Purchasing a brand new two-wheeler, be it a motorcycle or a scooter is a momentous time for the Indian family and one that is celebrated with quite a bit of fanfare in the household.
Buying a new bike or scooter is not a decision that is made by just snapping your fingers. It takes quite a bit of deliberation, research and discussion to get the two-wheeler that is perfect for your family. The same thought process and discussion also happen when it comes to insuring your new two-wheeler.
While some may consider two-wheeler insurance to be a luxury, it is not. Under the auspices of the Motor Vehicle Act, the Government of India has made it mandatory for every two-wheeler owner to purchase a two-wheeler insurance policy to ensure that they remain protected in case something unfortunate happens. *
As you decide on the best bike insurance policy in the market, the first thing to decide on will be the policy type. Here’s what you will have to check…
There are three types of insurance policies on offer in the Indian market – Third Party, Standalone Own and Comprehensive.
Third Party insurance – As per the Indian Government is mandatory for every two-wheeler plying on our roads today. Third party insurance does not cover you or your two-wheeler but instead protects against the damages caused by you to another person (the third party) or their property. *
Standalone Own – This policy cover damages suffered by you and your bike in case of theft, accidents, fire and disasters both man-made and natural. *
Comprehensive – A Comprehensive policy combines third party insurance and standalone own. This is usually the choice that many bike owners opt for as it offers the best of both worlds. *
Comprehensive and Standalone Own policies also offer various add-ons that cost a bit more but help strengthen your coverage. One of these add-ons is zero depreciation which allows you to claim depreciation expenses for your bike/scooter. *
When it comes to the insurance policy and the policies on offer, we recommend you use a two-wheeler insurance calculator, which you find with most providers to figure out the best deal for yourself. We also recommend that you compare bike insurance quotes from various providers thoroughly before making your decision. *
To help you make that bike insurance decision, there are a few more points that you should consider before putting pen to paper…
- Insured Declared Value (IDV) – The Insured Declared Value or IDV is the current market evaluation of your bike/scooter’s value and is the maximum amount that you can claim in case your vehicle is considered a loss. The IDV value decreases as your bike gets older, so we recommend that you keep an eye out for it when choosing your policy. *
- Insurance Premium – Your insurance premium (the amount you pay) is dependent on many factors that include the size of your bike’s engine and other factors including where you live. The size of your bike’s engine in cubic centimetres (cc) is a major factor with bikes powered by engines between 0-150cc attracting the lowest tariff. Bikes with engines between 150 and 350cc attract a slightly higher tariff while the highest tariff is allocated to bikes with engines that measure 350cc or above. Another factor that may increase or decrease your premium is where you live with those living in cities attracting higher premiums than others. *
- Claim Settlement Ratio – This factor determines how effective the insurer is in settling insurance claims. The higher an insurer’s claim settlement ratio, the more attractive it gets for someone looking for two-wheeler insurance. *
- No Claim Bonus (NCB) – The No Claim Bonus comes into play when it is time to renew your policy. If you do not claim damages in a particular year, you can get a discount of up to 50 per cent on the premium when you renew your insurance the next year with your policy provider. *
- Online Purchase – Many insurance providers are now offering their services online which allows customers to just get their policies with a few clicks and minimal paperwork while also cutting down on the premium as there is no middleman or agent involved. *
* Standard T&C apply
So now you know what to look out for when it comes to getting bike insurance for your new ride. We hope that you keep them in mind as you decide on the best two-wheeler insurance policy for your bike/scooter and compare various policies before making your final decision.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.
Subscribe To Our Channel
Keyword: Insuring Your Two-Wheeler? Here's What You Should Keep In Mind