside assistance also.
7- Long Term Policy
If your budget allows then you take a multi-year policy. You can select an option for your bike like 1, 2, or 3 years term. If you take a long-term policy it will be beneficial for you because you can get some extra discount. Suppose you choose 3 years term policy then there is no chance to get your policy lapsed after one or two years. If your budget allows, you should consider this factor while buying the best two wheeler insurance policy.
8- Provide the Correct Information
When you buy the best two wheeler insurance, you should provide all the details correctly. Your vehicle details, personal details, NCB status, and other detail should be correct. Any incorrect information may be the reason for claim rejection or delay in it. And what is the meaning of having the best two wheeler insurance policy if you don’t get the claim at the time of need?
You would not like it if your claim is rejected due to incorrect information given by you. That’s why is very important that you give all the required information correctly and completely. You should also provide your correct email id and mobile number. So that you be in touch of the company.
9- Claim Process and Settlement Ratio
While searching for the best two wheeler insurance policy, do some research about the claim process and claim settlement ratio of the company. If the claim settlement ratio is high it means the company is paying the maximum number of claims. You can easily search on Google to know more about a company.
Check the company’s reputation whether it is good or not. You should not have any problem getting any endorsement and claim-related service. Search for some details of the company’s customer care and network garage list. It will be good to have a high number of cashless garages to get the claim easily.
Conclusion – Best Two Wheeler Insurance Policy
Buying a two wheeler insurance policy is very easy and you can buy it at any time. There are several companies like Godigit, Reliance, etc in India. And you can buy a policy online and offline. But the main important thing is how to buy the best two wheeler insurance policy.
The above tips may be very helpful to consider the best two wheeler insurance policy for you. You can compare insurance premiums and their features easily through the internet. And even you can also ask your insurance agent to provide your quotations to get the best two wheeler insurance policy.