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Why is it Important to Read through Your Two Wheeler Insurance Policy?

By Finserv MARKETS - Feb 2,2019
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Why Is It Important To Read Through Your Bike Insurance Policy Document?

Every owner of a two-wheeler must opt for a vehicle insurance policy. It is advisable to buy a two wheeler insurance policy right before you leave the showroom and hit the road. When the insurance plan expires at the end of a year, you can either renew it or buy a new policy online.

Insurance is a contract between the policyholder and the insurance company. Hence, it is very important to read all the terms and conditions beforehand. This helps you to know what is included and excluded from the coverage that your two wheeler insurance provider is offering. When you go through the entire policy document, you have a better understanding of the policy coverage. It makes the claim settlement process relatively simpler.

Some of the benefits of going through the policy documents are as follows:

  • Know about inclusions and exclusions

By reading the two wheeler insurance policy document carefully, you get a clear picture about the circumstances in which you can make a claim against the damages and how much of amount can be claimed. You will get a detailed information about your rights as a policyholder and the entire claim settlement process. At the same time, you will also know about the clauses that are not covered in the claim settlement.

  • Cashless claims

There are two types of insurance claims, cashless and reimbursement. Reimbursement claim is wherein you incur an upfront cost, which will be reimbursed by the insurance company. On the other hand, a cashless claim is more convenient because you do not have to incur any cost. However, not every insurer offers cashless claims. So, you need to read about it carefully.

  • Compulsory deductibles

Every bike insurance policy has a clause wherein the policyholder has to bear a certain amount of expenses raised as part of the claim. This is known as a deductible. A compulsory deductible is fixed beforehand and the details about it are already mentioned in the insurance policy document.

  • No Claim Bonus

If you have not claimed anything in the previous year, you will be entitled to a No Claim Bonus in the subsequent year. Once you read the two wheeler insurance plan thoroughly, you will know how you can claim the bonus amount.

  • Cancellation of policy

If you have not had a good experience with the insurance company in the past or are unhappy with the terms and conditions of the insurance policy, you can always cancel the policy. For the process of cancelling the policy, you must read and understand the policy document carefully.

  • Details on the process of claim registration

In the event of damage or loss of the vehicle, or any accident, you will have to register a claim with the insurance company. The insurance policy document states the details about the entire process of filing the claim. This will make it easy for you to go through the steps and file the claim.

The vehicle insurance policy document mentions all the important details related to the plan. Therefore, it is important to read the fine print and understand the terms and conditions of the policy before signing on the dotted line.

Bike insurance policyholders typically get to avail benefits like access to 4,000+ network garages, 24×7 bike roadside assistance and quick claim settlement. Make sure to read your policy carefully and ensure that you are eligible to claim these benefits.

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Bajaj Finserv Direct Limited ("BFDL"), erstwhile Bajaj Financial Holdings Limited is a registered corporate agent of Bajaj Allianz Life Insurance Company Limited and Bajaj Allianz General Insurance Company Limited under the IRDAI composite registration number CA0551 valid till 10-Apr-2021. BFDL also renders services to Bajaj Finance Limited (‘BFL’) and Bajaj Housing Finance Limited (‘BHFL’) (referred hereinafter as ‘Lending Partner’) in sourcing of customers, providing preliminary credit support activities, fulfilment services and post-acquisition customer services related to lending business. Registered Office: Bajaj Auto Limited Complex, Mumbai – Pune Road, Akurdi, Pune – 411 035 CIN: U65923PN2014PLC150522