Buying Two-Wheeler Insurance For Your Business? Points To Consider:

Two-Wheeler Insurance

There are over 10 million bikes picked up every year in India. The poorly developed roads with holes and lesser traffic implementation rules often result in road accidents, theft of the two-wheelers, or damage to third-party lands. These bizarre mishaps can easily burden you financially and leave you at a loss. That is why the Indian government has declared it mandatory for all new bike users to sign up for two-wheeler insurance to support and cover against third-party liabilities. You also get many more benefits from good two-wheeler insurance. If you decide to buy it online, you must remember these points discussed below, or it can affect you badly.

  • A trustable insurer

Which company is best suitable for you is also essential. A good insurance platform not only provides you with certain benefits but also aids you in giving better insight into insurance policies. There are hundreds of insurance companies poaching people with their schemes every day. So, you need to make sure to look for a trustable insurer.

Now, how to know if this company is trustable or not? The easiest way is to check out the customer reviews and their services. A good policy insurer will have high ratings and well-balanced customer opinions on social media.

  • Choose the best-fit policy type

We suggest you use a comprehensive bike insurance policy because bikes are more prone to small or big accidents than cars. Comprehensive insurance provides coverage options against third-party liabilities and accidental damages. The law does not mandate you from buying a comprehensive policy, but it is far more preferable and advantageous than other insurances.

  • Do not lower your IDV

IDV stands for Insured Declared Value which sets the approximate current value of your two-wheeler in the market. It is a reference sum that indicates what amount you will receive if your vehicle gets broken or stolen. 

Setting a lower IDV can result in your insurance premium being reduced. The claim amount will also decrease with a lower IDV. So, take note not to set your IDV lower.

  • Select the right add-ons

Your insurer may try to bait you with several add-ons to look into. However, each add-on will raise your comprehensive two-wheeler insurance premium. First, go through your requirements and choose the add-ons that benefit your specific needs.

For instance, you can avoid the pillion rider add-on if you are going to be the only rider. You can also set aside accessories cover if your bike has no additional modifications. Here are some add-ons that might interest you- return to invoice, roadside assistance, etc.

  • Read the policy document thoroughly 

Before purchasing bike insurance policy online, always read the entire policy document and its clauses. A policyholder should know all inclusions and exclusions of their policy, the terms and conditions applied, and the fine print. 

Buying insurance online is quick when you have little time to think things through. So, you must stay alert and ready with every detail of your two-wheeler insurance.

In conclusion

There are various things to consider while buying a two-wheeler insurance policy online. You must review the various insurance providers and read the policy fine-prints with caution to know the coverage you are getting and the related clauses. Then again, it is equally important to remember to renew your policy after a year.

An online insurance purchase sure is fast and effective, but we hope you will also consider remembering the tips we have stated above. These will lend you a hand while deciding on your two-wheeler insurance.

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