Two-wheelers are quite a popular mode of transportation in India. They offer a convenient way to travel even on busy Indian roads. With the increasing number of vehicles plying on streets, securing your two-wheeler against emergencies and damages has become crucial. Events like accidents or natural disasters can cause severe damage to your vehicle, leaving you with a hefty repair bill. Then there is an additional threat of theft, and apart from this, it also provides coverage against third-party liabilities. Hence, a two-wheeler insurance policy is a must-have for every two-wheeler owner. However, with so many options available in the market, selecting the right insurance policy can be overwhelming. Here are some important tips for buying a two-wheeler insurance policy:
Compare policies online
To start with, you need to compare the bike insurance policies from different insurers before buying online. Research and compare policies based on the coverages offered, premiums, and other features. This will help you to choose the policy that suits your needs and provides maximum coverage at an affordable price.
Choose the right coverage
Choose from any of the three types of two-wheeler insurance policies: third-party liability, own-damage coverage, and comprehensive insurance. A third-party insurance policy covers accidental injury, death or damages caused to a third party or their vehicle. An own-damage bike insurance policy covers your vehicle against any damages caused by an unanticipated event. A comprehensive bike insurance policy acts as an all-in-one policy, wherein you get coverage for both third-party and own vehicle damages.
If your two-wheeler is expensive or you use it regularly, it is preferable to opt for a comprehensive policy. If you use it rarely, you can get a third-party insurance policy as mandated by the law.
Check the IDV
Insured Declared Value (IDV) is the maximum amount that an insurance company will pay you in case of total loss or theft of your vehicle. Ensure you consider the IDV of the vehicle while buying insurance. The higher the IDV, the higher will be the premium of the policy.
Check the add-ons
Add-ons are additional covers that you can buy to enhance the coverage of your policy. Check the add-ons offered by the insurance provider and choose the ones that are relevant to you. Some of the popular add-ons include zero depreciation cover, engine protection cover, and roadside assistance.
Check the claim settlement process and ratio
The claim settlement process is one of the primary factors to know the insurance provider’s credibility in the market. Look for a provider with a good track record of settling claims. Choose the one that settles the claims quickly and efficiently. You can check the claim settlement ratio of different providers to get an idea of their efficiency in settling claims. Bajaj Finance offers various two-wheeler insurance policies by leading insurance providers who have good claim-settlement ratios. Check the two-wheeler insurance policies online at the Bajaj Finance Insurance Mall.
Read the terms and conditions
Lastly, before concluding the sale, make sure you have read the terms and conditions carefully. Understood the exclusions and limitations of the policy to avoid any surprises in the future. Also, ensure that you provide accurate information while buying the policy to avoid any issues during the claim settlement process.
Buying a two-wheeler insurance policy requires careful consideration and research. Choose a two-wheeler insurance policy that provides maximum coverage at an affordable price. Remember, insurance is not just a legal requirement, but also a safety net that protects you from any financial loss due to unforeseen circumstances. For a one-stop solution, you can visit the Bajaj Finance Insurance Mall to compare and buy a two-wheeler insurance policy as per your needs.
Disclaimer: T&C Apply. Bajaj Finance Limited (‘BFL’) is a registered corporate agent of third-party insurance products of partner insurers under the IRDAI composite CA registration number CA0101. Please note that, BFL does not underwrite the risk or act as an insurer. Your purchase of an insurance product is purely on a voluntary basis after your exercise of an independent due diligence on the suitability, viability of any insurance product. Any decision to purchase insurance product is solely at your own risk and responsibility and BFL shall not be liable for any loss or damage that any person may suffer, whether directly or indirectly. Please refer insurer's website for Policy Wordings. For more details on risk factors, terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.