Things to Know about Two Wheeler Insurance Policies

When you purchase a two wheeler, it is essential that you procure a suitable two wheeler insurance policy package. Two wheeler Insurance policies provide coverage for the expenses you may incur in case your bike or scooter is damaged, stolen, or lost. Similarly, if while driving your two wheeler you lose control of the vehicle and meet with an accident, which leads to a public property getting damaged, then the insurance company will provide coverage for the expenses incurred as  ‘third  party coverage’. However, there will be certain terms and conditions that need to be fulfilled before you can claim the benefits. Hence, before you purchase a two wheeler insurance policy, there are certain factors that you must know, to ensure that the policy you purchase meets your requirements.

Evaluating Two Wheeler Insurance Policy Packages

While purchasing an insurance policy for your bike, the first thing that you must take into consideration is the premium payable. Sometimes it is financially beneficial to purchase a multiyear two wheeler insurance policy. Such policy packages require the insurer to pay the premium once for an extended coverage of two or three years, as per the tenure mentioned in the policy package. Listed below are some other factors that you must take into consideration while purchasing a two wheeler insurance policy:

· While purchasing the policy, ensure that the insurance company is a reputed one and is known for quick claim settlements. Ideally, claims should be settled within seven working days.

· When you put in a claim, the insurance company usually sends over technicians to inspect the vehicle. The inspection and claim service itself should be hassle free and cashless.

· If you purchase a long term two wheeler insurance policy then check the Non Claim Benefits (NCB) carefully, for increased savings. Such a policy can also provide you with an annual protection against third party premiums.

Thus, while purchasing a two wheeler insurance policy, read the policy documents carefully and ensure that the terms and conditions mentioned are as per your requirements. Also, purchase the policy only from a reputed insurance company, for better assistance and quick settlement of claims.

Why You Need a Two-Wheeler Insurance Policy

It does not matter who you are or what you do, having a good insurance policy is a must if you want a financially secure and anxiety-free life for yourself and your family. This is because regardless of your present situation, you can neither see nor control the future. Various calamities such as accidents and illnesses can change anyone’s life overnight. And without a plan to deal with such emergencies, you will be left floundering and helpless when things don’t go according to plan. There are, of course, various types of insurance policies that you can buy to protect yourself and your family members against different kinds of emergencies.

They are:

• Life insurance policy
• Health insurance policy
• Commercial insurance policy
• Motor insurance Policy
• Home insurance policy

Liabilities covered under a two-wheeler insurance policy

Of these, motor insurance policy is one of the most important types of insurance plans. This is because this is the only type of insurance that can affect other people, even those who are in no way connected to the insured person or vehicle.

If you get sick or your business sustains a loss or your house burns down, the only people affected will be you and your loved ones. However, a car or bike accident can not only harm the owner of the vehicle but also an innocent third party who is in no way related to the owner. This is why if you own a bike, it is highly important to buy a long term two wheeler insurance plan from a reputed insurance company.

Some of the liabilities covered under such a policy are:

• If you meet with an accident, the policy will cover all the expenses relating to your treatment, hospitalization, any required surgeries, physiotherapy, etc.
• It will cover the costs of repairing the damaged vehicle itself and restoring it to its original condition. 
• It will cover any third party liabilities that the vehicle-owner might owe, in case the accident led to the injury of another person or damaged their property.
• A good bike insurance policy will compensate you for your loss if the vehicle gets stolen or damaged in a strike, riot, terrorist attack, or natural disaster.

When buying an insurance policy for your bike, however, you must be sure to only purchase a plan from a reputed and trusted insurance provider. You can also do some research on the internet to find a plan that provides the best coverage for a reasonable premium.