A car or two-wheeler insurance policy is your hedge against driving on the roads as it provides you with financial stability in case of an accident. When you buy an insurance policy, the insurer promises to offer you coverage during such unfortunate instances. A policy document is nothing but a proof of the same. Hence, it is prudent to check if the details mentioned on your two-wheeler insurance policy documents are correct.
It does not matter who or where you buy the policy from; whether it is an offline or an online purchase, the insurer has to provide you with a policy document once the coverage parameters have been defined and the process has been completed. Even if you purchase a two wheeler insurance policy online, you can download the policy document from your account on the insurer’s website.
Here are the top 10 things that you should look for in your policy document.
10 things to check in your document
- Policy number
In the event of a claim, the first thing the insurance company would ask for is your policy number. This policy number contains your personal as well as vehicular details in the insurer’s database.
- Personal information
See to it that there are no spelling or factual errors in the policy document. Provide accurate information because the bike insurance company will need it for communication and false/incorrect information could be a precursor to a claim rejection.
- Bike details
Important details such as the chassis number, engine number, and the registration number are mentioned in the bike insurance policy document. Verifying this is essential so that you avoid any future hassles. Ensure that these details have been recorded correctly.
- Policy term
The timeframe during which your bike insurance policy is considered active is known as the policy term. Remember this date like you would your birthday or your anniversary so that you can always renew your policy on time.
- Coverage details
The details related to the third party insurance for bike, own damage cover, personal accident cover, among others, if applicable, are categorically mentioned in the policy document. Make sure that everything is on point.
- Additional covers
If you have opted for add-on benefits under a comprehensive plan, make sure that they are mentioned accordingly in the policy as well.
- Insured Declared Value (IDV)
Calculations concerning the two-wheeler’s insurance premium depends on its IDV. It is also the maximum sum assured under the policy. Therefore, make sure to check and double-check this value.
- No-Claim Bonus (NCB)
If no claim is raised during a policy term, then you are eligible to receive a concession on the premium at the time of renewal. This particular concession is termed as NCB or no-claim bonus. To make the calculations more straightforward at the time of renewal, see to it that the NCB component is mentioned in the policy.
- Premium amount
The insurance company mentions the premium amount (including taxes) in the policy document. Always cross-check the two wheeler insurance rate to make sure there is no discrepancy.
- Contact details of your insurance provider
Details such as the insurer’s helpline number as well as the helpline email id should be explicitly mentioned on the policy document. These numbers would be crucial when it comes to filing a claim.
Above all, always carry a hard copy of your insurance policy document In your vehicle as you might require it at any time and any place. Also, to be on the safer side, keep a soft copy on your mobile phone.