How To Find The Best Bike Insurance In India?
Published On Aug 06, 2021
Read to know the factors to choose the right bike insurance policy in India.
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Holding a bike insurance policy while driving is a mandatory requirement for all two-wheeler owners in India as per the Indian Motor Tariff. There are different types of bike insurance available including a third-party plan, standalone own-damage cover and comprehensive policy. The former plan is compulsory to own by all bike owners, while the other two are optional, but recommended. Although the third-party cover is uniform for all the policyholders, own-damage and comprehensive covers vary in terms of benefits. Therefore, let’s discuss how to choose the most suitable bike insurance policy to secure your two-wheeler.
Factors To Consider While Choosing Bike Insurance
Below are some elements considering which you can find the best bike insurance in India:
1. Know Policy Cover and Compare Plans
Begin your search for the best insurance plan by assessing your requirements and budget. Go through different types of bike insurance covers offered by different insurers based on your needs. It is crucial to check for any in-built advantages like roadside assistance, network garages, etc. The best way to research and compare multiple plans with ease is by visiting an online insurance broker like InsuranceDekho.
2. Determine Insured Declared Value (IDV)
The IDV determines the current market value of your two-wheeler. The value of IDV helps the bike insurance company decide the maximum amount which is to be paid off by them as the claim amount in the situation of an accident or a mishap like theft, fire, or any irreparable damage that occurs to your bike. The IDV gets reduced over time as depreciation impacts the bike, which in turn, lowers the amount of premium. So, choose the IDV accordingly.
3. Select Optimum Premium Rate
The bike insurance policy premium is a crucial factor in the selection of a plan. Premium is the amount that you have to pay to your bike insurance company to avail of the benefits of the insurance plan. However, this factor must be combined with your bike or scooter’s IDV and the policy coverage provided to select the most suitable bike insurance plan for you.
You may also like to read:- Roadside Assistance Add On Cover In Two-wheeler Insurance Explained
4. Pick Add-On Covers
Most bike insurance companies offer a range of optional benefits in terms of add-on covers. These covers are provided to be added to your bike insurance policy to enhance its coverage. You can pick these options covers by paying a little extra premium. Multiple add-on covers are available to choose from like roadside assistance, engine protection, etc. You should pick the cover strictly based on your needs as with policy coverage, it increases the premium as well.
5. Check Claim Settlement Ratio
The claim is the most important aspect of an insurance policy as in the end this is the thing you are investing in it. Therefore, it is highly recommended to check the Claim Settlement Ratio (CSR) of insurance companies you are interested to buy. The CSR refers to the rate at which an insurance provider settles the claims. Hence, opting for a policy from an insurer with high CSR can make your insurance journey smoother.
Buying a bike insurance policy is compulsory, but opting for a suitable plan is also crucial. Therefore, instead of picking up the first plan that pops before you, the above-mentioned are some factors that every bike owner must follow while buying a two-wheeler insurance policy. Keeping the aforementioned points in mind will help you get your vehicle secured with lesser troubles and allow you to get the most out of it.
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.