In the current era, with owning a two-wheeler it is also mandatory to have your bike insured. According to the Motor Vehicles Act, 1988, third-party bike insurance is necessary. Bike owners can purchase two-wheeler insurance directly from the agent or the website. Whether he/she decides to buy bike insurance online or offline, everyone receives a policy document.
When an insured opts for online purchase, he/she can download the insurance document from the account or via emails. In case a policyholder buys two-wheeler insurance offline, the insurance documents will reach you via courier. Once you obtain the document, look for the following essential things:
Ten things you should check in your two-wheeler insurance documents:
- Personal details
The insurance provider asks for your personal details like your name, age, gender, date of birth, and income. When your private information appears on the document, see to it that they are accurately filled by the insurer. In the case of inaccuracy, get it rectified with the insurance provider.
- Vehicle information
It is essential to submit your vehicle details to the insurance company. When you disclose vehicle details like engine, chassis, and registration number, it will appear on your policy document. Filling accurate details of your vehicle will ensure a hassle-free claim process.
- 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 details, like personal and vehicle details, are stored against the policy number.
- Policy validity
The policy validity specifies the tenure of the two-wheeler insurance policy. In simpler terms, it states the time frame of your policy until it’s active.
- Insured Declared Value (IDV)
IDV stands for Insured Declared Value. Simply put, it is the monetary value of the vehicle fixed during the commencement of the insurance policy period. In other words, it is the current market value of the bike fixed by the insurer for the purpose of calculation of insurance coverage. This amount reflects the monetary extent to which your bike is valued and insured, and therefore it changes at each renewal of the policy.
Premium is an amount paid by the policyholder in the exchange of the coverage. The premium charged by the insurer is mentioned in the policy document. However, ensure that you carefully check the premium amount in the document.
Under two wheeler insurance, there are two options of coverage i.e., the difference between third party and comprehensive insurance is as follows:
- Third-party coverage: Covers third-party damages and injuries.
- Comprehensive coverage: Covers you as well as third-party damages.
- No Claim Bonus (NCB)
NCB is awarded to the policyholder when he/she doesn’t make a claim for the longest duration. In case a policyholder has renewed his two-wheeler insurance, he/she must check for the NCB component. Looking for the specification of NCBs in your insurance document ensures the accuracy of the future calculations.
Riders or add-ons are the additional benefits offered to policyholders. Getting additional riders allow the policyholder to enhance his/her policy. If you’ve selected riders on top of your base cover, see to it that it is mentioned clearly on the document.
- Contact details
Ideally, every insurance document consists of contact details like email address and mobile number of the insurer. In case the contact details aren’t mentioned, take them from the insurance provider separately. Getting hold of the details will help you in times of need. To sum up, reading the details mentioned in a two-wheeler insurance policy goes a long way. Since the policy document is essential, save an additional copy as a backup in case anything happens to the original document. Seek professional guidance if you have any queries after receiving the document in hand.
Bike insurance available on Finserv MARKETS provides a host of benefits during an emergency in the future. One can not only buy bike insurance online but also renew bike insurance on the website. Claim Settlement is a hassle-free process with Finserv MARKETS.
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