|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.|
What is going in your mind when you are on the way to purchase a long term two wheeler plan? You, of course, want maximum coverage and lower premiums. Two wheeler insurance holders often give attention to what is covered under the policy, but what is not covered is avoided by many of them. This leads to confusion and misunderstanding about the policy. Therefore, it is necessary to go through the policy properly to understand it well. The insurance clauses cover all important aspects that the agency is going to provide. The document may seem you lengthy and time consuming to go through but it is utmost important to keep reading till it is finished.
Normal Wear & Tear
Loss due to normal wear and tear of the bike is not covered under a standard two wheeler plan. That is why at the time of renewal, the IDV (insured declared value) is revised to adjust depreciation. It helps the insurance company to exclude the loss in value that your bike has already gone through because of normal wear and tear.
Electrical and Mechanical Breakdown
|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.|
It means, your bike engine is not covered for malfunctions or non-accidental failures. In case the bike engine is submerged in a waterlogged area and getting problem to start the bike because the engine gets seized and this is not under coverage. If the bike headlight or rear light is not working, it is not covered under the policy.
Damage to Tyres and Tubes
Remember, a standard three year insurance policy for two wheeler doesn't cover the damage to your bike tyres and tubes. If the tyres are deflated, you cannot claim against this. The insurance agency is not going to provide coverage for tyres.
Damage by the Person Driving under the Influence of Drugs/liquor
There are some strict norms for driving under motor vehicle act 1988 that every driver has to follow. Your bike is covered for accident but it is not covered if the accident is caused by the person who is driving under the influence of liquor or drugs.
Damage by the Person who has No Valid License
Driving a bike is considered legal when the driver has a valid driving license. It is must to renew your motor driving license before it expires. In case, you are driving with expiry license and the damage is caused to the vehicle by the time, the insurance company is not going to pay for any damage.
|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.|