Do's And Don'ts While Buying Bike Insurance
Updated On Aug 25, 2022
Do's And Don'ts While Buying Bike Insurance
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Nowadays, two-wheelers are more of a necessity than a desire due to rising traffic. However, purchasing a car for the first time might be very confusing. It necessitates thorough study regarding the budget, brand reputation, technological considerations, and many other factors.
People frequently misunderstand the factors they should take into account when purchasing two-wheeler insurance plans. You will have a thorough understanding of the factors in this post before purchasing a proper bike insurance coverage for your cherished vehicle.
Do’s Of Purchasing Two Wheeler Insurance Plans
Following are some of the do’s while making a purchase of a bike insurance policy:
Discover The Many Two-Wheeler Insurance Options.
Before purchasing an insurance policy, it is crucial to educate yourself on the different types that are offered. In India, there are two different kinds of bike insurance plans: third-party protection and comprehensive cover.
- The minimum level of insurance required by law is a third party, sometimes known as a liability only, coverage. This kind of insurance covers property damage, third-party bodily harm, and death.
- In addition to what is covered by a third-party policy, a comprehensive policy also covers theft, own damages, loss or damage to the vehicle resulting from natural or human-made disasters.
Investigate The Add-ons
- We can claim that the insurance industry is evolving into a customer-driven enterprise given the state of the insurance market today. The insurance companies' add-ons target specific customer pain points and cater to their individual demands in the moment.
- Roadside assistance, repairs, accessories coverage, zero depreciation coverage, etc. are a few add-ons that are reasonably priced add-ons that could be very helpful to the consumer.
Recognize the IDV
- IDV is merely your vehicle's current market worth. The IDV includes the vehicle's depreciation, and the IDV is then estimated.
- One of the important elements that must be taken into account when purchasing two-wheeler insurance coverage is IDV (Insured Declared Value).
Verify The Coverages
Although the majority of insurance providers provide comparable, if not identical, fundamental coverages, you should carefully read and comprehend every clause in your two-wheeler insurance policy. A complete two-wheeler insurance policy covers both natural and man-made disasters, own damage, accident coverage, and other things. In contrast, third-party insurance solely covers third-party liabilities. It is challenging to recognise when and what to make a claim if you don't have enough information about this.
Compare Plans Online
Consider a variety of options. You may compare the many bike insurance plans offered on the market using tools for side-by-side comparison and the two-wheeler insurance rate calculator. Even if you've had a contract with the same insurance company for years, there's a good chance you'll pay the same premium each year even if you might be able to get a better policy in the market if you do an internet comparison.
Don'ts When Buying Insurance Policies
Following are some of the don'ts while making a purchase of an insurance policy:
- Don't choose a less comprehensive, less expensive policy
There will be a plethora of bike insurance options available to you. The cheapest insurance, though, isn't always a terrific value. While it can temporarily save you money on your insurance premium, it might also leave out important coverages like personal injury insurance or natural disaster coverage, which would leave you on the hook for much more in the long run.
- Do not wait to submit a claim
The only method to guarantee you obtain the policy benefits is to submit your insurance claim within the allotted time. If you submit a claim for policy benefits even one day after the deadline, you risk losing your right to submit the claim.
- Don't Forget To Read The Terms And Conditions Of The Policy
Whether you are purchasing a new two-wheeler insurance plan or renewing an old one, you must carefully read the policy agreement before signing on the dotted line.
- Remember to renew the policy.
If you own a bike, you absolutely must get third-party insurance. To ensure that you are constantly insured, set a reminder for your insurance policy renewal before it expires.
Make careful to conduct extensive research before buying bike insurance online. Make sure you are thoroughly familiar with the many elements of the policy you ultimately decide to buy as well as the insurance provider.