What consideration to make while buying a Two Wheeler Insurance.
The bike has become a fashion in today's youth. On the other hand, it's a basic need for a common man to commute to work. Motorcycles are fun to commute to a shorter distance, narrow roads, through heavy traffic, etc. Riding a bike could be dangerous too. Hence a proper Insurance policy needs to be in place.
One could have complete joy and fun riding, subject to mastering the art of riding and be a safe rider. That's not all over a full coverage in terms of insurance will be a full benefit to complete joy and fun ride.
Here are some of the fact listed below
- Ownership of Second hand two Wheeler:Purchasing or owning a second-hand bike is a common trend. Once you own or buy a second-hand vehicle, it is a must that you transfer the insurance policy in your name. Non transferring of Insurance policy does not cover the bike or scooter owner. This leaves the bike uninsured until you opt for a new plan at a reasonable price. Ensure to transfer the bike along with the insurance in your name.
- Lapse of policy:A widespread fact of laziness we omit the renewal of our two wheeler insurance. Most of the bikes on the road are without valid insurance. In this case, you are offending the laws. This brings all the more burden on your finances in the event of any mishap. It is a mandate to at least own a Third Party Insurance policy for your two-wheeler that will safeguard you from any legal hassles and third party claims.
- No Claim Bonus: No Claim Bonus (NCB) is a given to a bike insurance holder in the event of no claims have been made. This proves that the rider is careful with the bike. Such NCB work in favour of the bike owner as it reduces the cost of the premium. Such NCB can lead to a discount between 20 to 50 per cent of the premium. Hence NCB is a benefit for the long run.
- Selecting of NCB: Over some time, you earn NCB. Such NCB is to be used carefully during your renewal of the Insurance policy. Failure to choose the option of NCB will result in paying a higher premium.
- Selection of IDV: Insured Declared Value or IDV, is a sum assured to the two-wheeler policyholder by the insurer, in the event of complete damage caused to the vehicle. IDV is to be calculated based on the current market value of the bike. Opting a wrong IDV will end up in paying more premium. Do not opt for a lower IDV than the current market value as this will give a lower benefit to you during the personal claim.
- Not following the claim procedure: Keeping your insurance company or agent informed about any mishap at the earliest is a must. This will help in getting hassle-free claims. Some companies do keep a window to notify them about the accident. As a general norm, it is advisable to respect the rules and follow the insurance company informed about the mishap.
- Policy Expiry date: Getting your two-wheeler policy renewed in time or within the grace period is required not to lose the NCB benefits.
- Selecting the right insured as per record : As per the records, one should opt for the correct insured or else the policy will stand invalid.
- Omitting correct personal details: When choosing to buy a two-wheeler Insurance policy one should enter the accurate information. The omission of personal details will be considered as a commitment of fraud, and all claims will not be attended to. It is advisable to be attentive while filling up your details.
- Not mentioning nominee: In the case of an eventful accident, the family will get the benefit of the policy. However, if you have omitted the nominee, it will not be counted for the benefit. Hence while opting for bike insurance please selected a nominee.
- Correct hypothecation details: Giving the right information of hypothecation is again a must like personal information. Wrong information can lead the insured to court and legal hassles.
While opting for insurance once needs to select the right policy carefully and give incorrect information.