Tips for Choosing the Best Two Wheeler Insurance Policy In India

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Two Wheeler Insurance
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Tips for Choosing the Best Two Wheeler Insurance
Policy In India
While buying a two-wheeler, we take into
consideration many factors such as model,
affordability, mileage, brand value, and a lot
more. Which insurer to choose and what insurance
plan to buy are probably the last questions that
strike our minds. We realize the importance of
a two wheeler insurance policy only when we
realize that o ride our new bike it is mandatory
for us to have a two-wheeler insurance policy. As
a consequence, we blindly buy any policy that is
offered to us by our dealer.
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But, the correct way to go about it is consider
the following factors while choosing a
two-wheeler insurance policy Kind of plan If we
broadly categorize, there are two kinds of
two-wheeler insurance plans. Namely Liability
only policy This kind of policy is a mandatory
policy that covers third party liability in case
of bodily injuries, death and damage to the
property of a third party. However, personal
accident cover is a allowed only if the bike
owner is riding it at the time of accident
Comprehensive plan This plan along with
covering all the liabilities mentioned in the
above type also includes any kind of damage to
your own vehicle. The first kind of two-wheeler
insurance is mandatory by law, while it is your
choice whether to opt for the second one or not.
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Factors affecting your premium The features of a
two-wheeler are amongst the major factors that
affect the cost of your insurance premiums. India
Motor Tariff has stated three categories of
two-wheeler, namely With the capacity of your
bikes engine, the premium for insuring it also
increases. City of registration is also a factor
that contributes towards the premium. Types of
coverage These days there are multiple varieties
of covers available for your two-wheeler in the
market. Collision coverage, fire coverage, theft
coverage, vandalism coverage, and cover for the
pillion rider are amongst the array of available
options. Therefore, it is important to choose
only for the covers that suit your requirements
and suit your purpose.
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Claim settlement ratio Applying for a claim and
getting it approved is the major motive behind
buying a two-wheeler insurance policy. There it
is essential to check the track record of the
insurer before selecting one. You should always
prefer the one with the higher claim settlement
ratio. Considering these factors will ensure to
an extent that you choose the best insurance plan
for your two-wheeler. Apart from the factors
mentioned above, you should know the formalities
the insurer would want you to fulfill for bike
insurance renewal. This is because bike insurance
renewal is as critical as buying a new insurance
policy. Source http//articles.abilogic.com/147
664/tips-choosing-best-two-wheeler.html
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