Own a two-wheeler but not sure which insurance policy to buy? Well, you are not alone, as per a recent report India has so far had over 21 croretwo-wheeler registrations in 2022! This signifies that two-wheelers are a popular mode of transport for most people, especially those who have to navigate through city roads every day. Easy to manoeuver and affordable, a bike is often the best utility vehicle to have for city travel. The rising number of two-wheelers on road also means that two-wheeler riders are more vulnerable to accidents on road leading to vehicle damage, injury, third-party damages, or even death. To mitigate these unforeseen events, it’s important to have bike insurance that provides comprehensive coverage for your bike.
Let’s explore the points to consider while selecting the type of two-wheeler insurance policy for city rides:
Know the Type of insurance policy
There are two types of bike insurance you can opt for – third-party liability plan, which is mandatory by law and comprehensive plan. While the third-party plan covers loss to a third party only, a comprehensive insurance plancovers both third-party damage anddamage to your own vehicle or self as well.It is ideal to opt for a comprehensive bike insurance as it gives a wider coverage against risks.
Understand what is the Insured Declared Value (IDV)
IDV is the approximate value for your two-wheeler in the market. It depends on several factors like the date of bike registration, make & model of your bike, city of registration, manufacturer details, cubic capacity, ex-showroom price of your bike etc. So, when your bike is damaged beyond repair or even stolen the insurer will pay you the IDV amount. But the catch here is that with depreciation, as the value of your bike reduces, so does the IDV and subsequently your premium. However, this also means lower coverage for your bike. Since IDV has such a major bearing on your coverage and premium, choosing the correct IDV for your bike insurance is necessary.
Choose add-ons smartly for enhanced coverage
Having a comprehensive insurance policy provides protection for third-party liabilities as well as own damage, but it doesn’t cover the loss of your belongings like a helmet, keys, engine, or gearbox, so to get coverage for any specific situations, make sure to choose add-on covers smartly. Although they do increase your premium but they offer you enhanced coverage on your bike.
Choose an insurer with quick claim settlement
It is advisable to choose an insurer with a good claim settlement ratio and quick settlement track record. In the event that you need to raise a claim, having a hassle free and quick claim settlement really matters.
Purchase insurance online
To be able to enjoy a seamless and hassle-free purchase, choose to go in for an online purchase. Download the Bajaj Finserv App, as it helps you to steer away from the traditional method of going through an agent, tedious form filling or paperwork process. The online platforms offer you a complete digital experience that is totally paperless. The online mode helps you compare different plans based on inclusions, exclusions, premiums, add-ons, coverage, etc., thus enabling you to make informed decisions to buy the best insurance policy for your bike. And all this in a matter of minutes and from the comfort of your home. It truly is becoming the new way to buy insurance.
