Why Two Wheeler Cover Is So Important For Your Vehicle

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.

2 wheeler insurance is mandatory by law in India. It is an excellent source to protect you against financial losses due to theft or accident, or natural calamities like fire, storm, earthquake, etc. Two wheeler insurance policies offer comprehensive cover against natural calamities, man-made calamities such as building collapse and more accident, else your vehicle is stolen. During such incidence if you have your comprehensive cover in place, it will help you make cashless claim through wide network of garage across India- wherein the insured can get their two wheeler repaid free of cost.

Third party cover protection is mandatory against accidental damage for losses done to third party place, property or person resulting in injury or death. Damages while travelling by road, rail and air are also covered within your two wheeler insurance cover.

It is important to understand the inclusions and exclusion in your cover. Generally ageing of the vehicle due to normal wear and tear is not covered by insurance policy. Damages done to rash and negligent driving, without valid driving license, driving with consumption of alcohol is not covered the insurance policy. Wear and tear parts like tyres, tubes are not covered under the policy.

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.

Online websites have introduced calculators that will enable an individual to select a standard policy bests suited as per requirement and mostly important that fits into the budget. Online comparison sites help individual compare policy in terms of benefits & Features, discount offered, claim settlement ratio, premium payment flexibility etc. Premium for two-wheeler is calculated based on the IDV of vehicle, place of registration, age, make and model etc. Online comparison gives full transparency as everything present here is a genuine piece of information. Insurance companies abide by the rules and regulations of publishing or listing rates online.

It is important to understand varied customized policies offered by companies and then go for suitable purchase. Recently, many insurers have launched long-term Two Wheeler Insurance which covers your bike for up to three consecutive years as against the regular cover of only one year. The IRDAI has permitted introduction of this long-term cover to tackle the issues yearly lapse of renewal due to hectic schedule or other reasons. It helps to encourage two-wheeler owners to buy the mandatory third-party cover.

Long-term bike insurance saves consumers from the hassles of renewing the policy every year. Insurance companies are willing to offer discounts on the own damage part of the policy premium for long term insurance policies. It helps insurer save on administrative and policy-issuing costs. These savings are in turn, passed on to the customer in the form of a discount.

Once you decide upon which kind of insurance policy you might need, comes the step of deciding on insurance premium rates and quotes often being a complex and time consuming process. 2 wheeler insurance premiums depends on a lot of points like age of the vehicle, depreciation cover, inclusion of third party car insurance and inclusion of other add-ons like personal insurance policy, property damage cover and cover for the rest parts of the two wheeler usually not included in insurance cover. Insurance premium will get reduced in the scenario of less covers and more covers will require higher premiums.

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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