Two-wheelers are a common mode of transport in India and maintaining them becomes a huge responsibility for owners. A two-wheeler insurance policy safeguards your two-wheelers and savings from unwanted mishaps like theft, accidents, or other damages. However, finding the most appropriate two-wheeler insurance policy can be a challenge with so many options available in the market.
Here are some tips to buy a suitable two-wheeler insurance policy:
· Understand the types of insurance policies
There are two types of two-wheeler insurance policies available. A third-party bike insurance policy only covers the damage caused to a third-party vehicle. The Motor Vehicles Act of 1988 mandates every two-wheeler owner to buy this insurance policy.
The other type of insurance is a comprehensive two-wheeler insurance policy. It covers the damages caused to both the insured vehicle and the third-party vehicle. This insurance policy is not mandatory by law, but you should get this policy if you need maximum coverage for your two-wheeler.
· Choose the right coverage
You should go through the policy details carefully and make sure it covers all your requirements. You can opt for additional coverage like fire damage cover or an engine protection cover. So, you can customise your two-wheeler insurance policy as per your needs. Understanding the coverage and adding the required add-ons to your two-wheeler insurance policy will help you maximise your coverage and savings.
· Keep the exclusions in mind
You need to keep the exclusions of your two-wheeler insurance policy in mind. There are a few situations in which you cannot claim your two-wheeler. For instance, if at the time of an accident, the person riding your two-wheeler is intoxicated, you cannot make a claim. Or, if the accident or damage to your two-wheeler occurs outside the geographical limits defined by the policy, then also you will not be able to make a claim.
Read the exclusions of your insurance policy carefully to avoid confusion while claiming coverage for your two-wheeler.
· Find out the claim settlement ratio
Every insurance company has a claim settlement ratio that can help you understand its credibility. A claim settlement ratio is the percentage of the claim settled by the insurance company in a year out of the total claims made. The higher the claim settlement ratio, the more dependable is the insurer.
· Check the network garages
Network garages can help you get cashless service for your two-wheeler. When choosing your two-wheeler insurance policy, go through the list of its network garages. A wide network of garages will ensure you get your two-wheeler repaired anywhere without paying any charges out of your pocket.
· Compare different policies
You need to compare the insurance policies offered by different insurers to select the one that is most suitable for you. Check the maximum coverage, premium, network garages, and availability of add-ons while choosing your ideal policy.
There are a variety of two-wheeler insurance policies provided by the top insurance companies at Bajaj Finance Insurance Mall. Simply visit the Insurance Mall section on the Bajaj Finance official website, select an insurance plan of your choice, and get your two-wheeler insured in no time.
Disclaimer:
Bajaj Finance Ltd. (BFL) is merely a distributor of the assistance products, owned by Assistance Service providers. Issuance of the product is at sole discretion of Assistance Service provider. The product shall be governed by Assistance Service providers product T&Cs and BFL does NOT hold any responsibility for the issuance, quality, serviceability, maintenance, and any claims post sale. For more details terms and conditions and exclusions please read the product sales brochure carefully before concluding a sale.
