Two-wheeler Insurance: As per government rules, taking an insurance policy for the vehicle is important for all the vehicle owners. For two-wheelers, in order to secure your finances, authorities have made it mandatory to buy a long-term insurance policy of 5 years. In this case, it becomes a dilemma for two-wheeler owners to choose the best available insurance policy for their vehicle.
Nowadays, you don’t need to depend on dealerships to get your vehicle insured, you can buy an insurance policy by yourself. If you are also confused while buying an insurance policy for your vehicle, here we come to help you. Here, we wll list some major points to consider while choosing an insurance policy for two-wheelers.
Value of the bike
While buying an insurance policy you need to take note of the current market vakue of your bike as it can be considered as the base for calculating the premium of the insurance policy. If you own a commuter bike with a small engine, the cost of insurance policy for your vehilce will be low as compared to high end sports and cruiser bikes.
Exclusions
It is crucial to know all the exclusions of the insurance policy that you have opted for, so that you can recognize the situation in which you can’t file a claim under the policy. Some of the common exclusions in the insurance policy are Regular wear and tear, electrical and mechanical damage, damage due to nuclear reactions, damage occurred outside the geographical limits.
Type of Policy
There are two types of insurance policies offered by the insurance companies. One of which is third party insurance policy and the other is Comprehensive Bike insurance policy. Third party insurance policy protects your vehicle only from third-party damage. Whereas, a comprehensive bike insurance policy also covers you from the damage to the vehicle due to your own fault. We suggest you go for a comprehensive insurance policy as it offers a wide coverage for vehicles.
Coverage
You should know all the coverage areas of your insurance policy. Because if you know all the coverage areas, you can easily make a claim for any damage to your vehicle. Some of the common coverage areas offered by the insurance companies are Theft cover, Third party damage, third party legal liability and damage due to accidents.
Trustworthiness of Insurance Company
It is important to get a reality check of the credibility and trustworthiness of the company which you are opting to buy an insurance policy as it will be beneficial for you when you make a claim for youur two-wheeler.
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