A typical two wheeler insurance policy note consists of these details:
1) Details about the customer, like address, name etc.
2) Details of the vehicle being insured, its IDV, technical specifications, year of manufacture and purchase, etc.
3) Terms and conditions, when the insurance would be applicable and when not. Usually the details are in fine print, but should be read thoroughly before signing. An individual cannot expect to change the general conditions stated, but there are 2 benefits of reading it thoroughly.
(a) You could compare it with other aggressive players in the market.
(b) knowing when the insurance is not applicable, would help you make better decisions. for example, it will not be applicable, if you take part is motor rallies, or any dangerous activity.
There are two types of 2 wheeler insurance policy
(a) Third Party liability cover or Act only Cover.
(b) Comprehensive Coverage.
c) Personal Accident cover for owner/driver.
How is the policy premium determined?
Simply put, it is determined by each insurance company in their own way. It also reflects their past experiences of a certain segment, or customer group, etc. So its better to compare 3 – 4 quotes for getting the best insurance quotation possible. However, you need to ensure that the insurer does not reduce the valuation of your vehicle (known as IDV) to reduce premium, as it is counter-productive. Same is the case with deductibles and coverage amount. Lowering these parameters, to give you a lower premium amount, may adversely impact you when you go for a claim.
Some of the parameters are:
1) Your 2 wheeler value as per the insurance company database.
2) Type of 2 wheeler, electric scooty, motorcycle or scooter.
3) City where the 2 wheeler is registered (not where it is being used).
4) Past claims.
5) Model/make and year of manufacture of the 2 wheeler.
Tenure of a policy:
The policy is made for only 1 year timeframe. After the expiry of the term, it needs to be renewed. If there is a lapse of even 1 day, the vehicle needs to be inspected, which complicates the whole process. So its strongly advised to pay premium on time, and renew the Insurance before present policy expires.
If you need any assistance in selecting the best insurance for your two wheeler, please fill in the form above and get the best insurance quote.