Almost everyone today possesses a two wheeler, for it has increased levels of convenience in transportation. But, maintaining your vehicle requires special care and frequent investments, which a two wheeler insurance can easily provide.
It is important to procure a two wheeler insurance as soon as you purchase your vehicle, for ensuring a hassle free future of the vehicle and yourself. The Government of India makes it compulsory to get a third party liability insurance cover(according to the Motor Vehicles Act 1988) and failing to get one can make the owner of the bike bear heavy penalties in future. Also, if the bike gets damaged, or it gets stolen, then the motorcycle insurance definitely helps the owner to get financial assistance to invest in a new one.
Apart from the liability insurance that one has to purchase at the time of buying the motor, there also exists insurance policies like the comprehensive policies and policies which cover damage caused by natural calamities, thefts and accidents.
It is important that you know what factors play a role in determining your two wheeler insurance policy. The age of the vehicle and the place of purchase of the vehicle affects the amount of premium that you are required to pay for your motorcycle insurance. The more the age of the vehicle, the more the premium you’re required to pay; and the purchases that are made in Zone-A (Kolkata, Chennai, Delhi, Pune, Mumbai, Hyderabad, and Bangalore) are supposedly lesser than the ones bought in Zone-B (other cities). Also, a higher CC (cubic capacity, or the capacity of the engine) can make the amount of the premiums go higher.
Always remember to buy the policies from an insurance company which is approved by IRDAI, as it ensures the stability of your 2 Wheeler insurance policy. The amount of premium that you choose must also depend on the amount of sum you would want in return. It is essential to look for the prices which will guarantee you full comprehensive coverage from all kinds of damage and thefts, and will give you a good sum if such an incident happens. It is advisable that one goes through the offers made by the various agencies, compare the premiums and assured sums and then choose to buy the policy best suited financially. The various terms and conditions that the agencies put forward must also be kept in check, and the buyer must never overlook them while purchasing a bike insurance as there remain many such conditions which the customer might not be expecting.
When purchasing an insurance to get your vehicle protected, you can save yourself the hassle of physically visiting places. The two wheeler insurance policies can now be purchased online. The advantage that one can have by buying a two wheeler insurance online is that, one can have the flexibility of comparing the offers by the different agencies and can get a clear idea as to the amount that is to be paid as premium and the sum assured. One can also pay the premiums online through the various payment options of net banking, credit cards, debit cards and even e-wallets now. Also, the add-ons act as an extra benefit for the people who can utilise the benefits as and when required.
So, purchasing a bike insurance is now as easy as it is to understand its technicalities. One must keep in mind that if one pays lesser premiums, it is not necessary that they will also get lesser returns. One can always use the two wheeler carefully, choose the ones with lesser CC and even claim advantages if he has not ever claimed the insured value earlier.
By Gaurav Mittal
who is a Content writer and he loves to write about Finance & Insurance Articles.
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