Insurance Checklist for Two Wheeler Owners
The last three to four months of the calendar year can be a great time to buy a two-wheeler as there are many festivals during this time of the year. In an effort to increase sales, almost all two-wheeler companies launch new vehicles and provide customers with attractive discounts. If you are looking to make the most of the festive period, you may be in for some truly amazing deals on two-wheelers. If you do end up purchasing a bike during the festive season, make sure that you also purchase a two-wheeler insurance.
The Motor Vehicles Act, 1988, has made it mandatory for all vehicles operating on Indian roads to be covered by a valid insurance policy. If you have just purchased a new bike and want to get it insured, here are five crucial points you must keep in mind:
Long-term Plan
The purchase of two-wheeler insurance before September last year left you with two options, viz. go for a yearly policy or choose a multi-year policy. However, all two-wheelers now are required to be covered by a long-term third-party liability plan. A long-term policy will keep your vehicle protected for a period of five years. The premium rates for long-term policies are prescribed by the Insurance Regulatory and Development Authority of India, which means that rates will be standard across insurers. The premium for a long-term policy must be paid up front.
Online Purchase
Most people get insurance based on the suggestions of their bike dealers. However, it is important to consider your individual needs to identify the policy that best suits your requirements. A number of aggregators on the internet allow you to compare the various features and benefits of different policies, thereby allowing you to pick the right one for you.
Own Damage Cover
When you purchase a third-party two-wheeler insurance policy, the cover you receive will be limited. While it covers damages to third parties, third-party policies do not cover the damages incurred by your own vehicle. If you are purchasing a two-wheeler insurance policy for your bike, consider Own Damage Cover to ensure that your bike is protected against theft, calamities, fire damage, etc. This cover need not necessarily be purchased for a 5-year period. Most insurance providers provide Own Damage Cover on an annual basis.
Add-on Covers
Once you purchase a bike insurance policy, you have the option to enhance the coverage it offers by buying add-on covers. The premium amount applicable to your policy will increase slightly when you supplement it with an add-on cover, but the coverage offered by these covers more than makes up for the cost. Some of the most common add-on covers offered by insurance providers include zero depreciation cover, roadside assistance cover, no claim bonus cover, and engine protection cover.
Updates to Personal Accident Cover
2 major updates have been made to the personal accident cover in recent times. The compulsory cover previously was set at Rs.1 lakh,but has now been increased to Rs.15 lakh and the premium has been raised marginally. Bike insurance plans were also unbundled previously, meaning that if you already had an active personal accident policy, you wouldn't have had to purchase the cover again.
Keeping these simple points in mind before purchasing a two-wheeler insurance policy can go a long way towards ensuring that you have the right protection for your vehicle.
Kankana Mukherjee is an engineer and has over 4.5 of experience in content writing. Combining the expertise in financial content writing achieved in her 2 years association with BankBazaar, and a knack for clear and engaging content, Kankana simplifies complex financial concepts and offers practical insights to help readers make informed decisions and achieve financial success.
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