Top Features to Consider When Buying Insurance for Your New Two-Wheeler

For many in India, bikes are a necessity and an integral part of life. In fact, two wheelers accounted for nearly 75[EWW2] % of the traffic in India back in 2019 and this number may increase with the introduction of EVs. However, buying a new vehicle does come with its responsibilities and obligations. Among these is that you must have an active two-wheeler insurance policy for vehicles you own.

While this is a mandate, there are several factors to examine before buying a two-wheeler insurance for your new bike. This entails comparing the different plans on offer and finding the policy that suits yours needs. These preliminary checks ensure maximum coverage for your new vehicle in times of mishaps or accidents.

Thus, equipping yourself with the information to pick the best plan for your requirements is crucial. Read on the top four factors to consider before you buy a two-wheeler insurance.

Compare The Various Premiums and Coverage Particulars

Comparing and calculating the most affordable insurance premiums isn't enough; you also need to understand the factors that influence premium calculations. You must also ensure the premium you are paying justifies the insurance cover of your two-wheeler.

The insurance premium is determined depending on the cubic[EWW3]  capacity of your vehicle among other factors. Generally, the higher the cubic capacity of your engine, the higher the premium you may have to pay. Your city of residence also plays a huge role in deciding the amount of premium you would be charged. If you live in a metropolitan city, you may end up paying a slightly higher premium as opposed to someone living in a tier three city.

Apart from this, you should assess the coverage particulars before you decide to purchase a two-wheeler insurance. Many issuers provide extended coverage based on the type of policy you choose. These could pertain to personal accidental damage, third-party liabilities etc. An ideal insurance plan should be able to offer coverage for both you and your vehicle.

Check The Inclusions and Exclusions in The Policies

Among the key aspects to scrutinise while buying a two-wheeler insurance plan are the inclusions and exclusions. The inclusions are basically the terms that qualify you for coverage, and specific situations that allow you to avail add-on benefits such as making cashless claims to getting your vehicle towed in times of difficulty. You need to assess the inclusions thoroughly to ensure that your policy will actually serve you in your time of need.

On the other hand, the exclusions are the cases or instances in which the issuer will not provide coverage or assistance. Keep a close eye on the exclusions, as these dictate whether or not you can expect to get coverage in a given situation.

Examine The Network of Garages and Other Services

Learning about the network of garages can actually help you claim cashless benefits on your coverage. This is because your claims are more likely to get accepted, and your vehicles serviced at centres in the insurance company’s network. You can easily compare the various two-wheeler insurance plans by the number of garages across an area.

Moreover, you can check if your preferred service centres are amongst the network of garages on your two-wheeler insurance cover. This is going to help choose the right insurance provider for you.

Assess The No Claim Bonus in Different Insurance Covers

If you don't file any claims under your two-wheeler insurance policy at the end of each year, you qualify for a ‘No Claim Bonus’. This means you can avail discounts on your premium amount for the next term. Every insurance provider offers different ‘no claim bonus’ benefits, you can easily compare the different insurance plans based on this alone.

Furthermore, you can take advantage of discounts while purchasing your two-wheeler insurance online. You can compare the discounts on premiums along with the benefits of installing anti-theft devices or other related[EWW4]  features online. Just download the mobile app of the insurance provider and you can access all the relevant information about various plans.

While it is a good idea to compare the different offers for two-wheeler insurance, ensuring that your bike receives the optimal coverage is the key. Selecting an insurance plan merely on the basis of a low premium is never a wise move if you want to save money. As such, conducting thorough research is imperative, and the tips provided above will assist you in selecting an appropriate plan.

To start comparing various two-wheeler insurance plans, log onto Bajaj Market App or website. The Bajaj Market App is an online platform that provides you information about various financial products including vehicle insurance and lifestyle products. Download the app from Google Play Store or App Store and check out the different deals on insurance plans now!