Planning To Buy A New Bike? Here Are Some Tips For Choosing The Right Two Wheeler Insurance Cover

By Drivespark Bureau

Two-wheelers are one of the most preferred modes of transport in India. For every single personal four-wheeler, around six two-wheelers get registered in India[1]. Then, there is no wonder that every month, we see the density of bikes and scooters around us increasing constantly. This has further increased post the COVID-19 pandemic, with people preferring personal mobility solutions over public transport[2].

While riding a two-wheeler on Indian roads makes your journey quicker, motorists are often left exposed to the elements around them. Around five lakh road accidents get reported every year in India, with a majority of them involving two-wheelers. Moreover, over one-third of those killed in road accidents are two-wheeler riders[3]. Add to that the fact that India witnesses around 2.5 lakh vehicle thefts every year. Of those, hardly one-fourth of the stolen vehicles are ever recovered[4].

Image Credits: Bajaj Allianz General Insurance

While safe and responsible driving is the best way to protect oneself from road accidents, motor vehicle insurance comes in handy in case of any unfortunate event, which may or may not have happened due to your own fault.

While the Indian government has made two wheeler insurance mandatory across the country, choosing the right insurance cover for your two-wheeler does make a lot of difference. If you are planning to purchase a new two-wheeler and are looking at how to choose the right insurance cover, then you've come to the right place.

Here are some tips and pointers to remember while opting for an insurance policy for your new two-wheeler.

Choose comprehensive insurance instead of third-party cover

A two-wheeler insurance policy is usually offered in two types: third-party cover and comprehensive cover. While the government mandates just a third-party insurance cover, we recommend motorists to opt for the comprehensive policy.

A third-party insurance is cheaper than a comprehensive policy, however, it does offer lesser coverage in case of an incident. This type of insurance policy protects and compensates only the third-party involved in the accident. It doesn't compensate the policyholder (vehicle owner). Having said that, this insurance policy does offer the owner protection from any legal obligations.

On the other hand, a comprehensive policy, as the name suggests, offers coverage for both the third-party as well as the vehicle owner/policyholder. All the benefits and coverage for a two-wheeler are offered in a single policy, making it easier and safer for the vehicle owner. It not only covers you and your vehicle in case of accidents, but also against theft and natural as well as man-made disasters. A comprehensive bike insurance policy will also provide coverage in case of vehicle damage during transit or riots, strikes and other such instances.

Choose multi-year policy instead of single year one

The government has made a two wheeler insurance third party, multi-year policy mandatory for new vehicles. However, it is a good idea to opt for a multi-year policy even at the time of renewal. Moreover, we also recommend upgrading your policy to a comprehensive multi-year policy at the time of purchasing a new vehicle as well. This way, once you purchase the vehicle, you can be worry-free for a few years and just focus on riding your two-wheeler.

The best thing about opting for a multi-year policy is that the Insured's Declared Value (IDV) of your vehicle would not go down during those initial years. Since premium rates usually increase every year in a single-year policy, you also benefit financially by opting for a multi-year one. Moreover, no-claim bonus in a multi-year bike insurance policy can be availed during the whole tenure of the policy even if you made a claim during that period.

Get add-on rider benefits

When you choose a comprehensive two-wheeler insurance policy, you also get the flexibility to customise your policy with additional benefits, often called riders. They can be selected individually by the policyholder based on his or her requirements. Here are a few add-on benefits offered by Bajaj Allianz General Insurance with their comprehensive two-wheeler insurance policy:

• Zero Depreciation Cover
• Engine and Gearbox Protection Cover
• Key and Lock Replacement Cover
• Helmet Cover
• 24x7 Roadside Assistance Add-On
• Consumable Expenses Cover
• Personal Accident Cover for Pillion Rider

By choosing these additional riders, you can make sure you are prepared for any uncertain situation that you may find yourself in.

Buy your policy online

In today's time and age, you can buy a vehicle insurance policy through a completely online process with only a few clicks. So, instead of running from pillar to post, we recommend you to choose the online method.

This comes especially handy at the time of two wheeler insurance renewal as you do not need to get your vehicle physically inspected. There are only three main documents which are required when applying for an insurance policy.

These include Proof of Identity (driving license/PAN/ration card or passport), Proof of Address (passport, Aadhaar card or voter's ID) and the registration certificate of the bike being insured.

Choose your insurance provider wisely

Choosing the right insurance policy provider is of paramount importance because no matter how much thought you gave to choosing the right policy, it may all be in vain if your insurer does not settle your claim when you need it. So, it is always wise to go with an insurer that not only has a good record of settling claims, but also settling them quickly.

You could choose two-wheeler insurance policies by Bajaj Allianz General Insurance, which is among the biggest and most reliable insurers in the country. Not only does it have a claim settlement ratio of 98 per cent, through Bajaj Allianz General Insurance's "Caringly Yours App", you can get on-the-spot settlement. Moreover, by choosing their insurance products, you can stay worry-free about renewals as well as their online renewal process is also smooth with no inspection and questions as long as you renew on time.

With that said, choosing the right insurance policy and policy provider is an essential decision required to be made at the time of purchasing a new two-wheeler. The right insurance cover from the right policy provider will ensure new vehicle owners have the utmost peace of mind and protection.

Sources:

[1] - https://morth.gov.in/sites/default/files/Ministry%20Annual%20Report_2019-20.pdf

[2] - https://timesofindia.indiatimes.com/business/india-business/shared-mobility-takes-back-seat-due-to-virus/articleshow/80107131.cms

[3] - https://morth.nic.in/sites/default/files/RA_Uploading.pdf

[4] - https://ncrb.gov.in/sites/default/files/CII%202019%20Volume%203.pdf

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Article Published On: Monday, January 25, 2021, 18:50 [IST]
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