The daily expense of public transportation has forced people to think about the alternate option of buying two-wheelers which is convenient, time saving and cost effective. Under these circumstances the socially aware people are opting for two-wheeler insurance policy to keep themselves and the vehicle safe from unforeseen circumstances.
While buying a two-wheeler policy, you need to keep in mind few necessary points:
Type of plan: You need to decide whether you want a basic two wheeler policy or the one with high premium which offers more protection and coverage or third party policy which offer only mandatory third party cover
Understand your chosen policy: Study the policy terms and conditions well enough, read the wordings and all the features of the policy. You should also look for the exclusions and inclusions of the policy.
Understand the price: As a policyholder, you will need to pay the insurance premium amount from your pocket, so check the price before you opt for any policy.
Company reputation: It is more secure to buy the policy from a reputed company as it is convenient in the future in terms of service, settlement of claims or other important procedures.
Network garage coverage: The policy must have a widespread network garage, so that you can access the place when you need it most.
Bike Insurance Policies which are Trending Now
Some of the classic examples of the current trendy two wheeler insurances from the reputed brands are:
HDFC ERGO General Insurance Company Limited: One of the most reputed insurance company with strong garage network across the country. The insurance it provides have some great features:
- Long term two wheeler insurance
- Liability only multiyear insurance
- Customizable two-wheeler policy
- Repayment of the accidental damage to the two-wheeler and policyholder
- Available repair service for two-wheeler and accessories
- Online claim service for the policy holders
- Round the clock customer support
- Customer’s voice box
Bajaj Allianz: Bajaj Allianz has the modern innovative products and strong customer support service. The following are the benefits of the two-wheeler insurance that the brand provides:
- Compensates the damage caused by both natural and manmade calamities
- Offers third party liability benefit in case of damage, injury or death
- Instant assistance and round the clock customer support
- Quick and worry-free claim settlement
- Insured person get updates by SMS regarding the claim status
Reliance General Insurance: This insurance from Reliance group claims to be one of the top in two-wheeler insurances. The key features are as follows:
- Claim can be settled via NEFT
- Online tool available for policy renewal and it can be done through PayTM.
- No claim bonus available
- Free repair service or replacement available in all 2,100 network garages
- Round the clock customer support via email or phone.
Bharti AXA: This insurance emphasizes on customer satisfaction and quality and hence, provides a good Insurance plan for two-wheelers:
- Cashless facility in all the network garages
- Hassle-free insurance renewal without paperwork
- Third party premium remain the same throughout policy period
- NCB does not drop to zero while making claim
- Live round the clock customer service
How to Get the Maximum Coverage from your Bike Insurance?
When you decide to buy bike insurance you should keep in mind various factors which will give you the maximum coverage for your bike insurance-
Type of plan: There are basically two types of plans available-
- Liability only policy – a mandatory third party policy which covers the bodily injuries and property damage of the third party
- Package policy of comprehensive plan – It includes protection against damage to your own vehicle with all the liability only policy plan coverage. This is not mandatory, but a choice.
Factors that affect premium: The features of your bike usually affect the premium you pay. The make and model along with the cubic capacity of your bike may increase the amount of the premium. The city of registration also affects the premium rate
Claim of the insurance: The raising and settling of the claim is the most important part of the policy and hence, your insurer should be able to do that after you inform and settle the claim.
Available coverage options – Always choose the two-wheeler insurance cover that will fulfill your necessity.
NCB: You are entitled to a discount on your premium and receive a No Claim Bonus (NCB) for each claim free year.
The third party damage claim: As per the Motor Vehicle Act,1988 you need mandatory third party insurance coverage
Insured Declared Value: Ensure to get fair IDV value of the vehicle which remains same during the term of the policy.
Policy transfer: You should be able to transfer the ownership of the policy in case you sell your bike. The insurance company should be informed within fourteen days and provide all the necessary documents and information.