Use These Tips To Buy Two-Wheeler Insurance For A Used Bike
In India, purchasing a two-wheeler insurance policy has been required for a very long time. Because it is so crucial, the government has mandated that buyers of new bikes purchase five-year long-term insurance coverage. It seems logical that purchasing bike insurance shouldn’t be taken lightly, given the importance placed on purchasing coverage and safeguarding your funds.
Keep in mind that purchasing bike insurance is required. You can purchase a policy on your own without a dealer’s assistance. We’ll go over some issues in this article that you should pay attention to when buying bike insurance. Let’s get going.
Details to consider while purchasing two-wheeler insurance
- Type of policy
Bike insurance policies come in two different flavours. bike insurance for third parties and comprehensive bike insurance. You must determine which kind will best fit your requirements. Only losses or injuries you cause to third parties will be covered by the third-party policy. However, a complete policy will pay for both your personal harm – that is, damage to your bike – and damage to third parties. To identify the precise differences, compare two-wheeler insurance.
- The value of your bike
The premium for your bajaj allianz two-wheeler insurance comprehensive coverage is determined using the bike’s current market worth as a starting point. This value is known as the Insured Declared Value in insurance terminology (IDV). Setting the IDV of your bike is necessary when purchasing a bike insurance policy. Knowing the estimated current market worth of your bike will make it simple to calculate IDV. Compare two-wheeler insurance policies to determine the IDV offered. Your bike will have a higher IDV if it is a high-end or sports model. *
The most crucial factor to consider when purchasing a policy is knowing and comprehending the coverage of your bike insurance policy. Knowing the coverage your policy offers will make filing a claim for bike insurance much simpler. You will receive better coverage if you purchase bike insurance online. *
Typically, a comprehensive policy provides the following protections:
- Theft cover
- Fire damage
- Natural calamities such as floods, earthquakes, landslides, etc. Damage
- Damage brought on by man-made disasters, such as rioting and vandalism.
- A third-party injury
- Liability for third parties
- Damage due to accidents
In the event that the damage is not protected by your policy, your claim for bike insurance will be turned down. By going to the insurer’s website, you can verify the coverage of your two-wheeler insurance purchased online. *
Both the coverage and the exclusions of your policy should be understood. You should be aware of the circumstances in which you are not permitted to make a claim. When purchasing your bajaj 2-wheeler insurance coverage, the list of exclusions will also be listed in the policy document. These are some typical exclusions:
- Breakdown of the mechanical or electrical
- Regular deterioration
- A two-wheeler accident that occurs while the rider is under the influence of alcohol or drugs
- Damage that occurs outside of defined boundaries
- The harm caused by nuclear reactions
- Any other circumstance listed as an exclusion in the policy statement.
Similar to coverage, you may verify the exclusions of your online two-wheeler insurance policy by going to the website of your insurance provider.
- The insurance provider’s credibility
You must obtain two-wheeler insurance from a reputable insurer. When filing claims, this will be useful. If the return time, services, product features, etc., fall short of expectations, you will find yourself in a frustrating scenario when you most need them. As a result, pick your insurer carefully. These days, social media provides the ideal venue for learning how satisfied past consumers are with their online two-wheeler insurance purchases.
* Standard T&C Apply
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.
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