The sale of two-wheelers has increased over the years, and due to this, the traffic on Indian roads has increased very much. There are many traffic rules that need to be followed by the public; if the rules are violated, a person is left with no other choice than to pay them. Some major offenses are overspeeding a vehicle, allowing an unlicensed driver to drive, driving under the influence of drugs, driving a vehicle without insurance, and many more. Though all offenses are levied heavily, driving a vehicle without insurance is also a big offense. Buying insurance is necessary in India, as if an owner does not have insurance, he has to pay Rs 2000, which is actually more than buying insurance. Moreover, there are chances that a person may go to prison for 3 months.
Therefore, it is very essential that a person buy insurance after buying a two-wheeler. In this article, we will discuss which type of insurance you should buy, and other concepts related to the insurance of two-wheelers.
What is Motorcycle insurance?
Motorcycle insurance is referred to as two-wheeler or bike insurance. It is a kind of agreement between an insurer and a motorcycle owner. Motorcycle insurance gives financial security to two-wheelers against damages that may happen to a motorcycle or a person during a calamity or other types of unforeseen events.
Which Motorcycle insurance should I buy?
There are three types of motorcycle insurance: comprehensive bike insurance, third-party liability, and standalone damage. Bike insurance policy. As per the rule in India, it is mandatory to buy a third-party insurance policy. But it does not provide any other benefit than claiming for own damage from the third party. On the other hand, a comprehensive policy is regarded as the best to buy, as with it, one can not only claim for damage in case of accident but also in case of natural and man-made calamities. So, according to us, one should buy a comprehensive insurance plan because an insurer gets a claim in the event of an earthquake, flood, cyclone, riot, or theft. You can buy motorcycle insurance from any popular and reliable site, like Apna Mechanic.
Factors affecting two-wheeler insurance premium.
Before purchasing a bike insurance policy, make sure that you have checked how bike insurance is calculated and what factors affect your motorcycle insurance. Some of the factors are:
- Type of coverage:
As we discussed, there are three types of insurance policies that are available, and among them, the third-party insurance plan covers the damages that have occurred due to the third party. Whereas a comprehensive insurance policy includes third-party and own-party damages, while you may select any, there are advantages to choosing the second one.
- Bike type and price:
Your insurance premium is dependent on the type of bike you own. The CC, or cubic capacity, of your vehicle, affects the price of the insurance premium. The higher the engine capacity, the higher the insurance premium price, and vice versa.
- Details of the rider:
When you choose to buy an insurance premium for your bike, remember that the details or personal information regarding you are considered, like your age, driving history, and gender. For example, if you are 30 years older or older than this, you will be paying a lower premium as you have a lot of experience driving. On the other hand, a young person of 20 years old will be obliged to pay a higher insurance premium.
- Add-on covers:
If, during your insurance purchase, you have selected a few add-ons, you will pay a higher premium, and vice versa. Some of the add-ons that a person chooses are zero depreciation, NCB protection, roadside assistance, etc.
- Anti-theft devices:
Technology has developed a lot, and because of it, it is now possible to detect and track a stolen bike with an anti-theft device present in it. If a bike has an anti-theft device in it, the owner has to pay a lower insurance premium, whereas if a person does not have an anti-theft device in a motorcycle, they have to pay a higher insurance premium.
- No claim bonus:
This is when you are reviewing your bike insurance policy, and if you have not claimed bike insurance for over a few years, you are definitely eligible to receive a discount on your insurance claim. This is described as a no-claim bonus.
Add-on covers in a two – wheeler insurance policies
When you buy a two-wheeler insurance policy, adding some additional coverage increases the price of the insurance premium. Some of the options for add-on covers are:
- Zero depreciation:
When you claim insurance after an accident, the provider of the insurance policy considers the zero-depreciation add-on, as adding it gives you the actual amount of the damaged parts.
- Roadside assistance:
If you face any mechanical breakdown in the middle of the road and you have opted for roadside assistance in your insurance premium, it becomes the responsibility of the insurance provider to help you during this situation without adding any extra hidden costs.
- Avail the invoice price of your motorcycle:
When your bike gets stolen or damaged in a calamity, an insurance provider pays the Insured Declared Value, which is the current market value of your bike. The IDV is calculated by subtracting the current market value of a motorcycle from the depreciation applied to it.
- Engine and Gear Box protector:
With this add-on, one gets an advantage while repairing and replacing a bike part. It covers the repair and replacement of engine and gearbox parts. This coverage is provided when a bike gets damaged due to water ingress or leakage of lubricating oil.
From where to buy Two-wheeler insurance?
You can buy two-wheeler insurance from a two-wheeler dealer or online from any reliable business. Buying an insurance policy online will give you many benefits. Before finalizing an insurance provider, make sure that a company has all types of insurance policies, provides full support to their customers, and has transparency related to their prices.
So, throughout the article, we have understood how important it is to buy an insurance policy. Not buying it means playing with the risk of your life, as accidents are unpredictable and could occur at any second while riding on a road. And buying insurance will not only save you but also your family from a shock.
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