Few experiences in a person’s day-to-day life are as liberating as driving a two wheeler. The thrill of controlling a vehicle that responds to even the most delicate of movements and squeezes into the tiniest of parking spots is truly unparalleled. Their affordability, ease of manoeuvring, low level of maintenance, and ability to avoid frequent traffic congestions have made them a popular choice among drivers of all ages in India. What’s more, you can rely on it to hold up well not just in the face of concrete roads, but also stony streets and mountainous trails. In short, two wheelers are the perfect partners to anyone who likes to drive.
However, with the steady rise in population and increase in the number of fatal road accidents, owning a two wheeler has become quite a responsibility. So much so, that the Motor Vehicle Act of 1988 has made it mandatory for owners to insure their vehicles against third-party liability. However, if you ask us, you shouldn’t buy Two Wheeler Insurance with only that one objective in mind. A Two Wheeler Insurance Policy comes with a wide range of benefits, but they can only be availed if you keep the following things in mind:
1. Type of Plan:
An insurance policy for bike-owners can be of two types:
- Liability Only Policy: This type of policy is mandated by law. It covers bodily injury, death, or property damage of any third party.
- Package Policy or Comprehensive Plan: This type of insurance policy includes damage to your personal vehicle. However, it is not mandatory to buy this cover.
2. Factors affecting premium of Two Wheeler Insurance Policy:
The premium may vary based on the features of your bike. The cubic capacity (CC) is one of the most essential factors determining the premium you have to pay. If the CC increases, so does the premium. Besides, the city you purchase your premium in also makes a difference.
3. Know how 'No-Claim Bonus' affects Policy Premium:
This feature is extremely beneficial, mainly because each year that you do not make a claim, the insurer rewards you with NCB or 'No Claim Bonus.' This allows you to obtain discounts on your premiums, starting at 20% and going up to 50%.
4. Personal injury protection:
This type of protection offers coverage against lost wages, critical damages, and medical expenses. Usually, such features are known to be useful in states that follow a “no fault” law.
5. Change of Ownership:
A Two Wheeler Insurance Policy that allows you to transfer your existing insurance to the new owner is highly recommended. The transferee simply needs to inform the insurer about this change within a specified time and provide the necessary information to ensure a convenient transfer.
These are a few important tips that will assist you in making the right decision while purchasing Two Wheeler Insurance. Moreover, if you know and understand the benefits attached to them, it will further amplify your experience and make every journey a wonderful one.