Insurance

How to Assess the Different Options of Online Two Wheeler Insurance

Written by Bella Aviva

Internet penetration has made it easy to buy two wheeler insurance online. It provides a plethora of information and knowledge that can be easily sought. One can choose from a wide range of insurance companies or products as per specific requirements. However, opting for two wheeler insurance online has also brought in competition and uncertainty in terms of choosing a platform to buy. One can be baffled or spoilt for choices as there are dozens of insurance companies, brokers, and aggregators to select from. This read will help you to settle for an ideal platform to purchase your two wheeler insurance policy.

Which platform should one opt to buy a two wheeler insurance policy?

  • Insurance Broker

The insurance broker is a specialist in insurance and risk management. It acts on behalf of the client i.e.: insurance companies. They provide technical advice that can prove very helpful in choosing the correct type of policy. The two wheeler insurance brokers will give you unbiased advice depending on your requirement. In addition to this, they also provide you post-sales services and claim assistance.

  • Aggregators

The Web aggregators are as good as the Brokers. They provide information with regards to features, plans, benefits, prices etc. all under one platform. The only difference between an online broker and aggregator is that the latter does not provide claim assistance.

  • Insurance company

Most of the two wheeler insurance companies have an online presence, where one can buy a policy online. However, you cannot compare the quotes, prices, benefits etc. of other insurance companies under the same roof. The Brokers and Aggregators have an edge over insurance company’s online portals.

Dos and don’ts Of Buying Insurance Policy

The Do’s

  • Know about the types of Insurance plans

It is essential to know the type of two wheeler plans. There are two types of plans available for your two wheeler vehicle.

  • Third party liability plan: The third party liability two wheeler insurance will cover legal liability part only. Since this plan does not cover own damage part, it is comparatively lower than a comprehensive plan.
  • Comprehensive/Package policy: This plan will cover own damage as well as third party damage. In addition to this, it also covers man-made or natural calamities like theft, flood etc.
  • Look for add-ons

Along with your basic two wheeler insurance policy, the add-ons are necessary to enhance your policy coverage. The add-ons are made to focus on the pain points of several customers and attend to them at the time of need for each of them separately. One should definitely opt for two wheeler add-ons like zero depreciation, engine protector etc.

  • Keep a tab on IDV

The Insured declared value of your two wheeler insurance is the maximum Sum Assured fixed by the insurer that is provided on theft or total loss of two wheeler in the event of an accident. Especially, in case of any claim due to theft or total loss, the IDV will help you overcome the financial loss.

Apart from the aforementioned point, you should also consider the following while buying a two wheeler insurance:

  • Check for coverages
  • Inclusions and exclusions of the policy are important

The Don’ts

  • Avoid looking for cheaper plans only

There are two wheeler insurance covers that can give premium breathers. In most cases, if you tend to choose a policy with a low premium, chances are that the insurer has provided you that quote with very little IDV. Therefore, in case of theft or total loss, you may end up receiving a huge cut in your claim amount.

  • Don’t opt for unnecessary riders

Not all insurance riders are beneficial for everyone. For instance: If you are a good rider and drive safe, you can save that extra amount by not investing in covers like NCB, engine protector etc.

  • Do not skip the terms and conditions of the policy

Once we get the required two wheeler insurance plan with affordable prices, we tend to forget about the policy terms and conditions. Moreover, they are always loaded with some additional information that might help you at the time of claims or renewal.

Apart from these, you can avoid the following points while buying a two wheeler insurance:

  • Do not forget to renew policies
  • Do not delay in filing your two wheeler claim

Best Insurance Companies in India

There are a plenty of two wheeler insurance companies in India who offer two wheeler insurance. The best amongst all are:

  • HDFC Ergo
  • Kotak General Insurance
  • Bharti AXA
  • Oriental
  • Bajaj Alliance

Therefore, choosing a broker as your platform to buy a desired two wheeler insurance would get you a desirable two wheeler insurance policy.