
The TVS company founded in 1911 is the 3rd largest manufacturer of motorcycles in India with an annual revenue of almost US$3 billion. It also happens to be the 2nd largest exporter of bikes to nearly 60 countries. Consequently, TVS bikes are one of the most popular and affordable bikes on Indian roads. However, no matter how reliable they may be, they are not exempt from insurance. In fact, any bike or two-wheeler owner necessarily needs to get a bike insurance that can protect them from a wide variety of accidents and unforeseen circumstances. Moreover, it is also legally mandatory to have insurance for your two-wheeler and not having one is a punishable offence.
While you can choose from a wide range of third-party policies, it is advisable to avail of a comprehensive policy that will keep you secure. In order to get a good policy that suits your needs, there a few factors that you will need to consider before choosing one. Below, we will look at some of the considerations while getting a TVS insurance.
5 Things to consider before getting two-wheeler insurance
In order to avail of bike insurance policy that is comprehensive and that suits all of your needs you should consider the following factors:
- Cost of the Premium: There are various factors that will decide the amount of premium that you need to pay for your bike insurance such as the model of the bike, the engine capacity, the city of registration, safety installations on the bike, the specifics of vehicle usage, membership in automobile associations and whether you want an annual or long-term premium. The Insured Declared Value (IDV) is also an important factor, the value of which depreciates every succeeding year.
- Bonus for no claims:In the case that you have not made any claims in the previous year for the policy, you are eligible for a no-claim bonus when you wish to renew the policy. Claims can range anywhere from 10 to 50%.
- Additional Coverage: Over and above basic coverage, you can also avail of additional coverages such as cover for personal accident, coverage for pillion riders and cover for roadside assistance. While the insurance premium will increase with every additional cover, it will also protect you against specific risks.
- Deductible: There are basically two types of deductibles i.e. compulsory or voluntary deductibles. As the name suggests, voluntary deductibles are in addition to compulsory deductibles. While they will reduce the insurance premium, they will also reduce the settlement amount that can be claimed.
- Exclusions: There are certain specific circumstances and situations which are not covered by your insurance policy such as if there is mechanical breakdown, if the vehicle is simply old, if the vehicle is damaged during war, if the person seeking to make the claim does not have a valid driving license, if the vehicle is being used for commercial purposes and finally, if the person driving the vehicle is under the influence of alcohol or drugs.
Consider the above factors and get a bike insurance for your TVS bike sooner than later.