You would want to purchase an insurance policy for the bike of your dreams to safeguard it from dangers and accidents. Hence, buying a two-wheeler insurance policy is a tremendous financial backup. What you might be unaware of is that it is mandatory to buy a third-party cover for your two-wheeler.
However, this also creates confusion as people do not know what kind of coverages they might require. Therefore, always look into the benefits that each coverage offers as well as the features of the policy carefully before opting for an insurance plan. Knowing the inclusions and exclusions of your two wheeler insurance policy is necessary while making a claim.
Here are six pointers that you should know about:
- Coverage for theft
In case your bike gets stolen or is totally damaged, a comprehensive plan will provide coverage for the same. The insurer will pay the Insured Declared Value (IDV) of the vehicle in such events.
- Coverage for natural and man-made disasters
Purchasing a comprehensive bike insurance policy will provide you coverage against both natural and man-made calamities that might cause damage to your bike. All of this will be covered under a comprehensive policy.
- Personal accident cover
Most of the comprehensive policies come with a personal accident cover for the owner of the insured bike. If the accident results in disability or death, a certain amount is offered by the insurer as coverage.
- Inclusions vary with policy
The two types of bike insurance plans are two wheeler insurance third party liability plan and comprehensive policy. The coverage you receive is based on the kind of policy you purchase. Similarly, the benefits included in your plan also depend on the policy you select. If you choose a third-party liability plan, it will cover only the damages caused to the third-party.
- Exclusions are more or less the same
Mostly all insurance plans tend to have a similar list of exclusions when it comes to buying a new policy or renewing an old two-wheeler insurance plan. The list includes driving without a valid license, accidents caused deliberately, driving after consumption of alcohol or drugs, accidents out of the country, etc.
- No coverage for an expired policy
All insurance policies come with an expiry date, including two-wheeler insurance. Your insurance lapses if you do not renew it before this expiry date. A lapsed policy does not provide you with any coverage. Hence, always remember to renew your two-wheeler insurance online from time to time.
Remember, it is a must that you read the terms and conditions of the insurance policy well along with its inclusions and exclusions to know the coverage you’re being offered. An easy way to select the best policy would be to compare various policies online and calculate their premium with a two wheeler insurance premium calculator. This will help you get the best coverage at an affordable price.
