Insurance covers are on the least priority for most buyers. A policy offered by your vehicle dealer isn’t absolutely useless, but it may not be the right fit as well. Thus, it suggested to pay adequate attention when buying a two-wheeler insurance plan. Moreover, the Motor Vehicles Act of 1988 mandatorily requires all vehicle owners to have at least third-party insurance coverage. For some this coverage may be insufficient and that is why a thorough evaluation must be done before selecting any two-wheeler insurance cover. Let us uncover five of the crucial pointers not check when buying an adequate coverage for you bike –
Third-party or comprehensive policy
Whether you are buying 2 wheeler insurance online or offline, there is one important decision to make about the typed of your insurance coverage. Whether you want to purchase a comprehensive cover that offers an all-round protection or a liability only plan. The regulators directive with effect from August 2020, has made it compulsory for all two-wheeler buyers to either buy 3 years of third-party coverage or 1 year of own damage cover along with 3 years of third-party cover. Keeping in mind your coverage requirements, it can be helpful for you to evaluate which policy to purchase.
Add-on covers
The advantage of comprehensive policy is the feature of using add-ons to further enhance your policy’s scope. Add-ons are optional coverage that can be customised to meet your insurance needs. Since these add-ons offer extra optional cover the base coverage, they slightly increase the two wheeler insurance price. Insurance companies offer different add-ons. Some may bundle as a part of their base policy, a few others provide a vanilla comprehensive cover. It is a prudent practice to be careful by buying add-on covers but going overboard with it will drain your financial resources. Thus, it advised to only opt for those add-ons that actually add value to your insurance coverage. For instance, a zero-depreciation add-on is a must have for all types of buyers whereas engine protection add-on will only be useful if your reside in a flood prone region.
Personal accident cover
Another essential item in your two-wheeler insurance checklist is the personal accident cover. This coverage is mandatory for all policyholder but the regulator has brought about two amendments wherein the first being the increase in its coverage from ₹ 1 lakh to ₹ 15 lakhs with only a marginal increase in its cost and the second being unbundling from your third-party cover. Thus, if you already have an active personal accident insurance, you need not purchase it at bike insurance renewal. With the unbundling of the coverage from third-party policies, it avoids having to pay again for the same coverage.
Online bike insurance facility
With the above listed benefits, it is not only essential to buy an insurance cover, but also to look for the right set of features when buying one. With the world shifting to a digital economy, make sure your insurer also offers the online facility for your two-wheeler insurance. Moreover, purchasing two-wheeler insurance online benefits you in selecting a suitable policy cover at the convenience of your home.
Keep in mind the above checklist to have a robust insurance policy to take care of any damages to your vehicle as well as liabilities due to others.