Are you looking for lucrative deals and coverage options for a two wheeler insurance online? If yes, you are about to perform a responsible task as a third-party liability insurance is mandatory by law for all vehicles in India. Here, we help you take a quick look at the basics of buying two wheeler insurance plans to keep you safe from the legal and financial consequences of finding yourself in an accident.
Basics of Two Wheeler Insurance
When you look up various two wheeler insurance online plans, you will find that there are certain common threads running through them all. You may want to check out the features and benefits of the best two-wheeler insurance policies on web-based insurance aggregator and comparison websites like Coverfox.com.
1. Types of Two Wheeler Insurance Online
Basically, there are two kinds of two-wheeler insurance cover plans provided by different companies on the radar. These are the liability-only and comprehensive two wheeler insurance online plans.
The liability-only plan happens to be a compulsory third party plan that provides coverage for the damages inflicted to third party person in the form of bodily injuries and death. It also covers the losses incurred by a third-party property like the two-wheeler of the other person involved in an accident in which you are at fault.
On the other hand, liability-only plans are specifically designed to cover the damages to your bike apart from the bodily injuries, death, or damages to third party property. The limitation of a liability-only plan is that it fails to cover the damages inflicted on your vehicle. While applying for a two-wheeler insurance, you get the liability-only plan by default. It is your choice to opt for a comprehensive plan in addition to the limited-cover liability policy.
2. Factors Affecting Two Wheeler Insurance Online Premiums
a. Cubic capacity
As per the Indian Motor Tariff, there are three different categories of cubic capacity. These are 0-150CC, 150-350CC and 350CC and above. Do note that any increase in your vehicle’s cubic capacity will make your insurance premium higher.
b. Zone of purchase
In India, there are different zones from which you may have purchased your two-wheeler. These zones serve as important factors of consideration when it comes to premium calculation.
For instance, Ahmedabad, Bangalore, Chennai, Hyderabad, Kolkata, Mumbai, Delhi, and Pune come under Zone A. All the other towns and cities are bracketed under Zone B. In case you have purchased your two-wheeler from a city belonging to Zone A then the premium amount will be more than that of Zone B cities.
3. Which Two Wheeler Insurance Online Coverage is best for you?
There is a wide range of two wheeler insurance online coverage options to choose from – cover against theft or fire, collision cover, cover against vandalism, insurance for pillion riders, etc. Take a pick or go for them all.
4. Insured Declared Value (IDV)
The IDV of your two-wheeler will be decided by its age. The IDV pertains to the amount of coverage that is permissible on your vehicle. The value of the IDV is determined after taking the depreciation and selling price of your vehicle into consideration.
5. No Claim Bonus
In case you are a responsible and careful driver and have refrained from making any claims on your two wheeler insurance online in the past year, then you will be eligible for a discounted premium on the renewal of your two-wheeler insurance plan.
The minimum No Claim Bonus applicable to any two-wheeler bike insurance plan is 20 per cent. For each subsequent year of no claim, the NCB amount would increase by 10 per cent each year, to a maximum limit of 50%.
Steps to Follow Two Wheeler Insurance Online
- Log onto Coverfox.com to compare and buy the perfect two wheeler insurance online plan at the earliest.
- Once you visit the aggregator portal, draw up a comparison of the various plans on offer; go through the features and benefits of all the plans that look good for your needs.
- Thereafter calculate the premium using reliable online tools and freeze the coverage as well.
- You will be asked to fill up all relevant details such as the age of your vehicle, registration city, cubic capacity, and other purchase details of your two-wheeler before you are asked to fill up the personal details, policy details and contact details.
- Read the terms and conditions of the two-wheeler insurance online plan chosen by you before buying the same through secure online payment channels.
Buying a two wheeler insurance online is a hassle-free and convenient process – just go for it.