If you are new to bike insurance, you should allocate a little time to understanding how it works. This will help you buy the best possible policy that will be suitable in terms of your requirements and budget. In this article, we have some tips for you if you are looking to get your bike insured for the first time.
Tips for buying Bike Insurance
#1 Choose a suitable insurance company
Choosing the right insurance company is as important as buying the correct bike insurance policy. Bike insurance company not only provides an insurance policy but also a lot of related services. Visit the company’s two wheeler insurance online page to read about various services offered.
When you set out to choose your insurer, reading about customer reviews will give you a basic sense of the company’s reputation. Nowadays, social media platforms provide a rating system based on user experience. Enquiring about the services provided by a specific insurance company to your friends and family may also be helpful.
#2 Be ready with the details
Buying a two wheeler insurance online will be the quickest and easiest way of getting your bike insured. After you select an insurance company, you need to be ready with various details related to you and your bike.
The insurance premium is calculated based on the cubic capacity of your bike’s engine, its manufacturing date, and its make and model. You can find these details on the invoice of your bike. You need to submit a copy of your insurance policy while getting the bike registered at the Regional Transport Office. So, you won’t have the registration number at this stage.
#3 Select the right policy type
A two-wheeler is more susceptible to accidents as compared to a car. Keeping this fact in mind, buying a comprehensive bike insurance policy will be useful. It provides coverage against third-party liabilities as well as own damage. You can also extend the coverage with the help of add-ons.
Even though, buying a comprehensive policy is not mandatory by law, opting for this type of bike insurance is advised. Another type of bike insurance available online in India is a third-party insurance. However, it does not offer a coverage against any damages caused to your bike or its accessories.
#4 Do not set a lower IDV
It is commonly believed that setting a lower IDV will reduce the insurance premium. It is important to note that, setting a lower amount will also decrease the claim amount. For those who are unaware – IDV stands for Insured Declared Value. It is the approximate current market value of your bike. This amount will be used as a reference if your bike is stolen or destroyed beyond repair.
#5 Choose the add-ons you require
It is easy to go overboard while selecting add-ons for your new bike. Remember that each add-on adds to the cost of your bike insurance policy. A key to avoid this is to gauge your requirements first and then select the add-ons that specifically fulfill your needs. For example, if you will be riding the bike alone for most of the time, you can avoid buying a Pillion rider Add-on. Another example would be to avoid an accessories cover if your bike has no additional modifications. Company fitted accessories are already covered in a bike insurance policy. Some of the popular Add-ons include Roadside Assistance, Zero Depreciation insurance for two wheeler, Return to Invoice, etc.
#6 Read the policy document
It is wise to read the entire policy document while buying bike insurance online in India. As a policyholder, you should be aware of the inclusions and exclusions of your policy. Also, reading the terms and conditions, and the fine print will be helpful.
The bottom line
It is important to not only buy insurance for your bike when it is new, but it is equally important to keep the policy active via renewals. If you are a forgetful person, you can opt for a long term two wheeler insurance policy, that is valid for more than one year. The tenure can be 3 or 5 years depending upon what you choose.
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