How to Buy Two Wheeler Insurance Wisely

• Get quotes from multiple insurers
• Cashless garages available
• Buy/renew your policy online without hassles

The reason why number of two wheeler vehicles are increasing everyday is because it is convenient to tackle the traffic, can be maneuvered easily and the flexible travel timings. Two wheelers are used for many purposes, like delivering online retail goods, carrying provisions, goods on two wheeler, bike taxis, etc. As convenient as it is, the risks involved in driving a two wheeler are many and dangerous. But that has not stopped us from traveling on our bikes. However, it is good to be prepared for unforeseen risks which may occur while commuting. And to be prepared, obtaining a two wheeler insurance is the sure way to go.

The Indian government has made two wheeler insurances compulsory for all bike and scooter owners. It is mandatory under the law to insure the vehicle under Motor Vehicle Act of 1989. The insurance companies are many and so are the agents, service offices and other middlemen. The insurance companies are hungry for sales and are willing to offer discounts, special packages, seasonal rates, etc. As attractive as they may sound, if not purchased through a proper channel, it is easy to be fooled by anyone about two wheeler insurances.

Having a two wheeler insurances is not just to avoid fine by the police, but it is to protect your vehicle from many damages caused during traveling. A two wheeler insurance provides protection against own damage, third-party liabilities, theft, burglary, robbery, accidents, personal accident, natural calamities like floods, storms, landslides, lightning, etc. and man-made perils like terrorists attacks, riots, protests, fire, etc. Since the advantages of buying a two wheeler insurance are vast, it is always good to research online through many websites which will have enough information on basics of two wheeler insurance, the coverage, exclusions and the perks of it. If you have few arrows in your quiver, it is easy to understand the policy and not be guided in the wrong way.

Here are few points which will help you in shopping for the right kind of two wheeler insurance:

Be clear of your requirement:

If you are not comfortable purchasing for insurance online and want to go the old school way you can do the offline purchasing. If you are contacting an insurance company through an agent or a service provider, it is important for you to be clear of your requirements regarding the insurance. There are basically two-types of insurances; Third-party liability cover and Comprehensive two wheeler insurance policy. The third-party cover is only for the damages and injuries caused to the third-party person or property, this does not cover your vehicle or you under any circumstance. The comprehensive on the other hand insures you and the vehicle against many damages as mentioned above. The cost of premium is low for the third-party policy and high for the comprehensive policy because of its coverage capacity. So before they lure you into a higher premium policy with add-on covers, it is important for you to know what your requirement is and for what purpose.

Research on the premium payable:

Instead of agreeing on the amount that the agent or the insurer drafts to you, research on how the premium is calculated. There are a number of factors that would affect the premium like age of the bike, model and make, city of residence, Engine cubic capacity, Insured Declared Value and percentage of voluntary deductibles. There are many trusted third-party websites and on the insurer’s website where anyone can use the ‘online bike insurance premium calculator for free. This way you can cross check the quoted amount by the agent or the insurer and make a clear decision. If there is any difference between the two calculations then you can opt for other medium for purchase.

Purchase the necessary:

The insurance agent may talk you into buying a policy that is above your reach or your requirement. It is not necessary that the insurance agent is always right when he suggests products for your requirement. For the agents and service providers, meeting their monthly or weekly target is important, they might push product in the same interest. But if you fall for the sales conversation and end-up buying more than you require, know that you will also be paying that much higher premium. So a clear idea of your requirements will help you with proper purchase.

Read the policy agreement carefully:

An insurance is basically an agreement between two-parties the insurer and the customer wherein the customer agrees to pay certain amount premium and in return the insurer agrees to provide few services. But it is important to know what are those services, what are the benefits provided, till what term, what is not covered, how is the claim made and so on. To know all these, it is very vital that you read and understand the policy and terms and conditions before you sign that document. This will clear your confusions and avoid misunderstandings in the future while claiming the insurance.

Before you zero-in on an insurer, research about the company’s Claim Settlement Ratio. Claim Settlement Ratio is the percentage of claims settled by the insurer against the claims made by the policyholders. So choose a company that has a claim settlement ratio above 90%. Do not go buy what the insurance agent says about this but do the research and check the facts.

If you think purchasing two wheeler insurance is difficult, then you are probably purchasing it through a wrong medium. Because everything is available online and on mobile apps. With few clicks you can purchase or renew two wheeler insurance. It saves time and money and can be done either on computer or on any mobile and other devices. So get out of the nutshell by going the traditional way where you are not only paying the premium but also commission to these agents and middlemen. The insurance company also pays commission to agents and middlemen which in-turn affects the premium amount which will cost higher. So to eliminate these payouts, online is the best way to go. Online purchasing will allow you to compare different two wheeler insurance plans, reviews, quotes by various insurers and other advantages. So get your two wheeler insurance today by of course researching on your own.