In India, owning a two-wheeler is convenient and cost-effective because it saves money on transportation. However, as a responsible bike owner, you need to have two-wheeler insurance, which will help you cover emergency costs during unforeseen circumstances. These emergencies include accidents, thefts, damage to and from third parties, natural calamities, etc. Thus, keep reading to learn more about the importance of two-wheeler insurance and how a proper two-wheeler insurance check saves money in the long run.
Why is Two-Wheeler Insurance Important in India?
All two-wheeler owners are required to purchase their vehicles insured under the Motor Vehicles Act of 1988. By purchasing a two-wheeler insurance policy in India, you will get many benefits like financial support during emergencies. Therefore, getting vehicle insurance is important because of the following reasons:
● Coverage During Natural Disasters
If a natural disaster, such as a cyclone, flood and others, causes damage to your bike, two-wheeler insurance will provide financial assistance.
● Legal Liability
Getting insurance will give you coverage regarding damages caused to a third party. Moreover, you can avoid the financial burden of fines and penalties with proper insurance because there will be no out-of-pocket cost.
● Financial Protection
With comprehensive two-wheeler policy insurance, you can avoid any sudden costs because of accidents, thefts, repairs, maintenance, damages, and so on. This way, you will also get peace of mind because of the financial protection a two-wheeler policy provides.
How a Two-Wheeler Insurance Check Saves Money in the Long Run?
Conducting a two wheeler insurance check will save money in the long run. Here are the tips to follow for saving money with regular insurance checks:
● Preventing Policy Lapses and Avoiding Penalties
You need to keep your two-wheeler insurance policy updated. It will help you to avoid paying fines and penalties. Moreover, it is a situation in which your insurance policy has elapsed, and you have not signed a new policy before your insurance period is complete. Riding a two-wheeler without the proper insurance policy is unlawful, and you might have to face penalties, fines, or even legal consequences.
● Leveraging No Claim Bonus
Two-wheeler insurance policyholders can save a lot of money through the No Claim Bonus (NCB). The NCB is a bonus for not claiming the insured amount for a certain period. The insurer reduces the premium for each year without a claim. However, most clients do not get this opportunity because often they do not review their policy documents or do not know how NCB is credited.
● Identifying Unnecessary Add-ons and Coverage
A crucial part of a two-wheeler insurance check is also considering the coverage of your policy and the add-ons. Bike owners are trapped by having to pay for excessive insurance that often includes coverage for accessories, zero depreciation, and passenger protection. When you review your insurance policy, you will be able to discover and delete any optional features that are not useful, thus lowering your premiums.
● Ensuring Accurate Policy Details
Before purchasing a two-wheeler policy, verify which features are included and which are excluded. This includes the policy dates, coverage amounts, premium amounts, types of risks covered, repairs, and maintenance. Also, after purchasing the policy, you need to make sure that all your information is correct and updated. Otherwise, you risk not getting the coverage amount during an emergency or having your policy rejected.
● Avoid Raising Small Claims
If you have minor repairs to do, it is best not to claim the policy amount. This will not exhaust your policy coverage amount, and you can actually claim it during a bigger emergency like an accident, theft, or damage. Also, if you make small claims, you will not be able to get the No Claim Bonus, which can be an added advantage.
● Buy the Insurance Policy from the Same Company
When you buy a two-wheeler insurance company from the same insurance company, then they offer many benefits. These benefits include attractive add-ons or lower premium rates. Also, you get the added advantage of being familiar with the features of the policy. So, you already know what advantages are included and what is excluded in the policy, which will help you save money in the long run.
● Proper Driving Records
The insurance company may reduce your premium rates if you maintain proper driving records. This includes incurring fewer accidents and violating traffic rules, which will lower your risk. This way, you can save on the premium amount, which will eventually add up to your financial savings.
Final Words
To sum it up, a two-wheeler owner should conduct regular insurance checks to avoid any unplanned financial costs. They should avoid raising small claims, ensure accurate policy details, identify unnecessary add-ons, and so on for more financial savings. Also, they should focus on preventing policy lapses to avoid fines and penalties in the long run.
