With the increase in population day by day, the modes of transport are also increasing in India. The most popular mode of transport across the country is a two-wheeler. It is very convenient for a two-wheeler to cut through the traffic easily. While buying a two-wheeler, you always compare all the aspects of the bike like the mileage, power, color, suspension etc. But while riding a two-wheeler, there are a lot of risks you impose on your life as well.
Therefore, just like you compare all the features while buying a bike, you must also compare and find the right two wheeler insurance. What if your two-wheeler is destroyed due to an accident or a natural calamity like the floods? In such cases, two-wheeler insurance safeguards you and bears the expenses of the damages caused to your two-wheeler.
What is the importance of two-wheeler insurance?
Two-wheeler insurance is an agreement between an insurance company and an individual wherein the scenario of an accident, natural disaster or theft, the damages incurred by the two-wheeler are covered by the insurer. The Motor Vehicle Act 2019 has been recently updated and you need to know the various aspects that can have an impact on you as an owner. Two-wheeler insurance is something that you must be aware of all the time.
Two-wheeler insurance is said to be the need of the hour as it will not only protect the vehicle but also protect you from the cost of third-party liabilities.
For example, if you happen to meet with an accident where a third-party gets injured and is admitted in the hospital, in such cases two-wheeler insurance will cover the charges for the injury or loss to the third party.
When you buy a new bike, you are offered with two types of two-wheeler insurance. You can even buy bike insurance online. The two types of two-wheeler insurance are as follows.
Comprehensive two-wheeler insurance:
This type of insurance saves your two-wheeler against the damages caused due to fire, riot, flood and terrorism. The insurance provides an accidental cover to the rider and covers the third-party liability i.e. the amount you are expected to pay to the third party at the time of the accident.
Third-Party insurance:
The insurance only covers the expenses incurred from the damage caused to the third party due to the accident. This two-wheeler insurance does not even cover your bike. Most of the riders do not understand the consequences of getting into an accident and then must pay for the damages caused to other people because of it. The amount of damage can be at times, a huge amount, but third-party insurance shields you in such situations.
Motor insurance is mandatory as per the Motor Vehicles Act 1988. It is punishable by law to ride a bike without any insurance. The third-party two-wheeler insurance is compulsory, and people consider buying it to save on the premium amount. Make sure you opt for insurance that is enough, when you buy bike insurance online, always compare and purchase the one that suits your requirement.
How can you buy the right bike insurance online?
Comprehensive two-wheeler insurance includes all the expenses and is considered much safer than third party insurance. While buying bike insurance online, it is very important for you to know all your requirements well and then compare the best insurance plans available.
There are a few points that you must consider before buying bike insurance online:
- Coverage
While selecting bike insurance online, always assess your budget well and buy, based on your requirements and budget. You can choose between a comprehensive cover or a third-party cover two-wheeler insurance. Select a plan that meets all your requirements according to the usage of your two-wheeler.
- Know the cubic capacity
The cubic capacity of your bike is taken into consideration for calculating a two-wheeler insurance premium. The more the cubic capacity of your bike, the more the premium to be paid. Thus, you must have an idea about the cubic capacity of your two-wheeler while purchasing bike insurance online.
- Compare Bike Insurance online
Before you buy bike insurance online, always compare it with the other plans. Comparing the plans carefully can help you make a good decision as to which two-wheeler insurance is best for you.
- Choose the best Insurer
While buying bike insurance online, there will be hundreds of options available to you at just a click, but you must always look out for an insurer that is trustworthy and reputed. To know better about the insurer, make sure you have an eye on the claim settlement ratio of the company. This will confirm the claim process efficiency of the insurer. Purchasing a bike insurance online form a reputed insurer ensures that the claim settlement process is smooth.
- Insurance Declared Value (IDV)
The Insurance Declared Value (IDV) is nothing but the current market value of your vehicle. The maximum sum insured fixed at the time of purchasing two-wheeler insurance and the amount that is paid in the case of total loss or theft of your bike is said to be the Insurance Declared Value. As the year’s pass, the vehicle gets older and there is depreciation in the value of the bike and the IDV also decreases. The IDV is very crucial in determining the premium of two-wheeler insurance. When the IDV will decrease, the premium of your two-wheeler insurance will also drop year by year. So always understand the Insurance Declare value well before buying bike insurance online.
- Always read reviews
If you are confused and do not understand which two-wheeler insurance plan or company is right for you, read the reviews written by customers online stating their experience with the plan and the company. Understanding the reviews and complaints can give you a clear picture.
For buying the best bike insurance online, always consider the above points and decide on buying two-wheeler insurance that suits all your needs.
Future Generali is offering the best two-wheeler insurance with many additional benefits like roadside assistance, motor add-ons, transfer of the NCB with full benefits. If you want to buy bike insurance online, you can compare and purchase it from Future Generali’s website. Future Generali is preferred by many bikers and is the most trusted as well. The claim settlement ratio of Future Generali is also very high.
So, get online and purchase or renew your two-wheeler insurance with Future Generali two-wheeler insurance.
