Not only in India but also in other countries, it is mandatory to cover your bike with basic third-party liability insurance. This provision ensures that in the event of an accident involving your bike, pedestrians who are not at fault do not have to bear the burden of costly medical expenses for bodily injuries or damage to their assets. However, since third-party liability coverage does not extend to the bike's own damage, investing in comprehensive bike insurance is recommended. Nonetheless, purchasing two-wheeler coverage requires a careful approach, especially with numerous insurers in the market.
Before making a purchase, let's discuss a few important points you must consider in a two-wheeler insurance policy.
You must consider the following factors before zeroing in on a two-wheeler insurance policy:
Every bike owner knows that two wheeler insurance offers financial protection against various incidents. It covers your vehicle against damage due to fire, collisions, natural disasters, and man-made disasters. However, terms and conditions apply to these situations, determining whether your claim will be admissible.
For example, you need to check if the personal accident cover in your policy applies if the pillion rider sustains an injury. You also need to verify which additional installations on your bike are eligible for a claim.
Since policy wording can be exhaustive and understanding insurance jargon can be challenging, it is best to connect with your insurer’s representatives and clear all your queries.
Many service centres have tie-ups with insurers to provide repair services free of charge, and these are known as the insurer’s network garages. Nowadays, insurers have tie-ups with thousands of garages selected based on their service quality. However, they might not be helpful if they are far from your residence or office.
Enquire and ensure that there is a network garage near you. You can find details of the network garages online. Visit your insurer’s website, navigate to the two-wheeler section, find the network garage option, and click on it. Then, enter your state and city name. A list of garages, including service centre addresses and contact numbers, will appear on your screen.
Exclusions refer to scenarios where the insurer will not compensate for bike damage. These situations include:
● No claim will be accepted if you are found without a valid driver's license or are a minor during an accident.
● No claim will be processed if you use the insured bike for commercial or illegal activities.
● Claims cannot be raised for consequential damage or wear and tear caused by ageing factors.
● Holding a lapsed insurance policy within or outside the grace period excludes you from coverage.
Add-ons, also called riders, are options that increase the coverage scope in exchange for an extra premium. However, not all add-ons are relevant to you. For example, if you dislike rash riding and always adhere to traffic laws, you are less likely to be involved in a road mishap, especially due to your fault. In such cases, buying a zero depreciation cover may not be necessary.
Similarly, suppose you use your bike only to commute within the city and prefer a four-wheeler to explore the city outskirts. In that case, you might not need roadside assistance cover due to easy access to service centres at any time of the day.
After the road accident that damaged your bike, you do not want to get involved in a complex claims process. Check if your chosen insurer has a dedicated claims support team offering round-the-clock assistance.
Nowadays, various insurers offer an easy-to-use application that allows you to raise a claim online, offering a self-inspection feature. Immediately after the incident, you can take photos of the damaged bike from different angles and upload them on the platform.
The surveying officer will assess the extent of the damage and share the report with the claims settlement unit. This digital process speeds up claim approval so you can get your vehicle fixed at a cashless garage and hit the road again. You must also check the claim settlement ratio of an insurance company – the higher the percentage, the better.
Unexpected situations may cause you to fail to renew your policy on time. Insurers offer a grace period to ensure continuity and avoid lapses.
This period can range from 15 to 45 days. Renewing within this timeframe will keep your accumulated no-claim bonus valid.
However, riding with a lapsed policy, even within the grace period, may lead to penalties if discovered by traffic police. Furthermore, your claim request will also be rejected if your bike sustains damage covered under the policy during the grace period.
Understanding and selecting the right two-wheeler insurance policy is crucial for every bike owner. It not only ensures financial protection in case of accidents but also covers various unforeseen incidents. Each aspect requires careful consideration, from policy scope and network garages to exclusions, add-ons, and the claims process.