Things to Know When Buying Two Wheeler Insurance

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 auto insurance is very important for people owning these vehicles.

Two wheelers are more prone to accidents compared to other vehicles which are 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.

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.