Commuting has become more of a need than a want, so it’s no wonder why two wheelers are the best option when you want to save time. Even if you wear helmets, knee guards, shin guards, etc. you are prone to accidents. That’s when your bike insurance comes to your rescue! Your bike insurance is a neat way to maximize efficiency and minimize risk. Be it any kind of unforeseen circumstance like a road accident, damage due to a third party, etc; your insurance will cover the expenses for any damages or repairs for your two wheeler.
Importance Of Two Wheeler Insurance
Protect Yourself From Third Party Liability Cost
You are more prone to danger or accidents if you are riding a two wheeler since your body is exposed while driving as compared to a car. As a result of this, the government of India has made it mandatory for all two wheelers to have insurance. The main goal here is to reduce the risks concerning road accidents and also the cases of uninsured vehicles and expired policies. Having your two wheeler insurance assures you that you will be compensated for any kind of damage to your vehicle, theft or an accident caused by a third party.
Get rid of the expenses incurred due to natural or man-made calamities
The best thing about having bike insurance is that you can claim compensation even for damages caused by natural calamities like floods, fire, storms, earthquakes, cyclones, etc. In addition, any cases of theft, riots or strike causing any kind of damage to your bike can be compensated for if you have a two wheeler insurance.
Covers the expenses of unforeseen circumstances
An insurance for your two wheeler acts as emergency aid to mitigate immediate financial burden due to accidents. Whether it’s a road accident due to rash driving, natural calamities or improper condition of roads, all of your expenditure for any kind of damage to your bike can be covered by your insurance company.
Also read: Documents Required to Buy a Two Wheeler in India
How to get two wheeler insurance?
- Consult a government or a private insurance company: Make a list of different insurance companies and compare their premium quotation with respect to add ons provided and charges incurred by each company. Choose a company after enquiring about their Terms and Conditions, Comprehensive Policy, Third Party Liability Costs, Zero Depreciation, Insured Declared Value (IDC), No Claim Bonus (NBC), etc.
- Submit the important documents: Just like you need to submit documents to buy a bike in India, you also need to submit copies of your License, Aadhar card, Pan card and your vehicle RC (Registration Certificate) and PUC document in order to get a two wheeler insurance.
- Quality check of your bike: The company will assign a qualified personnel to check the quality of essential vehicle parts like the engine, unusual sounds, overall condition of the bike, etc. There can be external charges for quality check depending on the insurance company you’re approaching.
- Initiation of the policy: After a thorough check of your bike, the company will initiate the process for making your insurance policy, you will be notified about your premium charges.
- Explore and compare insurance companies online: You need to do a thorough research of companies that offer insurance policies online. You need to go through essential details like their Terms and Conditions, Comprehensive Policy, Third Party Liability Costs, Zero Depreciation, Insured Declared Value (IDC) and No Claim Bonus (NBC), among others. After a thorough research about these factors, choose an insurance company that meets your budget and needs.
- Choose the right type of bike insurance policy: After you decide on a particular insurance company, go through their website and choose the kind of insurance policy that suits your budget. You can also buy add ons which come with a comprehensive bike insurance policy.
- Get the IDV(Insured Declared Value) for your bike: Get the IDV, which is the present market value of your bike, and enter the details on your insurance company website. Your IDV has a huge impact on your bike insurance premium. The IDV decides the maximum amount you can claim in case your bike is damaged or needs to be repaired.
- Final Payment process: After entering the IDV details, you need to make the payment in order to secure your bike insurance. The company will send you a soft copy of your insurance policy which you can print and keep as a document.
Getting bike insurance gets easier when you know the process and terms and conditions of your insurance company. Bike insurance can be your financial security in order to act as an immediate savior in times of mishaps. Now the choice is all yours, you can either be okay with no insurance or get an insurance and enjoy your stress free ride. In case if your are looking to buy a Bike on loan then Checkout our Bike Loan EMI Calculator.