According to the Motor Vehicles Act of 1988, having two-wheeler insurance for their vehicles is mandatory. The insurance policy application procedure might appear complicated to first-timers, in such a scenario, one should check out the guide for bike insurance papers to understand the technicalities of the policy. Vehicle owners can customise their comprehensive or third-party liability insurance plans as per their financial goals and needs. Here is a list of things like premium details, IDV, vehicle registration details, etc. that one must check and be aware of before purchasing a two-wheeler insurance policy.
When buying two-wheeler insurance for the first time, ensure all the details you have provided are accurate and correctly recorded on the policy document. If there is any discrepancy at the time of making an insurance claim, your claim may get rejected. Here are the main points you need to look out for:
1. Personal Details
The insurance provider will ask for your personal details, such as your name, age, gender, date of birth, and income. When your private information appears on the document, ensure that they are accurately filled in by the insurer. In the case of inaccuracy, rectify it with the two-wheeler insurance provider as soon as possible.
2. Vehicle Information
When buying your bike insurance policy, it is essential to submit your vehicle details to the insurance company. These details, such as engine, chassis, and registration number, will appear on your policy document. Filling inaccurate details of your vehicle will ensure a hassle-free claim process. However, if there is any inconsistency in this information, your insurance claims could get rejected.
3. Policy Number
Every policyholder is provided with a policy number by the insurance company. When an individual files for a claim, he must mention the policy number. All relevant bike insurance details, like personal and vehicle specifications, are stored against the policy number. Confirm your policy number to ensure all your personal details have been accurately recorded against the policy number.
4. Policy Validity
Bike insurance validity refers to the amount of time your insurance policy will be active for. Do not let your insurance policy lapse. In case your two-wheeler insurance policy is going to end soon, renew it a few weeks before the last date. Driving without insurance is illegal, so make sure your policy is renewed well in advance.
5. Insured Declared Value
IDV or Insured Declared Value is the monetary value of the vehicle fixed at the time of buying the insurance policy. In other words, it is the current market value of the bike fixed by the insurer to calculate insurance coverage. This amount reflects the monetary extent to which your bike is valued and insured. Therefore it changes each time your two-wheeler insurance policy is renewed.
6. Premium
Premium is an amount paid by the policyholder in exchange for insurance coverage provided. The premium charged by the insurer is mentioned in the policy document. Always ensure that you carefully check the bike insurance premium amount in the document to make sure it is the same amount that you agreed upon.
7. Coverage
Under two-wheeler insurance, there are two options for coverage:
Third-party coverage: Covers third-party damages and injuries.
Comprehensive coverage: Covers you as well as third-party damages.
To understand these coverages better, you can look at the difference between a third-party and comprehensive insurance.
8. No Claim Bonus
NCB is awarded to the policyholder when they don’t make a claim for the period of a policy term. When policyholders renew their two-wheeler insurance, they should check if they are eligible for an NCB bonus. Check your bike insurance details to make sure the policy you are buying provides this benefit.
9. Riders
Riders or add-ons are the additional benefits and protections offered to policyholders. Getting additional riders allows the policyholder to enhance their two-wheeler insurance policy further. If you’ve selected riders on top of your base cover, see that it is mentioned clearly in your bike insurance details.
10. Contact Information
Ideally, every insurance document contains the contact details of the policyholder, such as email and mobile number. Make sure your contact details are mentioned on your two-wheeler insurance document correctly. If there is an error in this information, get it rectified by contacting the insurance company.
Two-wheeler insurance is an excellent way to keep yourself and your vehicle protected against unexpected damages and accidents. While third-party bike insurance only provides coverage to the other party involved in an accident, a comprehensive bike insurance policy will protect you and your two-wheeler as well. If you are looking to buy bike insurance online, you can check the bike insurance plans available at Bajaj Markets and enjoy benefits such as cashless settlement, fast renewals and a large number of network garages across the country.
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