The Top 6 Things to Remember While Buying a 2-Wheeler Insurance Plan

If you’re considering buying a new bike, you might focus on a lot of factors like the mileage, affordability, brand value, technical specifications, make and model, etc. However, very few people actually consider buying insurance for their bike as it’s usually the last thing on their mind. Most customers think that while car insurance is crucial, they can skip the bike insurance and just pay the damage cost in case of an accident. However, in reality, bike insurance is as important as car insurance and therefore, you must give it equal importance and thought. We bring you the 6 things to remember when looking for the cheapest 2 wheeler insurance online:

1. Type of Plan – There are basically two types of plans – liability only and a comprehensive plan. While the liability plan only covers bodily injuries or death, the package policy covers damage to the vehicle along with the liability covers. A liability plan is mandatory by the government while the package plan can be chosen as per your preference.

2. Factors that Contribute Towards Your Premium – The cubic capacity (cc) of your bike affects your monthly premiums, the higher the cc, the higher the premiums. Also, the city of your residence will impact your premium costs. Typically, cities in India are divided into Zone A and B, premiums being higher in Zone A. 3. Coverage Types – There are different kinds of coverage’s offered in 2-wheeler insurance. Based on your usage and necessity, you can choose from a collision, fire, theft, vandalism cover, etc. You can also get an insurance cover for the pillion rider.

4. No Claim Bonus – Insurance owners are eligible to receive a no claim bonus every claim-free year. This is a discount in your premium cost and therefore, is a major contributor towards the insurance buying decision. Usually, the NCB starts at 20% in the preceding year and increases every year, going up to maximum 50% in some policies.

5. Change of Ownership / Vehicle – If you happen to sell your vehicle, you can transfer the insurance to the new owner provided the company is informed within 14 days and all necessary information is provided by the transferee. In case you want to continue your insurance on your new vehicle, you can do so if your new bike is of the same value or if you are willing to adjust the premium.

6. Claim Processing – Settling your claim in case of any damage is the most important aspect of your insurance. It is best to inform your insurer who will settle the claim on your behalf. If there is a Constructive Total Loss (CTL), wherein the cost of repair will be more than 75% of the Insured Declared Value (IDV), the insurer will give the claimer the IDV post the deduction of depreciation on the parts.

When you pay so much attention to buying the most technically sound bike, it will reward you to pay equal attention towards the technicalities of your bike insurance as well. An expired insurance or a bike without insurance can actually be a highly expensive affair compared to buying the cheapest 2 wheeler insurance online in the long run. Visit this website if you need to buy the cheapest 2 wheeler insurance online.

If you want to get car insurance online, then the author of this article recommends Carinsurance.in.

If you want to know about 2 wheeler insurance renewal price online, the author of this article recommends Carinsurance.in.