Practical method to consider While Buying a motor insurance?

Your motor insurance premium is determined by four factors- make, model, location and year of manufacturing

The Motor Vehicles Act, 1988, under section 146 mandates that every vehicle should be compulsorily insured for third party risk. The reason is because of the growing number of accidents that causes fatalities and disability among the victims.

The objective of such insurance policies is to help the victims and the legal representatives of the deceased victims to secure substantial compensation. The compensation can be obtained only if the motor vehicle that was involved in the accident is insured. If the vehicles are not insured, then recovery of the compensation is a distinct possibility. 

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For this reason, vehicle_insurance benefits both the accident victims as well as the vehicle owners as they are saved of paying any compensation out of their pocket.

Claim settlement ratio:

Would you like to get proper settlement ratio to recover any loss or damage? So, choose the insurance company with a high claim settlement ratio because there is a high probability that this company will settle your claims.

Network garage: ( Importance of Car Insurance)

If you take your two wheeler to a network garage for repairing, the insurer will pay all your expenses. What a customer should look for is the quality and number of network garages because a wider network gives not only multiple options but also ensures quick claim settlement.

Customer service and support: 

You expect your insurer to help you in the case of any unforeseen situation, like accident or theft. Therefore, you should compare and ask people around you for their experiences with a particular insurer before finalizing the policy. Also, there should be 24x7 customer support so that you can contact the insurance company whenever you need.

Coverage: 

Choose the right insurance policy that suits your requirements. A standard bike insurance consists of a third-party liability cover and an own damage cover. According to Indian law, it is mandatory to have a third-party liability cover. However, it is strongly advised to go for both the policies to get a comprehensive cover, including coverage for accidental damages and third-party losses.

Tenure: 

Though you can buy the policy for 1 year, you should go with long-term policies offering coverage for 2 or 3 years as these policies can save you from the hassles of renewing your policy every year. Also, you can get discounts on own damage premium rates and stay unaffected from the annual hike in premium rates, if any.

Price: 

The cost should not solely drive the decision of buying a policy. Usually, there are various factors like age of the vehicle, geographic location, driving skills, etc.; which decide the premium of a policy. Remember, two-wheeler insurance is a necessity, not a luxury and therefore, pick the one that suits your budget.

Exclusions: 

While it is imperative to know, what is included in the policy, it is equally important to know what is not. You don’t want your claim to get rejected just because it falls under the exclusion list.