Want to purchase a new bike this monsoon? Well, that is a grand idea. The thought of traversing the rain soaked roads with potholes on foot is a nightmarish idea. Riding a two wheeler on the other hand is a much better proposition.
There are some things you need to consider while purchasing a two wheeler, one primary thing being its insurance. Riding a two wheeler in this country requires its owner to have a valid insurance cover, without which he/she will face penalties. Since an insurance is mandatory, being armed with the necessary information will help you purchase the best insurance for your two wheeler. Here are the important points that you need to consider while purchasing an insurance –
1. The type of policy
There are two types of two wheeler insurance policy. One is the liability only policy which is the mandatory policy. This policy covers that third party damage caused by the vehicle in question, it covers accidental or property damage to any third party. The second type policy is the comprehensive plan which in addition to the liability only policy, also includes the damage caused to own vehicle.
2. The type of coverage
There are a number of coverage options available – vandalism, fire, collision and theft cover etc. Choose a coverage plan that suits your requirements in a two wheeler insurance policy.
3. What factors are affecting your premium?
Features like what is the cubic capacity of the bike in question and what zone the vehicle comes under affect the premium you need to pay. Higher the cubic capacity of a bike, higher is the amount of premium that needs to be paid.
4. What is the status of NCB?
The owner can avail a NCB (No claim bonus) for every years where no claims are made. NCB is a discount that the insurance company offers on the premium for the subsequent year.
5. An uninsured motor cover
While a third party insurance cover is mandatory in the country, there are plenty of drivers who don’t get the insurance updated. This causes the insurance cover to lapse. So if you get into an accident with an uninsured rider, you cannot make any claim and have to pay for all the expenses. Having an uninsured motor cover as a part of your two wheeler insurance policy is a safer option.
6. The IDV
The IDV or insurance declared value is the insured amount of the vehicle, this amount does not change during the tenure of the policy. It is based on the cost of purchasing the vehicle and the depreciation adjustment hinged on the vehicle’s age.
There are some things you need to consider while purchasing a two wheeler, one primary thing being its insurance. Riding a two wheeler in this country requires its owner to have a valid insurance cover, without which he/she will face penalties. Since an insurance is mandatory, being armed with the necessary information will help you purchase the best insurance for your two wheeler. Here are the important points that you need to consider while purchasing an insurance –
1. The type of policy
There are two types of two wheeler insurance policy. One is the liability only policy which is the mandatory policy. This policy covers that third party damage caused by the vehicle in question, it covers accidental or property damage to any third party. The second type policy is the comprehensive plan which in addition to the liability only policy, also includes the damage caused to own vehicle.
2. The type of coverage
There are a number of coverage options available – vandalism, fire, collision and theft cover etc. Choose a coverage plan that suits your requirements in a two wheeler insurance policy.
3. What factors are affecting your premium?
Features like what is the cubic capacity of the bike in question and what zone the vehicle comes under affect the premium you need to pay. Higher the cubic capacity of a bike, higher is the amount of premium that needs to be paid.
4. What is the status of NCB?
The owner can avail a NCB (No claim bonus) for every years where no claims are made. NCB is a discount that the insurance company offers on the premium for the subsequent year.
5. An uninsured motor cover
While a third party insurance cover is mandatory in the country, there are plenty of drivers who don’t get the insurance updated. This causes the insurance cover to lapse. So if you get into an accident with an uninsured rider, you cannot make any claim and have to pay for all the expenses. Having an uninsured motor cover as a part of your two wheeler insurance policy is a safer option.
6. The IDV
The IDV or insurance declared value is the insured amount of the vehicle, this amount does not change during the tenure of the policy. It is based on the cost of purchasing the vehicle and the depreciation adjustment hinged on the vehicle’s age.
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