“Buland Bharat kiBulandTasveer, HamaaraBajaj ! “
This line from the 1980s advertisement for Bajaj scooters rings true even today with Bajaj Auto Limited being the world’s third largest manufacturers of motorcycles and India’s most trusted two-wheeler brand.
Since its inception, Bajaj two-wheelers have ruled the roads for their make and efficiency. All popular bike models from the bright Bajaj Chetak scooter to the award winning Bajaj Pulsar variants and the brand new Bajaj Dominar 400 are selling worldwide.
While getting yourself your dream Bajaj bike is easy, getting the right two-wheeler insurance cover for it can be tough with many options available. A quick read can help you get the best protection available.
Two-wheeler Insurance is the need of the hour with the recent fines on riding uninsured vehicles crossing thousands. You must keep yourself safe by investing in the correct policy. Let’s try to understand the determining factors of a two-wheeler insurance policy.
Types of Insurance:
- Third-party Insurance :
- As per the Motor Vehicles Amendment Bill of 2016, third-party insurance cover is the minimum mandatory cover that all riders on the road require.
- Such a policy covers damages and liabilities to be paid in case of an accident caused by a third party.
- Comprehensive two-wheeler insurance :
- This kind of policy covers the mandatory third party liability along with personal accident and own damage (OD) covers.
- Comprehensive insurance cover is a safer and better bet.
Factors determining a two-wheeler insurance policy :
Premium:
- An amount, paid periodically (monthly or annually) to the insurance company.
- The premium for two-wheeler insurance is decided by the cubic capacity (CC) of the engine; Higher the CC, higher will be the premium you pay.
- Location also plays an important factor in determining the premium. Locations are divided into two zones (Zone A and Zone B). Depending on the zone your location falls in, the premium is decided.
Insured Declared Value (IDV) :
- This is the current value of your vehicle. IDV is calculated by subtracting the depreciation(value of your vehicle depreciates every year by some amount) from the invoice (rate of purchase of vehicle).
- This is the amount the insurance company will pay in case of loss/damage.
- The premium of your vehicle is calculated keeping in mind the IDV, which reduces every year.
No Claim Bonus (NCB):
- An amount which accumulates every year that you don’t claim two-wheeler insurance.
- It is usually availed as a discount on your premium at the time of renewal.
- Every accident-free year leads to a No Claim Bonus which can be availed under a comprehensive insurance policy only.
Online Insurance:
- Buying two-wheeler insurance online is quick, convenient and safe.
- There are a multitude of options when it comes to insurance providers, such as Bharti AXA which offer comprehensive covers and services like add-on covers and round-the-clock claim assistance.
- For more options, visit websites where you can compare the rate of premium and avail the right policy at a reasonable price.
Secure your life and your dream bike by getting a comprehensive two wheeler insurance today.
