How to Buy Two-Wheeler Insurance Online?
Even as an experienced rider, you are at a greater risk of a road accident when on a two-wheeler. At the same time, with the fast moving traffic around, driving a car now requires greater attentiveness than ever, and has its own set of risks. In general, it is essential for everyone to drive carefully because even if two persons are involved in a small accident, the repair costs are high, and can cause serious injuries. Moreover, although safe driving reduces the risk of a road accident, it doesn't altogether negate the risk. To safeguard yourself in such circumstances, it is recommended that you have vehicle insurance. Vehicle insurance not only covers the repair costs incurred by you, but also helps pay for your hospitalisation. As per the Government of India, vehicle insurance is mandatory, and thanks to the digital age, you can even buy it online now. Here is how you should go about it:
- 1. Understand the Insurance
Before you buy the insurance, it is important to understand it. There are two categories: Third-party Liability and Comprehensive Insurance. Third-party Liability is to cover for the damage your vehicle has caused to a person or third-party property when the accident has occurred due to your fault. Comprehensive Insurance covers the repair costs of the vehicle, and your hospitalisation. The next step is to decide the amount of insurance cover that you would want to have.
- 2. Compare the Insurance
Since vehicle insurance has been made mandatory by the Government of India, vehicle dealers now sell insurance along with the vehicle. However, this insurance offered by the dealers is neither the best nor the cheapest insurance available. Check the vehicle insurance options offered by other insurers, and compare. Then, buy the one which suits you best.
- 3. See the Discounts available
Discounts on the insurance can substantially reduce the financial burden your pocket will have to bear. Factors like anti-theft system, gear lock system, good driving record etc., can reduce the annual premium of the vehicle insurance by up to 5%. This is because these factors enhance the safety of the car; the insurer, thus, reduces the cost of the premium and this benefit is utilised by the consumer. Make sure you check for the same before buying.
- 4. Add-Ons
Besides further adding protection to your vehicle, add-ons allow you to customise your vehicle as per your needs. Many insurers provide recommendation based on your need, the age of the vehicle, its age and several other factors. These small add-ons, like roadside assistance, nil-depreciation, and personal cover, provide a substantial amount of benefits over and above the main policy. While such add-ons may increase the premium of the vehicle insurance, these are well-worth the cost as these provide extra protection to both your vehicle and you.
- 5. Do not Undervalue
The premium of a vehicle is decided on the bases of IDV, or Insured Declared Value. While renewing the insurance, the agent might decrease the IDV vehicle in order to lower your vehicle's premium. This is called undervaluing and is not advisable because undervaluing can be a hindrance when you are claiming the right amount for the loss incurred by you. This in turn can lead to your vehicle being treated as a write off in case of an accident. It is true that lower IDV means a lower premium and higher IDV means a higher premium. However, if you wish to lower your premium, undervaluing the car is certainly not the way to go.
With two wheeler insurance easily available online nowadays, you can save more on your insurance. Moreover, insurance providers selling vehicle insurance online, enable you to manage and pay your vehicle insurance online, making it much more convenient than the traditional route.