5 things to take note of in your two wheeler insurance policy
It’s
extremely important to read the terms and conditions of your two wheeler
insurance policy. Failing to go through the fine print could result in
unwanted surprises during the claim process. However, policy underwriting does
not make for light reading – there are tons of complicated terms and complex
language! Therefore, if you are short on time and do not have the patience to
go through entire policy wording, you must at least you understand these 5 points.
The exclusions:
One of the most important things you should go through in your policy document is the section on exclusions. Many people are not aware what their plan does not cover, and find out the hard way when they make a claim for something that isn’t covered under the policy. You can avoid this disappointment but skimming the exclusions if your motorbike insurance, it will only take a few minutes of your time.
Personal details:
Many people do not even check their basic details when get their policy document. They just store the original copy safely and tuck a neatly folded copy in their vehicle. However, in the rare event of a claim, a small mistake in your name or the vehicle number stated in the policy document could cause a lot of issues for you.
Expiry date:
Remember to take a note of the expiry date of your policy. If it helps, put a reminder on your phone so you do not forget the expiry date. This way, you know when you have to renew your plan. However, forget the expiry date and you could risk a lapsed policy and hefty fines for the same, not to mention the time-consuming process of renewing a lapsed policy.
Deductible:
Most people assume that a two wheeler insurance policy will cover the entire repair costs. However, this is not true. All motor insurance plans come with a feature known as deductible. This is the amount you have to pay towards the total repair costs. You need to check the deductible specified in the policy wordings so it does not give you surprise in the event of a claim. Remember that you can set a higher deductible to reduce your premium amount.
IDV:
IDV is another important pointer you need to check in the policy document. The IDV is the maximum compensation the insurance company will provide to you in the case of total loss of your vehicle. In case of theft or complete damage due to an accident or man-made/natural calamity, your insurance company will only provide your IDV. It is usual the current market value of your two-wheeler. However, one can set the IDV lower to enjoy lower premiums.
If you find any discrepancies in the policy document and wordings, make sure you take it up with your insurance provider in the earliest. We hope this has been of help to you, good luck and ride safe. Remember to always wear your helmet and obey road regulations!
One of the most important things you should go through in your policy document is the section on exclusions. Many people are not aware what their plan does not cover, and find out the hard way when they make a claim for something that isn’t covered under the policy. You can avoid this disappointment but skimming the exclusions if your motorbike insurance, it will only take a few minutes of your time.
Personal details:
Many people do not even check their basic details when get their policy document. They just store the original copy safely and tuck a neatly folded copy in their vehicle. However, in the rare event of a claim, a small mistake in your name or the vehicle number stated in the policy document could cause a lot of issues for you.
Expiry date:
Remember to take a note of the expiry date of your policy. If it helps, put a reminder on your phone so you do not forget the expiry date. This way, you know when you have to renew your plan. However, forget the expiry date and you could risk a lapsed policy and hefty fines for the same, not to mention the time-consuming process of renewing a lapsed policy.
Deductible:
Most people assume that a two wheeler insurance policy will cover the entire repair costs. However, this is not true. All motor insurance plans come with a feature known as deductible. This is the amount you have to pay towards the total repair costs. You need to check the deductible specified in the policy wordings so it does not give you surprise in the event of a claim. Remember that you can set a higher deductible to reduce your premium amount.
IDV:
IDV is another important pointer you need to check in the policy document. The IDV is the maximum compensation the insurance company will provide to you in the case of total loss of your vehicle. In case of theft or complete damage due to an accident or man-made/natural calamity, your insurance company will only provide your IDV. It is usual the current market value of your two-wheeler. However, one can set the IDV lower to enjoy lower premiums.
If you find any discrepancies in the policy document and wordings, make sure you take it up with your insurance provider in the earliest. We hope this has been of help to you, good luck and ride safe. Remember to always wear your helmet and obey road regulations!
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