What Should be Considered Before Purchasing a Two Wheeler Insurance?

  • Added:
    Jul 29, 2014
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What Should be Considered Before Purchasing a Two Wheeler Insurance? Photo by Jessica Kappor

In India you will find a lot of companies offering two wheeler insurance policies at cost effective premiums. But before buying a plan, it is essential to stay acquainted with the coverages, exclusions, claim process and other terms and conditions of the policies.

Although such policies are made obligatory by law in India many people are still unaware of their importance. This makes them reluctant to visit a general insurance company for purchasing a policy. This article delineates the importance of motor insurance. It also covers the ways to purchase the best policy and the methods to be followed in order to enjoy an easy claim settlement process.

What's the need for such policies?

This type of insurance has been designed to offer financial protection to your valuable two wheeler against damage or loss caused by unforeseen events such as accidents, theft, riots, self ignition or lightening, flood, earthquake, hurricane, typhoon, cyclone, hailstorm, landslide, riots, terrorist attack, fire, third party liability, and a lot more.

No matter how expert rider you might be, accidents can come your way anytime. This insurance policy saves your hard earned money from getting drained out during emergencies. With such plans you can ride your vehicle with complete peace of mind.

How to search for Two wheeler insurance plans?

When it comes to decide which policy would fit your needs, it's better to search online. Online search allows you to explore various policies offered by multiple providers. Thus, you will be able to compare coverages, exclusions and monthly premiums that would help you to decide which online two wheeler insurance will be ideal for you. It is advised to choose from a reliable company in order to enjoy hassle free claim process. There are many companies that offer cashless claim facilities for their customers which is undoubtedly beneficial. Look for such policies online.

Whats are the exclusions? Check it out.

Just as you always check the coverages before finalizing your choice similarly it is also important to know the exclusions of any policy. These exclusions will greatly vary from company to company.

What Are The Important Documents For Settling Claims?

For enjoying an hassle free claim settlement, you need to provide your (policy holder's) details, details of the accident or theft, details of vehicle, details of the driver, an elaborated description of how the accident occurred, and information of third party / property injury (if involved).

Besides the general documents required for a two-wheeler in a general accident or theft claim includes a claim form filled-in and signed by the insured, a copy of the vehicle’s RC (registration certificate) and a copy of the driving license of the person who was driving the two-wheeler; a theft claim will require a copy of the FIR, RTO (Regional Transport Office) paper duly signed from the local RTO, a NOC (No Objection Certificate) from the finance company if the vehicle has been hypothecated and lastly a letter of indemnity and subrogation from a notary. Once all the required documents containing valid information are submitted by you, you will get your theft or accident claim for your two-wheeler.

Conclusion:

If you follow all the above mentioned tips you will definitely pick up the most ideal online two wheeler insurance that will assist you during unfortunate circumstances. If you are already a policy holder, please make sure that your policy does not gets lapsed. In case of a lapsed policy, you will have to renew the same so as to enjoy its benefits. 

Author's Profile

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