Things To Check While Purchasing Bike Insurance
Published On Jul 16, 2021 11:00 AM By InsuranceDekho
Purchasing insurance for your two wheeler is not that difficult. Read this article to take a note of the things that you should consider while buying two wheeler insurance.
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The purchase of bike insurance can take a long time. It is important to consider a variety of factors when choosing a bike insurance policy. Thanks to technological developments, insurance can now be bought from the convenience of your own home. In order to make the best decision, you have to look at numerous insurance products as different insurers offer various bike insurance schemes. This post will give you some crucial factors to consider when you purchase bike insurance.
Things To Check While Buying Bike Insurance
Choosing a policy that offers the most protection when buying bike insurance is crucial. There are a few things to consider when buying bike insurance online -
Policy Type of Bike Insurance
Two types of vehicle insurance coverage are now available in India. You can opt for a comprehensive Bike insurance plan and a third party liability plan. The Motor Vehicle Act requires third party bike insurance, covering only the repair and medical costs of the third party in the event of an accident. The policyholder does not have any coverage of any kind. A comprehensive bike insurance policy, however, provides financial protection against third party obligations and for non-collision damages to the policyholder. Make sure that you select the right policy type.
Bike Insurance Additional Covers
You will have to select additional cover for your bike after having decided what type of insurance you need. The additional coverage of riders or coverage for your insurance policy is known as add-ons. These add-ons help you cover circumstances that are not covered by the regular policy. However, remember that you can raise your rate by adding such coverage to your bike insurance policy. In this way, ensure that you select the ones that provide beneficial coverage.
The reputation of the Insurance Company
It is crucial to check the reputation of the company when purchasing bike insurance. Scrupulous companies can quite easily benefit from you, especially if the procedure is carried out online. It is therefore important to check the legitimacy of the company. Be careful to read your testimonials and obtain the attributes you need to make an informed decision.
You may also like to read:- How To Renew Bike Insurance Online
Stress-Free Claim Settlement Process
Most bike insurance companies are subject to a standard claims process. In a few steps, however, some insurance companies may differ. Before you buy your insurance policy, make sure that you read the terms and conditions. This gives you a clear picture of how a claim can be filed. The procedure for claims should be simple and straightforward. In case of misfortune, this will ease the burden on your shoulders.
Bike Insurance Premiums
While you want the most covered insurance policy you want to make sure you have the reasonable price of your bike insurance. Your bike insurance rate will be determined by a number of criteria including your bike age, IDV, location, additional coverage and so on. Ensure that when buying bike insurance, calculate your premium costs.
The Insured Declared Value of The Bike
IDV is one of the key factors to determine the cost of your bike insurance policy. It's just the market value of your bike right now. When it gets older, the IDV of your bike decreases. Your insurance company will pay you that amount if you file a claim for your bike insurance.
Also Read:- Documents Required for Bike/Two-Wheeler Insurance Renewal
Bike insurance can be purchased online, which saves time. If you're constantly pressed for time, buying bike insurance online is the best option. Make sure you read the policy terms and conditions you choose and consider the above factors to purchase the policy that meets your requirements and ride securely before purchasing a bike insurance policy.
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.