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Factors to Consider While Buying Two Wheeler Insurance

By Finserv MARKETS - Jan 2,2020
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Factors to Consider While Buying Two Wheeler Insurance
With the number of road accidents in India on a rise, it is wise to be prepared with a two wheeler insurance. A bike insurance covers the costs in case of any human-made or natural damages like theft, accidents, floods, fires, etc. Right after the damage has occurred, one can contact the insurance company for assistance and can get financial help according to the IDV (Insured Declared Value) of the bike. IDV is the maximum amount the insurance provider will pay you during claim settlement, in case of theft or total loss of your bike. Moreover, Section 177 of Motor Vehicle Act makes it mandatory to have a two wheeler insurance and gives the revised penalties for flouting roadside rules. The penalty for driving an uninsured vehicle for the first time could go up to Rs. 2,000 and up to Rs.4,000 for a subsequent offence. Why let such hefty fines drill a hole in your pocket when Bajaj Allianz two wheeler insurance offers premiums starting at just Rs.482/year! With two wheeler insurance by Bajaj Allianz, one can be assured of a trusted companion in times of need. The insurance covers man-made or natural damage to the bike, complete loss/theft of the bike, accident coverage add-on, and can avail cashless services at any nearest one of the widespread network garages in India. Before buying Bajaj Allianz Two Wheeler Insurance, here are a few points to consider-

Coverage

Look for a bike insurance plan that offers an extensive coverage for accidental damage, loss/theft of bike, damage due to natural calamities, and repair and replacement of damaged parts.

Claim Settlement Process

While choosing the right bike insurance, it is vital to consider the claim settlement process. Opt for plans that offer an easy and hassle-free claim settlement process.

Claim Settlement Ratio

It is best to choose an insurer with a high claim settlement ratio as it will offer a higher probability of your claim being settled.

Price

Price of premiums is a factor that should be compared with the coverage offered. Look for policies with affordable premiums but don’t let price be the sole driving point behind your purchase.

Tenure

Insurance is a necessity, therefore, it is better to buy a policy for 2 or 3 years at once to avoid renewal hassles and/or unforeseen premium hikes.

Network Garages

It is better to opt for insurance that you can easily claim regardless of where the damage occurs. Choose the insurance plans with a wide network of garages across India to ease the claim settlement process and avail cashless servicing.

Exclusions

Exclusions are just as important as inclusions. Check factors that the insurance does not cover – like normal wear & tear of the bike, electric/mechanical breakdowns, etc to avoid last minute claim rejections.

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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