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How To Buy Two Wheeler Insurance?
Two wheeler insurance is a policy that covers different risks to a two wheeler. This includes any risk of loss or damage to the two wheeler or the rider of the two wheeler in case of:
• Riots and strikes
• Natural disasters such as fires, floods, earthquakes, frost, cyclone, hurricane, lightning, rockslide, landslide etc.
• Transport of bike by any mode of transport
• Acts of terrorism
There are two types of two wheeler insurance policies:
• Comprehensive policy
• Third party liability policy
A comprehensive policy covers all risks to the bike and the driver. Along with that it also covers third party liability risks.
In India, two wheeler riders must have at least a third party liability insurance policy. Third party liability covers the risk of any damage, injury or accident caused by the driver of the two wheeler to a third party.
How to buy two wheeler insurance?
There is no doubt that two wheeler insurance is one of the most essential requirements to driving a two wheeler. There are two modes of buying this policy:
It is possible to buy a two wheeler insurance policy offline through one of the many agents. The agent is responsible to get the documents submitted and the premium amount deposited to the company.
Buying two wheeler insurance online is very simple in these times. With digital advancements, it is very easy to buy insurance either from an insurance aggregator or directly from the insurance company’s website.
However, just knowing the modes to buy a two wheeler insurance is not enough. It is important to thoroughly research before you make the final purchase decision. The purchase is the last part of buying the policy.
The steps to buying a two wheeler insurance policy are:
1. Decide the type of insurance:
The first step is to decide the type of insurance policy i.e comprehensive or third party liability. Getting the comprehensive insurance policy is safer since it covers a wider range of risks. Buying the third party liability insurance is mandatory by law.
2. Fix the insurance company:
After the policy has been decided, the next step is to decide the insurance company from whom to buy the two wheeler insurance policy. For this, it is better to read through the policy documents and find out the inclusions and exclusions. Some things to look out for are depreciation cover, reimbursement of towing expenses, network garages for repairs and the depreciation schedule used in calculating the insured declared value. This information can be found out on the insurance company’s website or on an insurance aggregator’s website.
3. Research the company:
It is essential to research the company from whom you want to buy the insurance policy. A few things to check are the claim settlement ratio of the company and the solvency ratio of the company. These two details are generally available online. It is essential to find out these details so that there are no surprises when a claim needs to be made.
4. Purchase the policy:
After all these details have been fixed, the next step is to purchase the two wheeler insurance. Once again, the purchase can be done both online and offline. The best way is to ask for quotes from the agent and to check these against the quotes available online. After comparing quotes, you can purchase the policy. Since a two wheeler policy is a general insurance policy, it has to be renewed every year. It can be renewed either online or offline.
Neha Sharma is a finance student who loves to write in her free time. She has spent considerable time researching about two-wheeler insurance. Through her work, she mentioned how to avail one offline and online
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