Purchasing a bike is a dream of many. When you imagine yourself wearing a leather jacket and riding your new bike like a star, it is also essential to consider protecting your bike from unseeable accidents. It is sad but true that two-wheeler vehicles are prone to accidents. Therefore, purchasing insurance for your bike will help you stay firm during nasty accidents. If you are looking for a cheap 2 wheeler insurance for your bike, this article is for you.
Over the past few years, the rate of two-wheeler accidents has increased in India. As per the Indian Motor Tariff Act 2002, it is compulsory for every rider to opt for a third-party two-wheeler insurance policy. An insurance policy can act as a safety shield for your bike. Going through this article will help you to know why it is important to get two-wheeler insurance.
Importance of Buying A Cheap 2 Wheeler Insurance
Protecting your bike against any loss or liability can be made easy by purchasing a two-wheeler insurance cover. To obtain the cheapest 2 wheeler insurance, a person must be able to compare the insurance companies and choose the best among them. The following reasons highlight the importance of buying the cheapest 2 wheeler insurance covers:
Cost-Effective
The biggest perk of buying the cheapest 2 wheeler insurance cover is that it is pocket-friendly. The overall cost of buying a two-wheeler increases with the added insurance amount. If the price of the insurance cover is on a cheaper side but assures you the benefits associated with any other insurance policy, it can be advantageous for an individual. The insurance cover that is bought by keeping in mind the price can help save a lot of money. By purchasing the most reasonably-priced policy, one can, therefore, ensure less expenditure with added advantages.
Damage Protection
In case of a comprehensive selection of the cheapest 2 wheeler insurance covers, the insurance company covers any damage caused to you. It can either be a natural or a man-made calamity. It can provide protection against earthquakes, theft, fire, flood, terrorist attacks, riots, explosion, etc. When all these facilities are made available in a pocket-friendly way, it becomes a boon for the insured.
Security
Two-wheeler insurance gives security and confidence to the rider. Getting this sense of secureness cost-effectively and efficiently can prove beneficiary to the rider. In the present scenario, where accidents have become frequent due to traffic collisions and adverse road conditions, security is essential to a rider. Thus, it becomes necessary to find a policy that suits your needs and goes according to your budget. Even the cheap long term policies can be cancelled anytime as per an individual’s convenience.
Protection of Legal Expenses
As per the Indian Motor Tariff Act, 2002 third party insurances have been made compulsory. Therefore, it is compulsory to have one. It keeps the vehicle safe and also holds the budget if the policy is chosen in a prudent way. Two-Wheeler insurance also provides secured additional protection against any form of legal expenses.
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Covers Medical Expenses
Ensuring your bike through the cheapest 2 wheeler insurance covers the medical expenses that can be a result of an injury or accident. As the rate of accidents has been increasing ever since due to increasing traffic and worsening road conditions, injuries have become quite common. The insurance company may pay the entire amount for disabilities caused due to road accidents.
Things To Keep In Mind While Purchasing A Two-Wheeler Insurance Cover
After you got to know the important reasons to get a cheap 2 wheeler insurance policy, it is necessary that you are aware of the facts that should be kept in mind when opting one. Given below are some points one needs to be thorough with before getting an insurance plan.
1. Budget Analysis
Choosing the most appropriate insurance cover involves assessing the budget. Bike insurance is mainly of two kinds, namely, comprehensive and third party cover. The selection of protection should be made keeping in mind the vehicle, its expenses, liabilities etc. Analysing the budget is very important in determining the best two-wheeler insurance.
IDV or the Insurance Declared Value
IDV of a vehicle is its current market value. It is the amount that will be paid to the insured in case there is a theft or any loss of the vehicle. With time, the IDV of a vehicle decreases. The premium of a two-wheeler’s insurance is determined by its IDV.
Cubic Capacity
The cubic capacity of your bike decides the amount of insurance premium you have to pay. The higher the size, the more the premium.
Compare Different Insurances
Buying a two-wheeler involves an in-depth comparison. Likewise, before buying any insurance cover, comparing different insurance plans helps in taking a hassle-free and informed decision.
NCB or No Claim Bonus
NCB is a type of additional bonus that is offered as a discount upon the policy premium. It should be considered at the time of looking for a cheap two-wheeler insurance cover.
Apart from being compulsory, one can safeguard their two-wheelers with the help of one of the cheapest 2 wheeler insurance policy. Therefore, it is required that the individual goes through the above-mentioned reasons and understand the necessities of the same.