Bikes are the most economical and compact vehicles that offer better fuel efficiency and allow you to zip through traffic quickly. But they are regarded as the most dangerous ones owing to their size. Getting caught in a two-wheeler accident can pose a threat to your life. Precisely why, it is essential to invest in good Two Wheeler Insurance. Here is an instant guide to help you select the right one.
Types of policies
There are two types to choose from:
Third-Party Limited Liability: This type is compulsory for all vehicle owners under the Motor Vehicles Act. The beneficiary here is the third-party person and not the policyholder. This policy protects your legal and financial liabilities if the third-party gets injured in an accident. It pays for the hospitalisation and treatment cost of the third party while covering the damage expense caused to the third-party vehicle.
Comprehensive Policy: Although not mandatory, the Comprehensive Plan is better since it covers third-party and policyholders. Such a policy is generally expensive but provides broader coverage to you in an accident or against damage to your vehicle. You also get the option to customise by adding different types of add-ons for all-round protection.
How does the premium get decided?
Several factors help decide the Motorcycle Insurance premiums, which are:
The make, model, and size
The cubic capacity
The bike age
The geographic location or city where you bought the two-wheeler
The policyholder's age
The number of claims filed by the policyholder
Coverages accessible
This depends on the plan you opt for:
Under third-party policies, the insurance provider covers the hospitalisation costs, temporary or permanent disability or death, and damage caused to the third-party's vehicle in an accident.
Comprehensive policies, meanwhile, protect you against the asset loss or damage caused due to natural and human-made calamities like theft, vandalism, riots etc. Third-party coverage is part of this policy as well. Moreover, you can buy riders like Personal Accident and Pillion Rider Cover, Emergency Road Services, Zero Depreciation Cover, Return to Invoice Cover, etc.
Steps for filing claims
Contact your insurance provider regarding the reason to file the claim
File a First Inquiry Report (FIR) at the nearest police station and ask for a copy of the same and submit it to the insurer.
Gather photographic evidence and try to gather information about the other party and vehicle involved in the accident .
File your insurance claim by offering all the documents listed in the claim form.
Approach your Two-Wheeler Insurance provider directly by calling on the toll-free number mentioned on your policy document or through your insurance agent.
Renewals and No Claim Bonus.
You need to renew your Motorcycle Insurance annually before it expires and is no longer valid. Timely Bike Insurance renewals enable you to accrue discounts of up to 50% on premiums, as a No Claim Bonus. Policies get renewed online or through your insurance agent.