Time for renewal of your two-wheeler insurance? Not sure what to buy? Have a look at do’s and don’t before you purchase a two-wheeler insurance.
The Motor Vehicle Act of 1988, states that having a motor insurance is compulsory for all vehicle owner. This move was conceptualised for the benefit of both parties, the one involved and one which may get involved in unfortunate accident or mishap. This article capitalises on this fact and talks about the 10 things you need to know when investing in an insurance policy that will take complete care of you.
The DOs
Simplifying the insurance buying process by highlighting just the essentials.
Learn about the types of insurances
It is essential for you to be well-aware of the two basic types of coverages.
- Third Party Plan – This covers third-party legal liabilities only. It is a basic plan with lower premium rates.
- Comprehensive Plan – This gives a complete cover package which includes third-party liabilities as well as personal accident cover.
Explore the add-ons
The current insurance market scenario stands as a well-planned and organised machine, therefore, in a fewer word, it is becoming a customer-driven industry. Add-ons focus on the pain areas of several customers and tend to the need of the hour for each of them separately. Things like repairs, roadside assistance, the return of invoice value, accessories cover, etc., are things that could benefit the customer exponentially and are available as add-ons.
Understand the IDV
Insured Declared Value (IDV) is one of an essential factor that needs to be considered while reducing the premium amount of your vehicle insurance. IDV is the current valuation of your two-wheeler in the market. Depreciation of the two-wheelers is factored into the IDV and the IDV is then calculated.
Check for the coverages
While most insurers have a similar, if not the same, basic coverages. Therefore, you must carefully go through and understand every factor included to be claimed in case of damage or loss. Natural calamities, man-made disasters, etc., are included under the cover. Without having a sufficient knowledge of this, it is impossible to know when to make the claim.
Keep in mind the inclusions and exclusions
Be it the add-on or the basic cover, it is essential to know and keep in mind when you are eligible for a claim and when you are not. For instance, trying to make a claim when your two-wheeler vehicle has been damaged due to driver intoxication is a futile effort.
Try to look for add-ons to enhance your family and personal cover
Add-ons that cover co-passengers are the best. You must note, often, you are riding with your family and therefore, the two-wheeler insurance must be extended to them as well. You need to cover them with personal insurance cover in the event of any accident or injury.
The Don’ts
Do not go for a cheaper cover that does not cover well
There might be covers that may give you premium respites. However, this is not always recommended for you. In the event of emergencies, the monetary relief that insurances provide cannot be underrated.
Do not delay in filing for claim
We cannot stress this enough. Filing a claim within the stipulated time is the only way to ensure you receive the benefits of the insurance policy. Claiming the policy even a day after the slotted time will disqualify your entitlement to the claim. This defeats the purpose of the insurance policy.
Do not forget to renew policies
Two-wheeler insurance is a must if you own a two-wheeler vehicle. Set reminders for getting a heads-up on when the policy expires, so you can proceed to renewals and are always covered.
Do not skip the terms and conditions
This is crucial; if you want to avoid reading jargons with heavy-loaded information wrapped in legalities, you might just miss out on some additional information. While you can’t always read everything, it is important you read the important parts in your policy before purchasing it. If you fail to understand any part, get in touch with your insurance provider or anyone who can comprehend the policy’s underwriting clearly to you. The minor details with your signature on it is your responsibility.