Two-wheeler insurance is a type of insurance that protects you financially in case of an accident or theft of your two-wheeler. It is a legal requirement to have third-party liability insurance for your two-wheeler, as per the Motor Vehicles Act of India. Third-party liability insurance covers any damages caused by your two-wheeler to a third party in case of an accident. In addition to third-party liability, you can also opt for comprehensive coverage, which covers both third-party liability and damages to your two-wheeler. Personal accident cover provides coverage for accidental death or disability of the rider.
Various insurance companies offer two-wheeler insurance policies, each with different features and benefits. It’s essential to compare quotes from different companies and choose the policy that best suits your needs. In addition to the standard coverage, you can also opt for add-on covers such as pillion passenger cover, zero depreciation cover, and roadside assistance.
Buying the best two wheeler insurance can be a daunting task, with so many options available in the market. However, with a little bit of knowledge and the right approach, you can get the best coverage at an affordable price. Thus, below are 6 tips to follow while buying two-wheeler insurance.
- Understand the different types of coverage: There are several types of coverage available for two-wheelers, including third-party liability, comprehensive, and personal accident. Third-party liability is mandatory by law, and it covers damages to a third party in case of an accident caused by your two-wheeler. Comprehensive coverage, on the other hand, covers both third-party liability and damages to your two-wheeler. Personal accident coverage provides coverage for accidental death or disability of the rider.
- Compare quotes from different insurance companies: Before buying an insurance policy, it’s essential to compare quotes from different companies. This will help you understand the features and benefits offered by different policies and choose the one that best suits your needs.
- Consider the add-on covers: The best two wheeler insurance companies offer add-on covers, such as pillion passenger cover, zero depreciation cover, and roadside assistance. These covers provide additional protection at an additional cost. Consider the add-on covers that would be useful to you and factor them into your decision.
- Check the claims settlement ratio: The claims settlement ratio is the percentage of claims settled by an insurance company. A higher claims settlement ratio indicates that the company settles more claims and is, therefore, more reliable.
- Understand the exclusions: Every insurance policy comes with exclusions, which are the situations in which the policy will not provide coverage. It’s essential to understand the exclusions of the policy you’re considering to ensure that you’re not left without coverage in case of an accident.
- Check the network garages: Many insurance companies have tie-ups with network garages, which provide cashless claims services. If you choose a policy from a company with a network of garages in your area, you can get your two-wheeler repaired at one of these garages without having to pay for it out of pocket.
In conclusion, buying a two-wheeler insurance policy can be a simple process if you understand the different types of coverage available, compare quotes from different companies, consider the add-on covers, check the claims settlement ratio, understand the exclusions, and check the network garages. By following these tips, you can ensure that you get the best coverage at an affordable price.