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How about checking some pre-approved offers you might be eligible for?

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✓No Inspection Policy Issuance ✓24x7 Assistance ✓Quick Claim Processing | Buy a Bike Insurance Plan Starting at ₹482/year*

As per the Motor Vehicles Act, 1988, it is compulsory for all vehicle owners to have at least third-party insurance cover for their vehicles. For the people who are purchasing their car or two-wheeler for the first time, the insurance process can seem a bit daunting due to the technicalities. However, there are a few things you will need to check at the time of purchasing your insurance policy to make sure there are no loose ends and you are getting the best deal possible.

10 Things to Look Out For in Your Two-Wheeler Insurance Documents

When buying two-wheeler insurance for the first time, make sure 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 end up getting rejected. Here are the main points you need to look out for:

 

  • 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, see to it that they are accurately filled by the insurer. In the case of inaccuracy, get it rectified with the insurance provider as soon as possible.

 

  • Vehicle Information:

At the time of buying your insurance policy, 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. However, if there is any inconsistency in this information, your insurance claims could get rejected.

 

  • 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. Confirm your policy number to make sure all your personal details have been recorded against the policy number accurately.

 

  • Policy Validity:

Policy validity refers to the amount of time your insurance policy will be active for. Do not let your insurance policy lapse. In case your 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 on time.

 

  • 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 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:

Premium is an amount paid by the policyholder in the exchange for insurance coverage provided. The premium charged by the insurer is mentioned in the policy document. However, ensure that you carefully check the premium amount in the document to make sure it is the same amount that you agreed upon.

 

  • Coverage:

Under two-wheeler insurance, there are two options of coverage:

 

  1. Third-party coverage: Covers third-party damages and injuries.

  2. Comprehensive coverage: Covers you as well as third-party damages.

     

You can take a look at the difference between a third party and comprehensive insurance to know more about these in detail.

 

  • No Claim Bonus:

NCB is awarded to the policyholder when they don’t make a claim for the period of a policy term. In case a policyholder is renewing their two-wheeler insurance, they should check if they are eligible for an NCB bonus. Make sure the policy you are buying provides this benefit.

 

  • Riders:

Riders or add-ons are the additional benefits and protections offered to policyholders. Getting additional riders allows the policyholder to further enhance their policy. If you’ve selected riders on top of your base cover, see to it that it is mentioned clearly on the document.

 

  • Contact Information:

Ideally, every insurance document contains contact details of the policyholder such as email and mobile number. Make sure your contact details are mentioned on the document correctly. If there is an error in this information, get it rectified by contacting the insurance company.

To Conclude

Two-wheeler or bike insurance is an excellent way to keep yourself and your vehicle protected against unexpected damages and accidents. While third-party insurance only provides coverage to the other party involved in an accident, a comprehensive insurance policy will protect you and your two-wheeler as well. If you are looking to buy bike insurance online, you can take a look at the two-wheeler insurance plans available at Finserv MARKETS and enjoy benefits such as cashless settlement, fast renewals and a large number of network garages across the country. 

FAQs on Things to Check in Your Two-Wheeler Insurance Policy

  • ✔️Which type of insurance is best for a two-wheeler?

    A comprehensive insurance policy is a good option for two-wheeler insurance as it provides the highest level of coverage compared to other plans. 

  • ✔️What is the registration number in bike insurance?

    The insurance registration number refers to the serial number of the policy which has been allotted to your particular vehicle. 

  • ✔️Is a higher IDV better?

    Your insurance premiums are based on your IDV. So a higher IDV may result in more expensive premiums, but will also provide enhanced coverage. 

  • ✔️ Can I claim bike insurance for scratches?

    Yes, you can claim bike insurance for scratches but it is recommended that you do not claim insurance for minor repairs or services as it can increase your premiums in the future. 

  • ✔️Is third-party insurance enough for a bike?

    No, third-party insurance does not provide financial coverage to the driver or the bike and looks after the expenses of only the third party. You can look into buying comprehensive insurance for your own coverage.