Here Are A Few Tips to Find the Best Two Wheeler Insurance
Owning a two wheeler can be a dream for many and in the present times, with horrible traffic conditions, a two wheeler is considered to be faster and a preferred choice for many. As per the motor Vehicle Act in India, it is mandatory to have a third party insurance for your vehicle. Thus, having motor insurance is compulsory by law and as a result two wheeler insurance renewal also is something that needs to be done every time the policy expires. Buying or renewing a policy used to be a difficult task till the internet did not arrive. Now, buying an insurance policy is simple and all that needs to be done is providing some basic information, comparing and buying the policy.
Compare to Find the Best Policy
In today’s day and age, there are many companies in the market which offer two wheeler insurance. As a result, there are various products with different features and of course, varying costs. At the time of two wheeler insurance renewal, the owner must always look at all the options available and compare them to ensure he has the best policy available which not only is priced well but also has all the adequate coverage to ensure proper protection. Comparing the policy in the age of the internet is very simple. There are websites available which can provide comparisons of the best policies for your two wheeler and based on your requirements, you can choose the one which is best for you. Thus, every time a policy needs to be bought or renewed, one must compare to find the best policy.
Things to Look Out For While Buying Two Wheeler Insurance
For an individual who does not have a lot of information about insurance, buying one can be a daunting task. Though buying an insurance might look like rocket science but it is not so. With some basic knowledge one can easily get a good policy. Some important things to look out for while buying two wheeler insurance or during two wheeler insurance renewal are:
- No Claim Bonus
A policyholder is eligible to get a no claim bonus for every year he does not make a claim from the insurance company. This basically is a discount that the insurer extends for zero claims. The no claim bonus starts at 20% and increases with every consecutive no claim year. While buying an insurance for your two wheeler, you must ensure you get the NCB.
- Type of Insurance
As mentioned earlier having a third party liability policy for your vehicle is mandatory by the government and it takes care of any damage caused to a third party person or property. For the benefit of the owner and to cover any loss to the vehicle, the insured can take a comprehensive insurance plan. A comprehensive insurance is always advisable and thus, one should keep all factors in mind and the aim to take insurance before buying a policy.
- Insured Declared Value
Another very important thing which needs to be kept in mind at the time of two wheeler insurance renewal is the insured declared value or the IDV. This is the value of the vehicle at which it is insured. This is the value of the two wheeler which will be used at the time of a claim, throughout the policy period. The IDV should be calculated properly after applying for depreciation. A higher IDV will mean paying a higher premium unnecessarily and a lower one will mean under insurance which will affect the claim value.
There are various options available when it comes to coverage for your vehicle in a two wheeler insurance policy. It is always good to know about all the coverage options available and choosing the ones which will be the most suitable.
Two wheeler insurance renewal is an important thing and should not be taken lightly. It is always good to compare the plans available and have a basic understanding about insurance. Another important thing to check is the reputation of the insurance company. Once the company and a plan is chosen, you can buy it online and then ride your two wheeler without stress as it is well covered against any loss.