A Brief Introduction On Third Party Two Wheeler Insurance In India

Things You Need to Know Before Buying Car,House, Health & Life Insurance online.

Insurance Buying Tips #1: Shop smart
When looking for insurance, your No. 1 priority should be to find adequate coverage. Price is important, but you’ll want to determine what kind of coverage you need first. Then you can fit that coverage into your budget and determine which carrier can provide you with the most comprehensive policy for your situation. You may be tempted to choose insurance with the lowest price tag, but if you don’t have enough coverage (or the right kind of coverage), you will see less financial benefit when it comes time to file a claim.
Insurance Buying Tips #2: Look for discounts
Once you evaluate your coverage needs, factor in your budget and find ways to save. Ask your insurance agent if there are any discounts on your coverage. Often, carriers offer discounts for things like paying your policy in full, staying auto accident-free or, if you’re in school, getting good grades. You also can save money by “bundling” multiple policies, such as purchasing a home and auto policy from the same carrier.
Insurance Buying Tips #3: Fill in the gaps
An average policy will cover the basics, but you may need to add extra coverage to meet your unique needs. For instance, you may have items like electronics or a nice piece of jewelry that would be financially difficult to replace, even with the assistance of your average renters or homeowners policy. You may want to add additional coverage for these items.

The Two Wheeler Industry in India is the largest in the world. From the year 2006 to 2014, around 9.5% growth had been noticed in India's two wheeler market. Indians, especially young minds of the country have passion for bikes. They find the affordable vehicle a terrific way to navigate in the congested Indian roads.

Talking about the safety of one's bike, it is must to purchase 2 wheeler insurance policy in the country. Bikers have necessary to buy the insurance plan that covers third party. Therefore, third-party two wheeler insurance is offered by almost all reputed insurance companies. Under the policy, the damage or loss caused to a third party person/property is covered.

To understand the subject matter best, it is must for you to know the two commonly used terms in the insurance parlance- Third Party and Comprehensive cover. The third party policy only insures third party liability whereas the comprehensive plan covers not only third party but also the vehicle.

Advantages of Third Party Motorbike Insurance

Insurance Buying Tips #4: Purchase life insurance—you aren’t too young
Life insurance is essential, no matter how young or old you are. And for millennials, buying now may be a smart move because it’s cheaper to buy a life insurance policy when you’re young and healthy. This kind of insurance can help your family cover unexpected costs in your absence, including student loan debt or a mortgage, in addition to end-of-life costs. And if you have kids, a life insurance policy can also support their education or childcare expenses. Additionally, every millennial should consider long-term disability coverage, which helps you stay afloat financially if an accident happens and you become disabled and unable to work.
Insurance Buying Tips #5: Talk to an independent agent
An independent insurance agent is an essential resource when purchasing insurance—especially if this is your first time. An independent agent works with multiple different carriers, which is different from captive agents who can only sell insurance from the carrier they work for. Working with an independent agent can help make sure that you are getting the best coverage, for the best price. You’ll also benefit from independent agents’ insurance knowledge; they know how to talk you through your options and actually explain what each policy includes. An independent agent will make sure all of your assets are covered, help you find discounts or other ways to save, and be a valuable resource as your life changes and your insurance needs change, too.
Insurance Buying Tips #6: Only buy insurance to maintain your existing standard of living
You don’t need insurance for events that won’t severely strain your finances. Start with your basic needs (home, auto, business), then work your way to include other needs (cyber, liability). You can always obtain coverage later for something if you change your mind. You can minimize your risk and maximize your savings by buying insurance that won’t cause you to break the bank.
  • The type of insurance plan is responsible to provide the statutory requirements for third party person/property damages.
  • One of the prime advantages is that premiums are affordable than its counterpart.
  • The coverage can be easily procured, needs a little documentation and inquiries because it doesn't involve 2-wheeler damages.

Disadvantages of Third Party Motorbike Insurance

  • As stated earlier in the article that the insurance doesn't insure the vehicle or its occupants.
  • In case of a mishap, the owner of the bike has to bear all expenses related to repairing and replacement of the bike.
  • Loss or damage of the vehicle due to natural calamities (fire, flood, typhoon and frost) and man-made calamities (theft, burglary and damage in transit by road) are not covered.
  • Unlike comprehensive plan, very little flexible options are offered.

What should You Consider?

Don't be in any dilemma while choosing a two wheeler insurance plan. From the point of experts, a comprehensive two wheeler insurance plan is one of the best choices. The only prime concern that can hold you back from availing a comprehensive policy is its premium. For this, go for long term two wheeler insurance online search. It would help you to find out the best deal on the comprehensive 2-wheeler insurance plans. Also, you come to know about the maximum benefits you may get under the policy.

Insurance Buying Tips #7: Ask your insurance provider what the policy doesn’t cover
Every insurance policy has perils that are not covered by your policy. These perils are referred to as “exclusions”, and every policy has them. Ask your insurance provider to explain the exclusions in your policy to avoid discovering what they are once you incur damages or a loss.
Insurance Buying Tips #8: Consider bundling several policies with one insurance carrier
here may be value in bundling several policies with one insurance carrier. If you’re looking to insure multiple vehicles or obtain multiple types of business coverage (e.g., liability, property, cyber), then you may want to consider obtaining coverages under one insurance provider who carries multiple products, and who may be able to offer you multi-policy discounts or loyalty programs.
Insurance Buying Tips #9: Review your insurance needs on a yearly basis
As your needs evolve, so will your insurance policy. Maybe you’ve acquired a new vehicle since obtaining auto insurance for your primary vehicle, or started operating your business out of your home, or experienced a cyber-attack during the year… Whatever the change(s), you’ll want to make sure you’re covered for any new risk exposures. Talk to your insurance provider to stay on top of your insurance needs.
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