Some people neglect to buy motorcycle insurance in India, but wait, do you know that you are in danger if you ignore this policy of buying motorcycle insurance. Accidents are unpredictable, and according to the Ministry of Road Transport and Highways, around 1.5 Lakh people die on India’s roads every year, which translates on average into 1130 accidents and 422 deaths every day.
Motorcycle insurance protects you from Legal liabilities and financial expenditures. You can buy two wheeler insurance online from various companies, such as Paytm Insurance, United India Insurance, Apna mechanic, and Policy Bazaar. We recommend you buy insurance from these companies rather than being dependent on the dealers of motorcycles.
In this article, we will discuss the five most important factors to consider when buying Motor Insurance. So, let’s get started.
The five most important factors to consider when buying Motor Insurance are:
Type of motorcycle insurance Policy
- Value of your Motorcycle
- Coverage
- Eliminations
- Trustworthiness of the insurance company
Type of motorcycle insurance Policy
In India, there are two types of motorcycle insurance policies. One is a third-party insurance policy, and the other is a Comprehensive insurance policy. You are the one who needs to think about and decide which one will be best for your vehicle.
Third-Party insurance policy:
If the damage to your vehicle is done by someone else, then this insurance will provide you with the damage coverage done by the third party and not for the theft or damage to your own vehicle. It gives you cover against a legal liability commencing against a third party due to damages, like
- Lasting injury
- Death of a person
- Any damage to the property
Comprehensive insurance
A Comprehensive insurance policy covers all the aspects that will help safeguard your motorcycle against any risk arising from theft or damage to the vehicle at the same time. Not only this, but it will also cover any accident or damage caused by a third party.
Value of your motorcycle:
The recent market value of your motorcycle becomes the basis for calculating the premium of your comprehensive bike insurance policy. Basically, the IDV (Insured Declared Value) is considered the highest amount that can be claimed on insurance in case of loss or theft. If you own a high-end sports bike, then the IDV is high, and on the other hand, if you own an old bike like a 110cc bike, its IDV is low.
Coverage:
Before you buy the insurance policy for your motorcycle, it is mandatory to know which policy covers which aspects. If you buy a bike insurance policy online, you will get more coverage than if you buy it directly from dealers. Comprehensive Policy is broad, and it usually offers:
Fire Damage
- Theft
- Damage due to natural calamities
- Third- party damage
- Damage due to accidents
Eliminations
There are situations where you need to remember in which of the cases you will not get a claim on your vehicle. Though the list of eliminations is mentioned in the policy document when buying motorcycle insurance, the following are the ordinary eliminations:
Regular wear and tear
- Injury due to nuclear reactions
- Mechanical break down
- Electrical breakdown
The trustworthiness of insurance companies:
It is important to get your motorcycle insured with a trustworthy insurer. As it will be helpful at the time of claims. But before buying, check the trustworthiness of the company. You can check it on social media by reading the customer satisfaction level.
Conclusion:
These are the top 5 factors that must be considered while buying insurance policies. Among all of these, you need to first keep in mind the types of insurance policies that are available in the Indian market.
