Factors To Consider While Purchasing Bike Insurance Online
Published On May 21, 2021, Updated On Jul 28, 2021
Read this article to get tips and points to consider before you purchase bike insurance online.
Table of Contents
Purchasing bike insurance is a thought-engaging process. It is very important for you to consider multiple aspects while selecting a bike insurance policy. With the improvement in technology, purchasing insurance can be done from the comfort of your residence. The only issue with buying bike insurance online is that there will not be anyone to guide you with the details or the process. This is why researching various insurance policies is very crucial for you to make the right choice. This article will provide you with points you can consider while purchasing bike insurance online.
Points To Consider While Buying Bike Insurance Online
While selecting your bike insurance policy, it is important to buy a policy that offers the maximum coverage. The following are the points that you can consider while buying bike insurance online-
Type of Bike Insurance Policy
There are two types of vehicle insurance policies that are currently available in India. That is, third-party insurance and comprehensive vehicle insurance policy. Third-party bike insurance is compulsory according to the Motor Vehicle Act and covers only the damage repair costs and medical costs of the third-party in case of an accident. It does not provide any sort of coverage to the policyholder. On the other hand, a comprehensive vehicle insurance policy offers financial protection against third party liabilities as well as for the losses of the policyholder which are not a result of collision. Therefore, ensure that you decide the type of policy you pick.
Once you decide the type of policy you need, the next step is to select the add-on covers that you will need for your bike. Add-ons are riders or covers for the insurance policy which offer you more coverage. These add-ons will help you cover situations that are not covered by the standard policy. Although, keep in mind that adding these covers to your bike insurance policy will increase the cost of your premium. Thus, make sure that you pick out the ones that are appropriate for your needs.
Bike Insurance Premium
While you would want to purchase an insurance policy that offers maximum coverage, it is equally important to ensure that your bike insurance premium is affordable. Your bike insurance premium is calculated depending on various factors like the age of your bike, the IDV of your bike, your location, the add-on covers you choose, etc. While buying bike insurance online, make sure to calculate the cost of your premium.
Insured Declared Value
IDV is one of the major determinants of the cost of your bike insurance premium. It is nothing but the present value of your bike in the market. As your bike gets older, the IDV of your bike decreases. This is the amount that your insurance company will pay you when you claim your insurance amount.
Claim Settlement Process
Most insurance companies follow a common protocol for claiming insurance. But, some companies may differ in a few steps. When you choose your insurance policy, make sure to go through the terms and conditions listed in it. This will give you a clear picture on the claim procedure. The claim procedure must be simple and hassle-free. This way, it will reduce the burden on your shoulders in case of any misfortunate incident.
Reputation of The Insurance Company
Verifying the company’s credibility is a very important step while purchasing bike insurance online. Especially since the procedure takes place online, it is very easy for fraudulent organizations to put you under loss. Thus, it is highly crucial that you ensure that the company is genuine. Make sure you read the testimonials and also get second opinions on the same. This will help you to make an aware decision.
Buying bike insurance online is a convenient process. If you are someone who is always on a tight schedule, buying bike insurance online is the best remedy. Although, make sure that you read the terms and conditions of the policy that you select and consider the above mentioned points before you purchase a bike insurance policy online.
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.