Importance of Two-Wheeler Insurance and its Renewal

These days, people are using two-wheeler for several purposes, including personal and commercial. Irrespective of the purpose, two-wheeler is of paramount significance to every Indian who owns it today. However, many people are very casual about vehicular protection against risks such as accidents, burglary, theft and many more. This is either due to lack of knowledge or apathy. Some people are not aware of the benefits of bike insurance and some are very indifferent towards protection.

Buy insurance online

Today, it has become very convenient to buy two-wheeler insurance policy due to the mushrooming of various online platforms. You can buy a two-wheeler insurance policy without moving an inch via online portals. It has also become a necessity, as a two-wheeler without insurance cover can easily turn into a huge liability for you in case of expected or unexpected calamities. In case, you haven’t bought a policy, then the time is ripe for one.

Things to consider before buying the two-wheeler insurance

1. Type of insurance

It is important to be aware of the kind of coverage you need. There are chiefly two types of two-wheeler insurance, i.e., third party and comprehensive. Third party insurance is required as per law, and offers protection to the third-party for damages to property or any injury to an individual, where the policyholder is responsible for the accident. Whereas, the comprehensive insurance covers both, third party damages and own losses. So, choose the insurance as per your requirements.

2. Add-on services

Bike insurance also has provision for various add-ons or additional services, which are voluntary in nature. These services are very cost-effective and include options such as fuel assistance, towing facilities and many more. The add-on aspect is crucial for preserving your No Claim Bonus as well. So, choose these wisely.

3. Inclusions and exclusions

 It is pertinent to know the inclusions and exclusions in your online two-wheeler insurance policy. Some examples are: claims related to incidents under the influence of drugs, alcohol etc., damage due to nuclear risks, etc. Go through all the terms and conditions before opting to buy a policy.

4. Proper research

There are several companies offering various two-wheeler insurance plans online. Hence, it is incumbent upon you to compare, research and find the one that fits the bill perfectly. There is a lot of information on the internet about terminologies, clauses, calculators and so on, that can help you take a wise decision.

5. Cheap things are not good

As there are many insurance providers online, price variations will always be there on the cards when it comes to premium amount. You are bound to find premiums at throwaway prices, but they need not be having sufficient coverage. Also ensure that you compare not just the price but also the company history, service offerings and other important areas related to your two-wheeler insurance.

6. Don't suppress facts

Be very truthful and sincere while providing your bike insurance details. Otherwise problems can crop up while insuring the bike online or during the claim process.

Why is it important to renew two-wheeler insurance?

· As per the Motor Vehicles Act, 1988, it is illegal to ride a two wheeler without a valid insurance.

· You will be solely liable for any damage or loss caused by you or inflicted upon you.

· The benefits of insurance policy can be availed only if you renew the policy each year on time

· One policy expires the renewal becomes cumbersome due to vehicle inspection and other processes

Last but not the least, don’t ride your two-wheeler without insurance, as you are not only endangering your life but also the lives of several others on the road.