Important Things To Keep In Mind While Buying Bike Insurance In India
Important Things To Keep In Mind While Buying Bike Insurance In India
In India, purchasing at least a third party two-wheeler insurance policy has been compulsory for a very long time. We urge you to make your own personal decision rather than relying on the bike dealer to get insurance coverage. This not only helps you make an informed decision but also helps you get the policy that best matches your requirements. We'll go over some aspects in this article that you should pay attention to when buying bike insurance.
Things To keep in Mind While Buying Bike Insurance In India
While you want to provide your bike with the greatest care possible, you can make sure that this is the case by conducting adequate research and choosing the best insurance coverage for your superbike. So before purchasing a two-wheeler insurance coverage, pay attention to the following.
- Custom Insurance Policy: It is conceivable that you choose a policy that you can alter to meet the needs of your superbike. These programmes are tailored to each individual sports bike, both in terms of model and manufacturer. High prospects exist for a successful negotiation when a deal is tailored specifically for you. The fine print in the insurance policy documentation will contain information regarding mileage restrictions and liability safeguards. It is therefore advised that you properly analyse what all is covered in a particular insurance policy.
Possibility of Deduction: A greater deductible will undoubtedly result in a lower premium. This will enable you to maintain a low cost while having a plan with higher coverage. Avoid selecting a policy with a low premium because you risk having your claim denied since there is no coverage for that specific case. A cheap insurance policy that promises to provide the highest level of coverage is a scam.- Entitlement Discounts: Because they are unaware that insurance policies also have such features, people typically don't care to find discounts/offers and other benefits a policy may offer. To save money, insurance companies and their representatives refrain from disclosing all of this information to you once the premium has been paid. This is one of the causes for reading the terms and conditions before purchasing any insurance policy.
- Zero Depreciation Add-on: This is also known as bumper-to-bumper coverage or Nil Depreciation Cover in the market. This extra feature is well-liked, especially when it comes to super bikes. For those who choose a standard two-wheeler insurance policy for their super bikes, this will be a highly profitable add-on. The normal wear and tear of the car will not be covered by the insurance unless it is a specially tailored, personalised coverage. However, zero depreciation add-on takes care of this. If you have this add-on, the amount for typical wear and tear won't be subtracted from your claim settlement when you file a claim.
- Medical Cover: The option of a daily cash benefit, in case of hospitalisation or when your bike sustains such severe damage that it requires weeks or months to be repaired, is a very beneficial add-on to have if you plan to rely on your super bike for your daily commute. In the event of hospitalisation or daily travel costs, this will cover them while your bike is repaired and ready to ride again. The conditions and terms of your policy will be taken into account when determining the size of your daily payout.
- Cover for Pillion Rider: If an unforeseen incident occurs, choosing this add-on will be a wise decision. It will pay the pillion rider's medical expenses as well, and if it's someone close to you or a person who depends on you, this policy would be the best method to safeguard them with an eye toward the future. You will have the option of selecting a predetermined reimbursement that will be given as the pillion rider's claim amount in the event of incapacity as a result of an accident.
- Conclusion
If you have any questions or worries and are having trouble deciding which insurance plan is ideal for you, it is advisable that you seek assistance from someone you know or from an expert who can provide you with accurate advice.
In conclusion, several considerations are disregarded by buyers of bike insurance policies. As a result, sometimes persons are unable to file claims due to ignorance. In order to make an informed decision before buying a bike insurance coverage, it is necessary to thoroughly investigate all the relevant information.
Also read: The Factors That Affect Two Wheeler Insurance In India
