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Things To Remember While Buying Bike Insurance

Updated On Mar 14, 2021

This article mentions the things to remember while buying bike insurance. It begins with an introduction about how people are not always aware about certain aspects and then mentions the most significant points that will aid people to receive maximum benefits under their bike insurance.

Riding a two-wheeler is as fun as it is dangerous. Hence, having bike insurance is very important as it protects you and your vehicle against any damages sustained due to an accident. However, not all people are mindful of certain aspects related to their bike insurance and end up receiving less benefits. In this article, we are going to tell you about the most important things that you need to remember while buying bike insurance.

Things To Remember While Buying Bike Insurance

Things To Remember While Buying Bike Insurance

The following is a list of things that you must remember while buying bike insurance.

Compare Different Bike Insurance Plans

When buying a bike insurance plan, the first step is to compare different plans online. It gives you a perspective about the rate, prices and benefits available under different plans. By doing this you can choose the plan that is best suited to your affordability and the particular configurations of your bike. Buying a plan from a certain two wheeler insurance provider just because someone suggested it is a foolish thing to do in today’s time.

Choose the Right Insured Declared Value (IDV)

In bike insurance, the insured Declared Value or IDV is the maximum sum that is paid by your insurance provider in case of theft or complete damage of your bike. The amount that you select should correspond to the current market value of the bike and you should not settle for a lower sum. While a higher IDV might come at a higher rate of premium, choosing a lower IDV will lead to lower compensation at the time of a claim. Thus, you should choose your IDV optimally and carefully.

Do Not Provide Misinformation -

You must always remember to provide correct details while buying bike insurance. Providing misinformation or omitting any crucial personal detail can lead to the cancellation of your bike insurance policy and is likely to be labeled as a fraud. Any claim that you make under such circumstances shall not be entertained and you might lose the complete cover as well. Pay attention that the information you are providing is true.

Choose the Right Type of Policy

Under the motor insurance plan, there are several types of policy. But you should select the one that is palatable for your bike. Under two wheeler insurance, you mandatorily have to buy a personal accident cover for coverage against damages to your bike or a health hazard caused to you by an und=foreseen accident. You can also choose to buy a third-party damage bike insurance where any damage caused to another individual or property is compensated by your insurance provider. Search the web for these options and choose the best one from the mix to safeguard yourself and your bike.

Select Appropriate Add-ons

Add-ons are additional coverage for damages sustained by the different parts of your bike. There are a host of options to choose from such as an engine add on cover, a tyre add on the cover, a roadside assistance cover and so on. These add ons do not cost much and you only need to pay a nominal fee to obtain its services. Choose an appropriate add on to secure your bike against all odds and have a rolling performance.

Take Away

These are some of the most important things that you have to bear in mind while buying nike insurance. It will help you to remain on the top of your game and also make sure that you receive maximum benefits from a single policy. If you keep these things in check, you can be assured of complete financial protection against any kind of damages caused to your two-wheeler.

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.

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