Owning a two-wheeler is an incredible feeling. It provides you with the freedom to travel wherever and whenever you want. However, owning a two-wheeler comes with its own set of responsibilities. One of them is buying a two-wheeler insurance policy. In India, it is mandatory to have at least a third-party two-wheeler insurance policy to ride your bike legally on the roads.
Here are some tips to help you choose the right third-party two-wheeler insurance policy:
Compare different policies:
Always compare different third-party two-wheeler insurance policies before choosing one. Look at the premium rates, benefits, and exclusions of each policy. This will help you make an informed decision and choose the best policy that suits your needs.
Check the coverage:
It is important to check the coverage offered by third-party two-wheeler insurance online. It should cover damages or injuries caused to a third party in case of an accident. Also, check if the policy covers any damage caused to your two-wheeler in case of a third-party accident.
Look for add-ons:
Some insurance companies offer additional coverage in the form of add-ons. These can include personal accident coverage, pillion rider coverage, zero depreciation cover, and more. Check if the policy you are interested in offers any such add-ons.
Check the claim settlement ratio:
The claim settlement ratio of an insurance company indicates the percentage of claims settled by the company. A higher claim settlement ratio means that the company is more likely to settle your claim in case of an accident. Always check the claim settlement ratio of the insurance company before choosing their policy.
Check the reputation of the insurance company:
The reputation of the insurance company is also an important factor to consider. Look for reviews and ratings of the company online. Check if the company has a good track record of settling claims and providing good customer service.
Read the policy documents carefully:
Before buying a third-party two-wheeler insurance policy, it is important to read the policy documents carefully. Understand the terms and conditions, inclusions, and exclusions of the policy. This will help you avoid any surprises at the time of making a claim.
Conclusion
Choosing the right third-party two-wheeler insurance policy is crucial for the safety of yourself and others on the road. Always compare different policies, check the coverage and add-ons, and read the policy documents carefully before choosing a policy.
Yet, bike insurance is often purchased in haste without much thought being given to the terms of coverage.
The same trend seems to reflect when people renew their cover.
To help you out, here are 3 mistakes to avoid when renewing bike insurance.
Do feel free to explore other plans that may offer better coverage.
Aggregator websites can help you compare the latest two-wheeler plans so you can select the one that truly gives you the best value for money.
So, a little bit of searching can see you save a lot on your monthly premiums while getting really great coverage.Forgetting the No Claim BonusIf you did not make any claim on your insurance in the past year, your provider rewards you with a discount known as a ‘no claim bonus’ or NCB.
