Things To Know When Buying Two Wheeler Insurance

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.

Earlier when people did not have motor vehicles to travel from one place to another, accidents were not common. So, one did not need to have an insurance policy. But today, accidents are something we hear about all the time. With vehicles like cars, buses, two wheelers among others plying on the roads, people's lives have become unsafe. Thus, getting an auto insurance is very important for people owning these vehicles.

Two wheelers are more prone to accidents compared to other vehicles which is why getting a two- wheeler insurance policy can be very beneficial. In India, it is compulsory for owners to buy an insurance policy when they buy their new two wheeler. In most cases, the dealer or the seller takes care of the vehicle registration and insurance formalities.

While buying a two wheeler insurance policy, the owner should do a complete research on the same. He should compare two wheeler insurance policies provided by different companies before finalising a deal. While researching, he must check the features, coverage and benefits of the policies. Today, people can buy bike insurance policies online.

Two wheeler insurance policies have two types of coverage options. One is called the third-party liability and the other one is the comprehensive package. Third party liability covers the damage which is caused by one's own two-wheeler to someone else's life or vehicle. The comprehensive package covers own damage and the third-party damage. It is mandatory for people to opt for the third-party liability coverage in India. The third-party liability is less expensive compared to the comprehensive package as it provides only one type of coverage.

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.

Buying a two wheeler insurance policy has its own benefit. The policy financially prepares a person to bear the cost of an unseen event or future accident. When a person meets with an accident, he can claim the money for the damage from the company from which he bought his insurance policy. While claiming, documents like owner's driving license and RC book copy, police report, original copy of the repair bill and the signed claim form are to be submitted to the insurance company. It takes a bit of time before a person can get the money he claimed from the company.

Even though a bike insurance policy is a life – saver , a lot of people in India do not renew their insurance policy after it expires. People consider it to be a time consuming process and tend to avoid it. Thanks to the internet, renewing of two wheeler insurance policy has become an easy and hassle free task. Now, people just have to visit the website of the company they want to renew their policy with and follow a few steps. Insurance companies also provide benefits to people on No-Claim Bonus (NCB) during the time of two wheeler insurance renewal.

Recently the government has introduced a long term two wheeler insurance policy. This policy only covers the third-party liability and the own damage coverage has to be renewed every year. This move is a relief for people as they do not have to worry about renewing their policy every year. One extra benefit this long term policy has is the constant premium rates, which will remain unchanged during the insurance period.

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.
Insurance Buying Tips © 2017 Frontier Theme