Insured Declared Value of a vehicle is the maximum amount that your insurance provider can cover you for in case if the bike is totaled or stolen. In case of two-wheeler vehicles, the higher the IDV, higher is the premium amount, but there is also better return in case of claims.

However, IDV decreases as your bike ages (cost depreciation). While a small IDV may be tempting for any policyholder, it also impacts your cover value if a claim is made in case of theft or major accident.

NCB or No Claim Bonus is the special discount offered to policyholders for maintaining a claim-free policy term. The bonus value can be as much as 50% of your premium value depending on the tenure of NCB and insurance.

A better NCB means you get more discount bonuses on your vehicle insurance on each renewal with discounts ranging upto 50% of the premium cost.

A policyholder can benefit from NCB that he/she has gained for their previous bike if purchasing a new bike and get discounts on insurance of  their new bike as well. Maintaining a healthy NCB helps you get the maximum returns from your premiums apart from the claims. You get your vehicle insured at a cheaper price than the premium amount.

Zero depreciation is an add-on available for two wheeler insurances that helps you get covered for any depreciated cost of vehicle spares at the time of cover. Usually the overall value of a vehicle decreases with time and with a standard two wheeler insurance (without Zero Depreciation add-on) you may not be compensated for full cost of the vehicle spares. A zero depreciation add-on assures complete coverage for the vehicle spares without deducting the depreciation costs.

Many insurance providers offer cashless claims at their network of authorized garages.

So if you have opted for a two-wheeler insurance that offers cashless claims at authorized repair center, means you can get your vehicle repaired from any damages or losses without having to pay for any expenses as it all will be covered by the insurance company from their end only.

However, make sure you check out what items are being covered in your cashless claims as depending on your insurance plans, add-ons, and the damage incurred you may have to pay out some extra cash from your pocket to cover up for the expenses.

• Two-Wheelers Contribute to 34% of Road Accidents in India: As per the reports from the Ministry of Road Transport and Highways India, two-wheelers contribute to most number of road accidents in India. This is one of the main reasons that government has mandated owning at least a third-party insurance for two-wheeler owners in India and this has also been included in the law as a part of Motor Vehicles Act. This is cover for any damages incurred by individuals or any third-party due to accidental mishaps and minimize the financial loss.
• Protects the Third-Party: Two Wheeler insurances, whether third party, or comprehensive, both cover for the loss incurred to any third-party involved in the accidental mishap and got damaged due to your vehicle. 
• Makes Dealing With Legal Complications Easy: With an appropriate bike insurance, it gets easy to deal with any legal complications. Most of the financial losses are covered for in the insurance for any involved party, and with the right set of paperwork, dealing with any legal issues becomes way more easier.

In this digital world, there are various benefits and advantages you get from owning a two-wheeler insurance online. Here are a few added benefits:

• Saves Time: Getting online insurance saves you the hassle of spending time visiting the insurance company and get the paperwork done. All can be done on the convenience of your smartphone.
• Zero Paperwork Required: Going for an online insurance also takes away the hassle of going through the paperwork job. All job gets online, as stated, right form the convenience of your smartphone. 

You can also get your two wheeler insuranced (or renewed) online even if purchased secondhand. However, there are few additional things that you need to take care of:

• Get the bike and insurance transferred in your name, if possible within 14 days of your purchase. 
• Enquire about the claim history of the two-wheeler you are purchasing; use the policy number to enquire about its detailed history.
• If you own an existing NCB, make sure to get it transferred to your newly owned vehicle.
• If the two-wheeler insurance was expired at the time of purchasing the second hand vehicle, you can get it renewed instantly online, hassle-free.

• You’ll Lose out on your NCB – Your NCB which you may have accumulated all these years driving safe gets at risk once your two-wheeler insurance gets expired. So in order to maintain that, its best to avoid your two-wheeler insurance from getting expired. 
• Higher Chances of Paying a Penalty – Driving your two-wheeler motor vehicle without a valid two-wheeler insurance is considered a criminal offense as per the Moto Vehicles Act, and you may be liable to fill a fine of upto Rs, 4,000 if you don’t get your insurance renewed on time.  Renewing your two wheeler insurance in a routined way will ensure you don’t get involved in any such criminal offense.
• Manage any Unwanted financial loss – The main concept and purpose of introducing a two-wheeler insurance is to protect the policyholder form any unwanted and unexpected financial losses incurred to your vehicle, yourself and/or any third party involved. Not renewing your vehicle insurance deprives you of these benefits and you may have to carry the financial grudge.