Planning to Buy Two Wheeler Insurance? Read This First

Buy Two Wheeler Insurance

Two wheeler insurance is needed to cover the costs of any damage caused to or by your vehicle. It will give you peace of mind when you’re on the roads so that you won’t break the bank in case of an unfortunate mishap. When you get insurance for your bike, you are not only legally protected, but you stay free of the financial stress that comes with an accident, theft, or personal injury caused due to your two wheeler.

Numerous insurance companies offer a variety of plans, add-ons, or discounts when it comes to bike insurance. It is imperative that you research well prior to finalizing your decision in order to zero in on the best deal for your personal requirements.

Comparison of Key Companies That Provide Two-Wheeler Insurance

Selecting the right two wheeler insurance for your bike can turn out to be a complicated affair since there are so many options available. You need to choose the best insurance plan for your bike’s make and model, keeping in mind your budget and the premium that you would have to pay.

There are several trusted insurance service providers that you can rely on for your bike insurance needs. Each one comes with a set of features and benefits that you should explore in order to get the ideal plan that caters to your specific needs.

1.  Bharti AXA

This insurance company is associated with over 3,000 cashless garages all over India and offers the following benefits to customers:

-Long duration insurance plans

-Add-ons like zero depreciation cover and personal accident cover

-Round-the-clock assistance for claim settlement

-A discount of 10% for a two-year insurance policy and 20% for a three-year policy built in their premium

2. Bajaj Allianz:

A veteran name in insurance, Bajaj Allianz has been in service for the past ten years, with a garage network of over 4,000.

Benefits offered:

-Speedy renewal of the insurance policy

-Long-term policies of up to 3 years

-Add-on features like depreciation shield, engine protector, and consumable expenses cover

3.HDFC Ergo

HDFC Ergo is a reputed insurance service provided with a claims settlement ratio of 94%.

Benefits offered:

-Add-on features like nil or zero depreciation cover and emergency roadside assistance

-No claims bonus for two and three-year policies

-A cashless garage network of over 4,800 across India

4. New India Assurance:

A completely government-owned multinational insurance company, operating across 28 countries all over the world, New India Assurance, has been conferred the AAA/Stable rating by CRISIL.

Benefits offered:

-Basic cover along with a personal accident cover for passengers

-Guaranteed compensation in case of theft or accident involving your bike

-Hassle-free inspection by an expert surveillance team prior to approval of the claim

5. Oriental:

Government-owned and established in 1947, Oriental is a reputed insurance company for vehicles in India.

Benefits offered:

-Short duration coverage is available for less than even a year

-Coverage for pillion riders

-Discounts on Voluntary Deductible, No Claim Bonus, Anti-theft device, and Auto association membership.

Insurance policies offered by various providers have numerous pros and cons that you have to take into consideration before you choose the right one. A platform like Coverfox.com can simplify the whole process so that you have all the information you need with minimal effort.

Things to Consider Before You Buy Two-Wheeler Insurance

There are some important factors you need to keep in mind before you choose the best two-wheeler insurance.

1. Types of coverage:

There are two types of coverage: third-party liability and comprehensive cover. Only third-party liability cover is required as per law but getting a comprehensive cover will make sure you won’t have to pay out of your pocket for damage to your own bike.

2. Add-on covers:

When you file a claim, you may be unpleasantly surprised by additional charges that you have to pay for yourself. Add-on covers like zero depreciation cover and engine protector can reduce your bills tremendously.

3. Discounts:

Insurance companies offer as much as 60% discount on policies, especially when you opt for multi-year policies. Moreover, the No-Claims Bonus can be accumulated over the years and availed as required.

4. Inclusions and Exclusions:

It is important to be clear about what exactly is included in your insurance plan. For example, insurance will cover damages to your bike due to a man-made disaster like riots or strikes but will not cover regular mechanical expenses caused due to wear and tear.

Keeping all these important factors in mind will make it easier for you to select the right insurance policy that covers all the specific needs of your vehicle.

Two-Wheeler Insurance in 2018 Doesn’t Have to Be Complicated 

The process of getting insurance for your two-wheeler doesn’t have to be a complicated procedure. There is enough information and variety available for you to really zero in on the best possible deals. All you have to do is invest some time in looking through the various plans on offer. Coverfox.com makes the entire process stress-free with an easy comparison tool that lets you weigh the advantages and disadvantages of numerous insurance plans at the same time. Making an educated decision can save you stress and money at the time of claims settlement and give you peace of mind on the road as well.

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