5 Factors To Consider While Buying A New Two Wheeler Insurance

5 Factors To Consider While Buying A New Two Wheeler Insurance

When thinking about buying a two-wheeler, there are numerous things to consider, such as the brand, model, mileage, cost of maintenance, price, and many more. In a similar vein, you put a lot of consideration into choosing an insurance plan for your two-wheeler. Making a choice on which bike to buy goes hand in hand with choosing which two-wheeler insurance policy to purchase. You must be informed of crucial information before buying two-wheeler insurance.

We are here to assist you if you have never considered understanding some crucial considerations before buying two-wheeler insurance. The list of elements that will assist you in selecting the best insurance coverage is provided below:

  1. Two-wheeler insurance policy types

There are several different two-wheeler insurance plans on the market. It is currently challenging to decide which option you should pick. Based on coverage, there are three different kinds of two-wheeler insurance policies:

– Two-wheeler third-party insurance coverage

– Damaged two-wheeler – Standalone own

– Complete two-wheeler insurance policy

Having at least a third-party two-wheeler insurance policy is required in India. In the event of an accident, it protects you from third-party liability. A stand-alone, own-damage, two-wheeler insurance policy protects you against the own damages your vehicle suffers in the event of an accident.

Combining the two is comprehensive two-wheeler insurance coverage. It protects you from your own damage and third-party damage costs that may arise from an accident or other unlucky circumstances.

  1. Partner garage network

If your insurance provider works with a lot of cashless garages, you can take advantage of the hassle-free experience of getting your car fixed in the event of an accident. Therefore, it is crucial to verify how many network garages a policy covers.

  1. Ratio of claims settled

Having access to assistance from the insurance provider in times of need is the primary goal of acquiring a bike insurance policy. You may determine an insurance company’s claim settlement efficiency by looking at its claim settlement ratio. *

You should be knowledgeable about how to submit a claim for bajaj Allianz bike insurance in the event of an accident in addition to the claim settlement ratio.

  1. The premium sum

You must pay the required sum to receive the benefits, which is the premium for your two-wheeler insurance. The cost of two-wheeler insurance is determined by a number of variables, including insured declared value (IDV), policy type, policy duration, no claims bonus (NCB), and others. *

  1. Exclusions from the Policy


Risks that an insurance provider is unwilling to cover are referred to as exclusions. Knowing what your bajaj Allianz bike insurance will cover is therefore insufficient. Additionally, you need to be aware of what the insurance coverage does not cover. Nobody wants their claim to be denied just because they submitted it for an incident that isn’t covered by their bike insurance policy. Therefore, avoid processes that have a lot of exclusions based on what you desire.

You may also take into account other elements, such as customer service and support, policy duration, the need for add-ons, Insured Declared Value (IDV), and No Claim Bonus (NCB), in order to make the best purchasing decisions. *

If you have any questions or worries and are having trouble deciding which insurance plan is ideal for you, it is advisable that you seek assistance from someone you know or from an expert who can provide you with accurate advice.

In conclusion, several considerations are disregarded by buyers of bike insurance policies. As a result, sometimes, people cannot file claims due to ignorance. In order to make an informed decision before buying a new bike insurance coverage, it is necessary to investigate all the relevant information thoroughly.

* Standard T&C Apply

** Currently, there are 2 tax regimes in India – new and old. To get the tax benefit you desire, choose the correct one after consulting an expert. You can opt for a regime change during the next financial year.

# Visit the official website of IRDAI for further details.

## All savings are provided by the insurer as per the IRDAI-approved insurance plan. Standard T&C apply

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Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.

Paul Watson