Directory Image
This website uses cookies to improve user experience. By using our website you consent to all cookies in accordance with our Privacy Policy.

Getting To Know Your Two Wheeler Insurance Plan online

Author: Rimita Desai
by Rimita Desai
Posted: Oct 18, 2016

In India close to only 13% of two wheeler plans are actually renewed, the main reason behind the low rate of renewal is that people find it hard understand the value in a 2 wheeler insurance policy. Though the premium is very low but the values underlying is manifold which is very tough for a common man to understand. Not only the renewal rates low but the number of people making claims Is also very low because people find it as hassle and don’t find it as easy as in case of a four wheeler policy. Other than all these reasons, the lower renewal rate is become people also find it very hard to remember renewal date in case of two wheeler plans.

So to understand why you should renew or buy two wheeler insurance plans online. you need to understand various governing factors around a two wheeler plan.

The various things which need to be understood are:

  1. First question you should try an answer is why should you buy a plan? To answer this question you should know where your two wheeler plan comes to your help. In case of an accident the repair cost of damage could be very high and in case if you have spend the same from your own pocket it can seriously distort your personal financial plan. Other than that in case if due to an accident somebody else get hurt and a legal claim is raised then you can get into serious trouble.In both the scenarios if you have two wheeler plan in place it can be of great help and it then becomes the duty of the insurance provider to get you out of the trouble
  2. Secondly question that needs to be answer to understand your two wheeler plan better is to know the dynamic cover provider by any insurer under a comprehensive two wheeler plan. There are technically two types of covers in a comprehensive two wheeler plan, the first part of the cover is called the own damage cover which would take care of the damage happening to your two wheeler in case of an accident or even in case the vehicle is stolen.The other part of the cover is the third party cover, this cover comes into action when the third person get affected other than the owner of the two wheeler due to an accident. in a case like the third person can also raise a claim for medical treatment and any other claim because of damage and you may to have to pay for the same.
  3. The third most important question that needs to answer is about the premium and how it calculated. As explained above your two wheeler plans have two type of inbuilt cover so the premium also has two component, one for own damage and other for third party. The cost of the third party always defines by transport authority of the country and which is minimum tariff rates which is pre-fixed. On the other hand if we consider the premium of the own damage cover it depends largely on the insurance provider and cost would differ from insurer to insurer.

Other than the above three important questions which help you to understand your two wheeler plan better The best way to solve this problem to use the online insurance comparison websites to compare two wheeler insurance online, you should also look at other additional featured covers provided under the plan and how it is priced. If you are actually able to answer the above question in details you can actually know the underlying benefit of a two wheeler plan and also get the reason why you should buy one.

About the Author

Buy Travel Insurance Online, from some of the largest insurance companies in India At myInsurancebazaar.com. You can compare premium & Buy Insurance Online Here.

Rate this Article
Leave a Comment
Author Thumbnail
I Agree:
Comment 
Pictures
Author: Rimita Desai

Rimita Desai

Member since: Oct 29, 2015
Published articles: 67

Related Articles