Navigating Two-Wheeler Insurance: A Comprehensive Guide to Choose the Right Coverage

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Navigating Two-Wheeler Insurance: A Comprehensive Guide to Choose the Right Coverage

Posted By Ginteja Insurance     November 24, 2023    

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Navigating Two-Wheeler Insurance: A Comprehensive Guide to Choose the Right Coverage

In India, when it comes to purchasing their first motorized vehicle, upwardly mobile families and young commuters prefer two-wheelers - motorbikes and scooters. To drive a two-wheeler is convenient because you can easily ride through traffic. Although riding a two-wheeler is inexpensive and convenient, it also puts you at risk for accidents and mishaps that could cost you unnecessary and excruciating amounts of money. Hence, owning two-wheeler insurance is highly recommended to enjoy the ride without any worry.

However, with so many options available , it can be difficult to choose. As a result, we have compiled some tips in this article to help you make a smart choice when purchasing insurance for your two-wheeler.


How to Choose The Right Two-Wheeler Insurance Policy?

When purchasing a two-wheeler, you examine a number of factors such as appearance, mileage, cost, and so on. It is critical to select your insurance policy based on features that will effectively assist you in satisfying your needs. Here are some tips to consider when selecting an insurance policy that fits your budget and needs:


Know your coverage amount

It is advisable to assess your needs and financial situation before beginning the process of finding the best auto insurance. There are two categories of bike insurance: comprehensive and third-party, which differ in terms of coverage. Based on how you use your two-wheeler, how much you spend, and any other obligations you may have right now, pick a plan that offers enough coverage.


Consider the Insured Declared Value (IDV)

Your two-wheeler's insured declared value (IDV) represents its current market value. It is the maximum amount that your insurance company must pay if your two-wheeler is stolen or damaged. Depreciation reduces the IDV over time, lowering the premium as well. As a result, IDV is an important consideration because it influences the insurance plan's premium and compensation amount.


Know About the Add-On Covers

Look for riders to add to your two-wheeler insurance policy to broaden the coverage. You must pay an additional fee for the riders. Two-wheeler insurance includes zero depreciation coverage, towing protection, and personal accident coverage for pillion riders and other popular riders.


Understand the Claim Settlement Process

Several insurers have now implemented simple, fast, and smooth claim settlement processes based on video and image submissions. These policies are considered the best because they pay out claims quickly and easily. Check the insurer's claim turn-around-time (TAT), which shows the average time it takes to settle a claim, and the claim settlement ratio (CSR), which shows the maximum number of claims resolved by the insurer in relation to all claim requests received in a fiscal year. Select a plan with a lower TAT and a higher CSR.


Compare the policies of various insurers

Comparing different plans is a crucial step in the insurance buying process so that you can make a smart decision. Online comparisons of bike insurance policies should be made based on coverage, costs, inclusions, exclusions, and other important aspects. Remember to look through internet reviews posted by sincere clients who talk about their experiences with insurance companies. If you are confused, it is a good idea to read the reviews and complaints.


Look for the Discounts Allowed

Examine the various discounts that different insurance companies are offering, and pick a policy that promises to offer the best rate of discount in order to drastically lower your premium. Various insurance policies provide a no-claim bonus, a voluntary deductible, and other notable discounts.


Conclusion

When riding, it’s important to put your safety and financial security first by getting two-wheeler insurance. Bike insurance is a crucial purchase for any rider since it offers a range of customizable coverage options along with financial security, peace of mind, and legal compliance. So, in order to assure a safe and worry-free riding experience, don’t wait any longer; conduct your homework and buy insurance online right now.

Ginteja offers complete bike insurance policies with the most coverage at competitive pricesWe understand the needs of motorcycle enthusiasts and the importance of protecting their prized possessions.

Don’t compromise on your safety and financial well-being — choose Ginteja for comprehensive bike insurance that offers maximum coverage at affordable rates.

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