Two Wheeler Insurance
Tips for Choosing the Best Two Wheeler Insurance Policy In India While buying a two-wheeler, we take into consideration many factors such as model, affordability, mileage, brand value, and a lot more. Which insurer to choose and what insurance plan to buy are probably the last questions that strike our minds. We realize the importance of a two wheeler insurance policy only when we realize that o ride our new bike it is mandatory for us to have a two-wheeler insurance policy. As a consequence, we blindly buy any policy that is offered to us by our dealer.
But, the correct way to go about it is consider the following factors while choosing a two-wheeler insurance policy: Kind of plan If we broadly categorize, there are two kinds of twowheeler insurance plans. Namely: Liability only policy: This kind of policy is a mandatory policy that covers third party liability in case of bodily injuries, death and damage to the property of a third party. However, personal accident cover is a allowed only if the bike owner is riding it at the time of accident Comprehensive plan: This plan along with covering all the liabilities mentioned in the above type also includes any kind of damage to your own vehicle. The first kind of two-wheeler insurance is mandatory by law, while it is your choice whether to opt for the second one or not.
Factors affecting your premium The features of a two-wheeler are amongst the major factors that affect the cost of your insurance premiums. India Motor Tariff has stated three categories of twowheeler, namely With the capacity of your bikes engine, the premium for insuring it also increases. City of registration is also a factor that contributes towards the premium. Types of coverage These days there are multiple varieties of covers available for your two-wheeler in the market. Collision coverage, fire coverage, theft coverage, vandalism coverage, and cover for the pillion rider are amongst the array of available options. Therefore, it is important to choose only for the covers that suit your requirements and suit your purpose.
Claim settlement ratio Applying for a claim and getting it approved is the major motive behind buying a two-wheeler insurance policy. There it is essential to check the track record of the insurer before selecting one. You should always prefer the one with the higher claim settlement ratio. Considering these factors will ensure to an extent that you choose the best insurance plan for your two-wheeler. Apart from the factors mentioned above, you should know the formalities the insurer would want you to fulfill for bike insurance renewal. This is because bike insurance renewal is as critical as buying a new insurance policy. [Source: http://articles.abilogic.com/147664/tips-choosing-besttwo-wheeler.html]
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