3 things every first-time buyer must know about bike insurance

1. 3 things every first-time buyer must know about bike insurance You need to make an informed choice when it comes to buying a bike insurance policy. Not only is it mandatory as per law in India but also offers financial assistance at times of road accidents. Now, whether you use an agent or buy two-wheeler insurance online, everyone needs a little hand-holding, especially when making an important investment. With the internet, it is now simple to compare different policies and rates, but it is still easy to get confused by unfamiliar terms used by insurance companies. To help you, here are 3 things that you must know before you buy a two wheeler insurance policy. 1.Types of bike insurance policies There are 2 major types of motor insurance policies available in India namely third-party insurance and comprehensive insurance. Third-party insurance is a standard insurance policy that offers compensation to the insured in case damages are caused to a third-party or property. In the case of a comprehensive insurance policy, the insured gets compensated for third-party as well as personal damages that are caused due to an accident. A comprehensive policy allows the insured to tweak their policy with the help of add-ons that offer additional coverage to the insured. The comprehensive insurance also offers coverage during events like road accidents, natural disasters like earthquakes, volcanoes, floods, storms, etc., fire, theft, and so on. Remember, comprehensive insurance coverage is optional insurance that secures your vehicle. Third-party or liability insurance is legally required as it covers the expenses associated with damage, injury, and death caused to a third-party or property.

2. 2.Premium determination If you go for a third-party bike insurance policy, the premium of the policy is standardized throughout the insurance market. The value is determined based on the cubic capacity of your vehicle. However, if you opt for a comprehensive cover, each insurance company has its formula for calculating the premium, which is generally based on the make, model, variant, registration date, city of registration, cubic-capacity, and so on of your vehicle. 3.Your insurance policy will compensate even if someone else was driving Motor insurance policy insures the vehicle and not the owner. If you lend your car to someone else, that means that you are loaning them your car along with its insurance policy in most cases. So, if someone else is driving your vehicle and meets with an accident, then the insurance company is liable to compensate for the damages caused. However, the person driving your vehicle must fit in the following criteria - 1.The driver should have a valid driving license. 2.The driver should not be under the influence of alcohol or drugs at the time of the accident. Finally, if you want the best price, you need to shop around for options. Every insurance provider offers different types of policies and coverage which results in different prices. You can also take the help of an aggregator website to find the right two wheeler insurance policy suited to you. Hope this article has been informative to you. All the best!