Tips to Help You Choose Two Wheeler Insurance

Congratulations! You have got your hands on the bike that you had been eyeing for long. Now it would be a good idea to get you a two wheeler insurance policy at the earliest. Along with providing cover for the death or bodily injuries of the pillion-rider or any other person on the road, the insurance plan will take care of the damages caused to third-party properties as well. Given below are some essential guidelines to make the selection of a favourable insurance plan a breeze.

Questions to Refocus on Your Two Wheeler Insurance

The purchase of the best insurance plan for your new two-wheeler can be a tricky affair. Here are some important questions to ask you to facilitate the cause.

1. What is the bike’s value and how can the same be estimated?

The Insured Declared Value (IDV) refers to the maximum possible amount that you are likely to receive as compensation in case of theft or total loss of your vehicle. The IDV can be estimated as per the listed selling price of the manufacturer after pre-defined adjustments for depreciation. Do remember that the IDV for non-factory fitted accessories has to be assessed separately if you desire cover for the same; you may do so by paying additional premium.

2. What are the mandatory coverage types?

As a biker riding on Indian roads, you are bound by the Motor Vehicles Act (1988). The Act makes it obligatory for you to have a Third-Party two wheeler insurance policy.. It will cover all injuries and damages dealt to third parties because of an accident caused by your vehicle. However, this mandatory coverage will not provide for damages caused to your own bike.

3. What is the optional coverage available for safeguarding your bike?

Comprehensive insurance policy for a two-wheeler will provide third-party coverage along with covering your bike for all damages caused to the same. You may want to include add-on coverage such as Zero Depreciation that would help you get valid claims in full, after taking the compulsory deductions and permissible depreciation into consideration.

4. Should I choose my two-wheeler insurance policy online?

Reliable portals like Coverfox.com provides user-friendly platform for evaluating and comparing different insurance coverage options for two-wheelers. In case you require further help, you may get in touch with their customer advisory team to take care of your concerns. With quick and effective post-sales services to their credit, such sites also offer prompt assistance with regards to claims and other related concerns.

Risks of not Tracking Your Two-Wheeler Insurance

Even after you have purchased a suitable insurance plan for your two-wheeleryou need to keep a close watch on its renewal date. The risks of not tracking your insurance premiums or failure to renew in time can lead to grave problems.

1. No renewal, no compensation or claims

Say, your bike gets stolen or meets with an accident when your insurance plan is no longer in force. As the owner of a non-insured vehicle, you will end up bearing all the financial losses yourself.

Be it for the damages caused to third-party properties, a third-party person, or your own vehicle, you will have to take care of all ensuing bills in good time. In other words, you will not be in a position to file a claim for receiving any compensation in the event of an accident.

2. Inspection by the insurance company in case of lapsed policy

In case your policy lapses, your insurance company may ask for an inspection of your bike to determine its current condition. This inspection will be carried out prior to policy renewal.

However, it may be difficult for you to keep a track of the annual renewal dates of your policies due to lack of time, work pressures, or any other reason. The risks rendered in the process can be avoided by taking up long-term insurance for two-wheelers, such as one that’s valid for three years at a stretch.

Find the Best Insurance Policy Online

In order to get your hands on the perfect insurance policy, it is crucial to compare various plans on the basis of their benefits, premium, and coverage properties. After being sure of the policy that suits your immediate and future needs, log on to Coverfox.com to get the best insurance cover for your two-wheeler. Once you are properly insured, you will find an altogether new zest and confidence in riding your bike.

Feel safe; get your bike insured – today!

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