Are you planning on buying a bike? Or do you already have one? Well, in either of the two cases, it is a great option to opt for bike insurance to keep your bike safe and in good condition. Two-wheelers are a great way of dodging the traffic on Indian roads. However, the chances of two-wheelers getting into some accident is also very high. It is where bike insurance comes into the picture.
Guide to choosing the best bike insurance
There are various insurers offering bike insurance, but you must choose the right one wisely. Here are a guide and some useful tips for selecting the best bike insurance based on your requirement and budget.
1. Opt for bike insurance online:
Insurance can be taken both offline as well as online. However, in this digital age, online insurance will provide you better deal with some added benefits. Purchasing bike insurance online removes the insurer’s fee, and you can directly get in touch with the insurance agency for the insurance. Also, online insurance offers better customer care.
2. Know your Coverage Requirement:
Based on your requirement and budget, assess the coverage you require for your two-wheeler. There can be two types of insurance coverage- third-party cover and comprehensive cover. Based on your bike usage, other expenses, and existing liabilities, you can choose a plan that offers you the right coverage while also being light on your pocket.
3. The Cubic Capacity will decide the Premium:
While buying a bike, you must know its cubic capacity. It helps in knowing the bike’s performance and choosing an insurance plan for your bike. The bike’s cubic capacity decides the insurance premium that you will pay. A higher cubic capacity of your two-wheeler indicates a higher premium too.
Understand Insurance Declared Value (IDV): With the increasing age of the vehicle, depreciation increases, and IDV decreases. The insurance Declared Value is the current market value of a vehicle. It is the maximum sum insured fixed at the time of purchasing a policy and is the amount that you will be paid in case of total loss or theft of a two-wheeler. As a vehicle age, the premium will get lower year-on-year. Therefore, IDV is crucial for determining the premium of your two-wheeler insurance.
4. Extend your Insurance Cover with Riders:
In your insurance policy for a two-wheeler, you can avail of specific add-ons/ riders to make the coverage more exhaustive. For these riders, one has to pay an additional nominal premium. Some of the standard riders available with bike insurance are zero depreciation cover, towing cover, personal accident cover for pillion rider, etc.
5. Choose a Reputed Insurer:
There are multiple insurance companies offering bike insurance, but you must choose a trustworthy insurance company. For this, you can check the company’s claim settlement ratio to know the efficiency of the insurer’s claim process. Choosing a reputed insurer ensures that during claim settlement, the process is efficient and hassle-free. If you have multiple insurers, you can also compare the bike insurance to ensure you choose the right one.
6. Compare Bike Insurance Online:
There are various tools available online that help you compare insurance of various lenders or different plans of a single insurer. Based on important parameters like coverage, inclusion, exclusions, cost, etc., you can compare bike insurance plans online and make an informed decision.
7. Don’t Forget to Read Online Reviews:
Today, online reviews are a great way of knowing any insurance company’s reality. You can read online reviews written by verified customers who share their experience with the insurance company. You can also read both the reviews and complaints.
Though the above list is inexhaustible, these are important points to keep in mind buying bike insurance. These points are not only for first time purchase but also for the renewal of your policy. When you renew your policy, review your requirement and compare insurance Plans Online from various lenders to understand better whether the coverage satisfies it. If not, then you can either switch your insurer or the bike insurance plan.