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How to Choose the Best Two-Wheeler Insurance Plan

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If you are thinking of purchasing a two-wheeler insurance plan, then you must search online for the same. Through an online portal or an insurance web aggregator, you will get free quotes from top two-wheeler insurance companies. There you can do a comparison that will help you in choosing the best two-wheeler insurance plan simply and quickly. Two-Wheeler Insurance includes a motorbike, scooter, scooty etc. Two-wheeler insurance provides financial coverage to scooter and bike in case of physical damage, third party liability and theft as well. With the help of online portals, you can also renew your existing two-wheeler insurance plan and can save a big amount on the premium.

Mostly the coverage depends on the norms of the selected plan and the company. You have multiple choices as there are many companies in India such as Bajaj Allianz, Oriental Insurance, ICICI Lombard, TATA AIG, Bharti AXA, HDFC ERGO, Royal Sundaram, and Reliance among others, so choosing the best insurance policy for your vehicle won't be a difficult thing for you.

What does Two-Wheeler Insurance Plan cover?

On searching online, you will notice that the two wheeler insurance providers are offering an effective plan with the help of third party liability coverage and comprehensive coverage.

Third Party Liability coverage: It covers damages caused by you to the Third Party. This coverage does not include damage to the vehicle. Third Party Liability coverage is mandatory in India.

Comprehensive coverage: This coverage usually provides complete financial protection from the damages caused to your vehicle and any third party due to theft, accidents, external damages, fire, natural calamities, damages in transit, etc.

Importance of Two-wheeler Insurance Plan

It is essential to buy Two-wheeler insurance plan as it is compulsory according to the Indian law. The insurance plan assists you in providing protection against any damage to your two-wheeler. It ensures safety and security against many problems like man-made and natural calamities. It will help you in preventing your vehicle from unforeseen incidents like theft, accident and much more. It is a valuable investment which ensures safety and security of your vehicle.

For Buying New Policy:

  • Filled up proposal Form
  • Copy of Registration Certificate (RC)

For Online Two-Wheeler Insurance:

  • Filled up proposal Form
  • Online payment

For Two-wheeler Insurance Renewal:

  • Filled up proposal Form
  • Copy of Previous insurance
  • Copy of Registration Certificate (RC)

Insurance Premium

If you own a vehicle which has a high theft rate or accident rates, then the premium will be comparatively higher. The value of your vehicle depends on the ex-showroom price and the age of your vehicle.

In case you have not made any claims in a particular year, then you get the discount on renewal of the policy in the subsequent years. It gets accumulated every year and usually ranges from 20% to 50%. NCB rates are standard across companies.

If you live in an area where the chances of accidents and thefts are high then you may have to pay higher costs. Rates are usually higher for metro cities.

Buying Process

If you choose offline then it will be a long process. That's why it is advisable to buy desired bike insurance plan online. If you go online then you will get:

  • Hassle-free assistance while buying the desired plan.
  • It will save your time and money as well.

Just enter some basic requirements and details to find the best insurance plan.

  • Compare plans provided by top insurance companies.
  • Choose a plan that suits your requirements.
  • Fill the proposal form that requires some basic information.
  • Upload your documents online. Make the payment through selected mode.

This article was written by Ravi Khurana for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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