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An A-Z guide-book to choose the best bike insurance plan online

Taking the Indian perspective, 1/3rd of the Indian population belongs to the middle-class category and people belonging from this category prefer two-wheelers over four-wheelers because it’s affordable and easy to use. In other words it’s handy and a lot quicker than any other vehicle. Buying the best bike insurance plan or best insurance plan for scooty is quite difficult. One needs to do a detailed research on everything from searching for the best company to comparing it with others and finally choosing the best from  them is necessary and important.       

The Motor Vehicle Act 1988, states that every vehicle in India should be insured, especially the two-wheeler. Bike insurance policy is a contract between the owner of the bike and the insurer where the insurer covers financially for any damage done to the customer’s bike. Mr. Sharma after getting his first salary bought a bike, as it is his very first he needs to buy the best plan so that his bike and him can be secured in the future.    

Different types of Two- wheeler Insurance Plan.

There are two types of Bike Insurance Plan. One is a Third party Insurance plan and second is a Comprehensive Bike Insurance Plan.

A third party insurance plan is mandatory for two wheeler according to the Motor Vehicle Act 1988, for every vehicle in India. The premium for this type of insurance is low and is fixed by the Insurance Regulatory and Development Authority, the premium for this is also the same in all the insurance companies. Add – on benefits are not available under this type of category. A third party insurance duration is for 1 yrs which can extend up to 3-5 yrs but if any two- wheeler is purchased after September 1st 2018, the duration for insurance is up-to 5yrs. 

Likewise, A comprehensive Two- wheeler Insurance policy covers for the damage done to both the party’s vehicle. A comprehensive Two – wheeler Insurance Policy generally has a wider scope in covering for the damages done to the third party and to it as well, though the price is a little higher when compared to Third party Insurance Policy but it is more ideal for any two- wheeled vehicle. Like the third party insurance plan this plan is not mandatory, it is for the benefit of the consumer’s bike. Add-ons are available in this insurance policy on additional charges. 

Steps involved buying a Two- Wheeled Insurance Policy plan.

  1. Why to buy a two- wheeled insurance – Any person buying a two wheeler will think, why to pay extra over getting an insurance for a two- wheeler but what they don’t understand is, by investing a certain amount of money on insurance once will help them secure their vehicle from any damages which is unforeseen and even will help them in paying up for the third party damage done to them by the policyholder. 
  2. Research – As humans we do lots of thinking,research and observation before buying anything. The same thing should be applied here also. Before buying any Insurance policy once should do thorough study to select the best plan and then choose it. The customer should know certain terms like Insured Declared Value(IDV) which is when the depreciation amount is deducted from the manufacturing amount and insurance is claimed over it. No claim bonus, in this case if the policy holder does not claim the policy during its duration then when the policy is renewed next time the policy holder will get a discount over it.
  3. Comparison – The customer should be insatiable unless and until they get the best dealefore choosing any policy, the customer should compare different policies and then choose the best among them. While doing this,they should check about the type of coverage, time to process the claim, factors that affect your insurance premium.
  4. Select the company – There are lots of companies in India which will provide the best deal on insurance. The customer should check for reviews and comments on the feedback section of the companies and then decide whether the company is suitable or not to get your vehicle insured from it.
  5. Select the insurance type – The customer should check whether they want to take a comprehensive insurance policy or not because third party insurance is mandatory for the entire vehicle. There are different policies available with other merits and demerits. Therefore, the customer should check and study the plans and benefits and then choose the best one from them.
  6. Set the Insured Declared Value – Once the policy is chosen the customer should set the IDV of their vehicle that is the current value of the vehicle. The insured declared value gradually decreases with time. The amount is calculated by deducting the depreciation amount from the cost of the vehicle. After it is done the customer needs to check about the Add – on benefits and then choose what other benefits they need to choose for their insurance policy.
  7. Policy Documents – Once the insurance is chosen the customer needs to check the policy paper properly and go through it properly. The points that need to be studied properly are the Declaration page, terms and conditions mentioned, whether the coverage details the customer chooses is correct or not, the customer needs to check the exclusions mentioned in it, and most important is to check the geographical limit of your insurance policy. 
  8. Details Entry- After the policy documents is checked the customer needs to fill in the details and other required documents in the application form. After it is done, recheck everything so that no mistake is there because a single mistake can cost a huge amount of money. After checking the details, confirm it and submit the application.
  9. Payment – Pay for the insurance policy after completing the documents entry. Once the payment is done the customer will get the receipt for the insurance policy and the insurance policy will be sent to the registered email address of the policy holder. Usually it is suggested that the policy holder’s should always keep a copy of their two- wheeler insurance policy with them all the time. Mr. Sharma has to follow the above mentioned step before buying any insurance plan for his bike by selecting the best company which must offer him the best deal and then choose it. 

Top 10 companies for two – wheeled Insurance Policy in India?

  1. Bajaj Allianz Two- wheeler Insurance.
  2. Bharti Axa Two- wheeler Insurance.
  3. Digit Two- wheeler Insurance.
  4. Edelweiss Two- wheeled Insurance.
  5. IFFCO Tokio Two- Wheeler Insurance.
  6. Kotak Mahindra Two- Wheeled Insurance.
  7. Liberty Two- wheeler Insurance.
  8. National Two- wheeler Insurance.
  9. New India Assurance Two- wheeler Insurance.
  10. Navi Two- wheeler Insurance.

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