What Should You Check in Your Two-Wheeler Insurance Policy?

Insurance policy is documentary evidence that the insurance company offers on paying a premium to insure your bike. It is a contract between you, the policyholder and the insurance company to cover for losses that might arise due to unfortunate events. Apart from a contract, it is a promise by your insurer too. This contract and promise, are both a part of your insurance policy. Thus, it is best advised to check your policy document thoroughly.

Whether you make an online or offline purchase, these points are crucial to be checked in your bike insurance policy document. Let us look at them –

1. Policy number
2. Your personal information
3. Details of your vehicle
4. The type of cover
5. Premium Charged
6. Validity of your policy
7. Add-ons
8. Insured Declared Value (IDV)
9. No Claim Bonus (NCB)
10. Contact information – 

Policy number

The policy number is the first that you should verify on your policy document. In case of an online purchase, you can also check for the validity of your policy online. The policy number is the main criteria against which the insurance company stores crucial details about you and your vehicle. 

Your personal information

Next, you should check your personal details mentioned in the policy document. Your name, address, contact number, etc. should be verified. These fields should be checked so the insurance company can communicate to you in case of any concerns. 

Details of your vehicle

After your personal information, details of your vehicles should be inspected like the right model and make are mentioned in the policy document. Also, ensure you check the registration number too. In case of any discrepancies, communicate it to the insurance company. 

The type of cover

Check your insurance policy document for the type: two wheeler insurance third partyor comprehensive coverage, as purchased. It is crucial since it determines your policy coverage. 

Premium Charged

Ensure that your premium charged by the insurance company is inclusive of taxes. The bifurcation must be mentioned on the face of the policy document. Confirm the amount of premium to ensure there are no discrepancies. 

Validity of your policy

Check for the validity of your policy document. The insurance company mentions the validity of your policy along with the time until it is valid. Get your policy renewed in advance to ensure there is continued coverage for your two-wheeler.

Add-ons

If you have purchased a comprehensive policy with add-ons, verify your policy document to ensure the right set of add-ons are included in your policy coverage. While you select multiple add-ons, you can make use of a two wheeler insurance premium calculator. It will help you compare the various add-ons and its impact on your premium too. 

Insured Declared Value (IDV)

Your premium is based on various factors, one of which is the insured declared value or IDV. A comprehensive insurance plan gives you the option to determine the IDV for your bike. Make sure you check this when verifying your policy document. 

No Claim Bonus (NCB)

If you have not made any claim during the previous policy-year, check whether the insurer has awarded you a concession in premium by way of no claim bonus. The NCB can also be transferred among different insurance companies in case you are changing your insurer. 

Contact information

Last, but most importantly, check for the contact information of the insurance company. It is essential so that you can make claims or raise any other concerns. 

These are some of the points to check in your policy document. Ensure you have an electronic copy of your two-wheeler insurance handy in your smartphones; and for policies purchased online, it is suggested you keep a print out for quick reference.

Photo: IndiaMart