You can choose the best two-wheeler insurance using these 5 pointers

by Radhika Adsule Financial Expert

When your bike is damaged or stolen, bike insurance offers the financial assistance you need. The most common mode of transportation for daily rides is a two-wheeler. Although larger vehicles, such as cars, can get stuck in traffic for long periods, you can easily navigate it on your bike and arrive on time.

On the other hand, driving through gridlocks is risky because you might collide with something or someone, injuring yourself or damaging your two-wheeler. In addition, finding a parking space on congested roads is challenging, increasing the risk of having your bike stolen. Having two-wheeler insurance is also essential, as it can save you money in the event of an accident.

Given today's hectic schedules and extended working hours, buying the policy online has become more convenient. There are many benefits of buying two-wheeler insurance online besides convenience.

Here is what you need to know about finding the right motorbike insurance on the internet:

The insurance terms

You should be familiar with the different insurance jargons. The basic terms to be aware of are:

IDV: The insured's declared value gets abbreviated as IDV. The IDV for a two-wheeler is established using the vehicle's ex-showroom price based on the make, model, sub-model, and registration date.
NCB: The No Claim Bonus is a discount that the insurance provider gives you for each year that you go without filing a claim.
Third-party insurance: It is a legal requirement under the Motor Vehicles Act to provide insurance coverage for your motorcycle. It covers the loss/damage and other liability incurred by your two-wheeler to a third-party vehicle or property.

The Add-on covers

Insurance providers offer these to supplement your two-wheeler's coverage. The following are some of the available add-ons on the market:

Zero depreciation cover
24*7 spot assistance cover
Personal accident cover for pillion riders
Loss of accessories

The claim process

You can submit a two-wheeler claim either offline or online. Both methods are simple and easy. The most important thing here is to get the necessary paperwork done for the claim to ensure the settlement happens with zero stress.

The company reputation

When you buy online, you can read consumer testimonials on the insurance company's official website. These customer testimonials represent genuine and accurate views on the insurance company's services. You should be cautious enough to examine this detail, as it can often be the deciding factor in whether to buy an insurance policy online.

We hope these tips come in handy when you are looking for the right two-wheeler insurance policy online. We advise you to choose a plan carefully, keeping in mind the above guidelines and your two-wheeler insurance needs. You can always buy a different policy during your bike insurance renewal if you do not want to stick with your current policy.