Top Tips For Buying Two-Wheeler Insurance

 It is mandatory to have two-wheeler insurance and not having one can result in a fine of Rs 2,000 for first offence

In earlier times, traffic cops usually did not check for insurance for two-wheelers. However, things have changed now with cops actively looking to ensure that two-wheelers have the relevant insurance. In the first offence, you could be fined Rs 2,000. In subsequent offences, the fine can increase to Rs 4,000. You can also face imprisonment of up to 3 months and your vehicle could also be seized.

Buying a two-wheeler insurance will be much cheaper and hassle-free. It will also protect your vehicle from potential losses, as in case of an accident or theft. For max benefits, here are some important tips when buying two-wheeler insurance.

Third-party or comprehensive ? - While third-party two-wheeler insurance is mandatory by law, you have the option to upgrade to a comprehensive two-wheeler insurance policy. The latter will provide enhanced coverage against risks, but the premium will be higher. Third-party bike insurance only covers damage to the other party. A comprehensive bike insurance covers your own damage as well. By paying a slightly higher premium, you can get better coverage with a comprehensive two-wheeler insurance policy.

Determining IDV - The bike insurance premium amount will be based on the Insured Declared Value (IDV). This will not be applicable in case you are choosing a third-party bike insurance. IDV comes into play only in case of a comprehensive bike insurance policy. The value of IDV is closely linked to the current market value of the two-wheeler. If you mention a higher IDV, the premium amount will be higher. If IDV is less, your claim amount will be limited. That is why you need to set the right IDV when taking bike insurance.

Covered items - It is important to understand what all risks are covered by a comprehensive two-wheeler insurance policy. Essential items include fire damage, theft cover, damage due to riots, vandalism, etc., natural calamities such as landslide, earthquakes, floods, etc., 3rd-party damage and legal liability and accidental damage.

Exclusions - It is also important to understand all the risks that are not covered under the bike insurance policy. For example, things like regular wear and tear or mechanical or electrical problems may not be covered in the comprehensive bike insurance policy. Similarly, accidents caused while drunk or using other intoxicants will not be covered.

When taking a two-wheeler insurance policy, you can compare premium rates offered by various insurance companies. However, price should not be the only factor in the decision-making process. Other things, as described above, also matter a lot. So, make sure you use these tips to choose the most appropriate two-wheeler insurance for your vehicle.