Insure your bike with a suitable two wheeler protection cover‌
Two wheelers are increasing become popular amongst people especially the bike with advanced make and model, looks and design. These bikes are extremely costly and a slight dent creates a tremor in your mind. Imagine on a bad day you just bump into a third party property or vehicle and there is an accident? Else your bike is damaged due to natural calamities like fire, earthquake, and tornado? Or it gets stolen? For a moment you get a setback of your life. Therefore, it is important you purchase a suitable two wheeler insurance policy that will have you get a financial backup against such unforeseen events in life. Indian automobile industry is one of the largest sectors in the world and around 60 to 70% of the industry is occupied by bike segment. However, there are millions of bike owners who have not insured their vehicle. This is sad to know. It might be mostly due to the hectic lifestyle or the misconception that two wheeler insurance is just an added financial burden incurred on their purchase. But this is a wrong approach. Bike insurance is the best financial protection cover that will help you deal with the financial situation during emergencies like accidents, third party damage, loss of life, losses due to natural calamities or in case it gets stolen. In India, there are leading insurance companies who offer customized insurance policies that will meet your specific requirements and most importantly fit into your budget. You can purchase insurance by visiting any of the reputed companies, calling up customer service agent, or buying it online. Online purchase is around 30 – 40% cheaper compared to an offline purchase. The fact that there is no middlemen and inventory costs the benefits are passed on directly to the end users. Comparison sites help you to compare the best bike insurance quotes online so that you purchase the right insurance policy. You can compare the policy in terms of benefits & features, terms & conditions, discount offered, premium costs incurred, hassle free claim settlement, etc. And then
go for a suitable purchase of your policy. By not purchasing two wheeler insurance, you’re not just putting yourself and your loved ones at risk but also endanger the third party. There are two types of insurance cover available in the market. Third party insurance cover that will take care of third party damage of property, loss of life or health damages. A comprehensive cover is a two-way beneficial protection that will cover damage done to third party life & property as well as your vehicle and life risks or health damage during an accident. It is advisable; a comprehensive cover is the best way to protect you and your loved ones during such unforeseen events in life. Some facts of two wheeler insurance The premium paid for insurance depends on various factors like bike make and model, age, year of making, etc. The premium gets decided and regulated by IRDAI and there is not much variation across insurance firms. Coverage is a financial amount that the company promises to pay in case of damage or loss due to natural or man-made calamity along with third party liability. It differs widely from policy to policy. Inclusion & Exclusion inform us about the situation wherein the insured entitled or not to file a claim. It is important you go through the inclusion and exclusion carefully before the purchase of the policy so that you don’t fall short of cover after the purchase and during the claim settlement. The insured is entitled to get the claim for the damages. It is advised don’t claim for petty scratches or dents instead accumulated your No Claim Bonus and utilized it for higher claims or slashed premium rates. NCB provides a good discount on premium and can be transferred from one insurer to the other. During a claim for your two wheeler insurance, there are a set of documents required such as vehicle registration copy, photocopy of insurance and FIR as well.