The Only List You Need to Check-Off in Your Two-Wheeler Insurance Document
As a vehicle owner, you might be aware of the mandatory requirement to purchase an insurance policy, be it for your car or bike. Without one, you attract hefty fines. Thus, it is essential to be aware of the regulatory requirement as laid down by the Motor Vehicles Act and purchase a vehicle insurance plan.
For your two-wheeler, a bike insurance policy offers financial shield to safeguard against the damages that ensue as a result of your fault or otherwise. Hence, it is important to purchase a bike insurance policy that offers adequate and right coverage for your bike.
When you purchase a policy, the insurance company issues an insurance document. This document contains various details about the policy as well as your personal details. This article lists down a complete checklist to look at when buying a bike insurance policy.
- Policy number
The fist thing to check when you receive an insurance policy is its policy number. This is the primary verification to look at when buying one. It is a unique number assigned to each policyholder which houses various details about the vehicle and the policyholder. Also, it is the first thing a claim application form requires when lodging an insurance claim request.
- Personal details
Next, you must verify the personal details as mentioned in the policy document. It is essential to check these personal details since claims may be rejected in case the details are erroneous or not updated when required. Any communication with you by the insurance company shall be made on these aforementioned details including the policy terms and even renewal notices. For policies issued via the insurance company’s branch or through an insurance agent, the physical copy of your policy document is sent at the address mentioned therein.
- Vehicle details
Since the policy covers a specific vehicle in its scope, the details regarding such vehicle need to be checked. These include the registration details, chassis number or vehicle identification number, engine number, its mentioned cubic capacity and more.
- Policy tenure
After verifying the personal details and vehicle details, you must look at the tenure of the insurance policy. Some policies are valid for more than one year whereas some are limited to a shorter duration.
- Premium breakup
Since premium is the price you pay for availing insurance coverage, it is essential to check the breakup of such bike insurance price. A comprehensive plan is made up of three parts—third-party cover, own-damage cover and personal accident cover. The third-party cover is defined by the regulator, IRDAI, whereas personal accident cover and own damage cover is based on the coverage you opt for. In addition to that, the premiums are impacted due to the add-ons, if any, opted in your bike insurance plan. You can visit the official website of IRDAI for further details.
- Coverage of your policy
The policy coverage is essential to check as it defines the scope of which events are covered in your insurance policy.
- Insured declared value (IDV)
Another critical component to look for is the IDV. Since it is the maximum amount which your insurance company compensates for in the event of total loss or damage beyond repair, you must ensure it is adequately set. * Standard T&C Apply
These are some of the essential details to verify on your insurance document. Any deviations from the originally agreed terms in your policy can help you avail a refund using the free-look period of your two-wheeler policy. While you can choose to buy either types of policies the two wheeler insurance third party coverage is the bare minimum requirement and must be purchased. Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.