India has one of the highest instances of road accidents in the world. In India, one road accident happens every minute and one person dies in an accident every four minutes. There is no single definitive cause for this situation. Instead, there are numerous factors that contribute to this problem. Some of them include poor road infrastructure, rash driving, disregard for traffic rules, etc.
Regardless of the reason that accidents happen, they can not only harm you physically but also financially. Insuring your two-wheeler is the smartest thing you can do in this situation. This is not only mandatory by law but also your responsibility towards yourself. A bike insurance policy provides coverage for losses incurred in natural and man-made disasters. Here is an overview of two-wheeler insurance checklist to ensure that the policy you buy is right for you.
Types of two-wheeler insurance
Depending on the nature of the damage and the policyholder, two-wheeler insurance can be classified as:
Third Party Liability cover: This cover is mandated by the Indian Motor Vehicles Act (1988) and provides cover to people other than the bike owner that end up injured in the accident.
Own Damage cover: This cover protects the owner from the financial burden caused by any damage to his two-wheeler due to accident or theft.
Personal Accident cover: This cover provides compensation for death or permanent disability along with reimbursement of hospitalization expenses.
Comprehensive coverage: This type of insurance policy offers all the benefits of the above given policies. In terms of bike insurance price, a comprehensive policy is the most expensive.
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Benefits you should look for
Before purchasing bike insurance, here is a checklist of benefits you should look for:
- Long-term
This saves you the hassle of annual policy renewals and offers excellent concessions on premiums and insulation from annual increases in third party premiums.
- Online purchasing
Online insurance eliminates buying intermediaries and the payments made will be processed through secure payment gateways.
- Cashless service
These days insurance companies have an extensive network of garages across the country, where you can easily make cashless claims.
- Co-passenger coverage
Most insurance companies also offer personal accident coverage for pillion riders thought add-ons.
- Renewal reduction
Most insurers offer a concession on two wheeler insurance renewal if you do not have a claim during the policy term.
- Payment facilities
Nowadays almost every insurance company offers net banking and mobile banking facilities.
- 24 X 7 Support
Make sure your insurance company supports 24 X 7 call and online chat.
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Add-ons and upgrades
In addition to basic coverage, insurance companies offer a number of exciting add-ons. Here are a few you should look for:
- Zero Depreciation cover
This cover ensures that you fully recover all your losses regardless of the depreciation of your two wheeler parts.
- Garage cash
This cover ensures that you are compensated for your daily travel expenses while your vehicle is in the garage for repair or maintenance.
- No Claim Bonus
This cover ensures that your insurance provider rewards you if you are covered at the time of policy renewal and do not file a claim during your policy term.
- Roadside Assistance cover
This cover includes assistance with towing, flat tires, minor repairs, etc. if your bike stops functioning while travelling.
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With a clear understanding of the benefits of two-wheeler insurance, you can now easily assess your policy. If you do not find what you are looking for then contact you insurance provider. If you are a new buyer, you can evaluate your policy based on the checklist of benefits mentioned above before purchasing. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.