Tips to Compare Bike Insurance Plans
Updated On Jun 29, 2021
We consider various factors, such as design, mileage, and price, among others, when buying a bike. However, there is certainly more to buying a new bike than just the actual purchase. As important as it is to make the correct decision when purchasing a new bike, buying the right bike insurance for your bike is equally important.
On Indian highways, bikes are one of the most common modes of transport. It is faster to move through the traffic by riding a bike, however, bike riders are often vulnerable to high chances of accidents and fatalities. This highlights the necessity of purchasing a comprehensive bike insurance policy that safeguards you against accidental damages and injuries. Thus, comparing bike insurance online and purchasing an insurance policy that meets the criteria in the right way is also necessary.
Tips For Comparing Bike Insurance Plans
Since a comprehensive cover is offers an all-inclusive bike insurance cover, it is preferable to purchase a comprehensive cover over third-party insurance. As for every other type of insurance purchase, the buying of bike insurance must also be a well-researched choice after appraising the criteria and comparing the multiple insurance policies on offer.
To help you pick an insurance policy according to your criteria and schedule, here are helpful tips
- Coverage Requirement: It is necessary to make an assessment based on your needs and budget before you start looking for insurance. Depending on the coverage, bike insurance is of two kinds - comprehensive cover and third-party cover. Choose a policy that provides the right coverage, based on the use of your bike, your expenses, and all current liabilities.
- Premium is based on the Cubic Capacity (CC) of Your Bike: When you chose insurance, be informed of your bike's CC as this determines the insurance premium that you can pay. If your bike's CC is high, then your premium will be on the higher side.
- Insurance Declared Value (IDV): The current market value of the bike is its IDV. IDV is the overall insured amount fixed at the time of purchase of a policy which is the amount that will be paid in the event of a robbery or total loss of the bike. As the bike's age increases, depreciation will also increase, IDV will decline, and the premium will decrease year-on-year as a result. One of the most significant factors deciding the premium for bike insurance is IDV.
- Riders or Add-Ons: To make the plan more comprehensive, look for riders that you can add to your bike insurance policy. For riders, an extra nominal premium would have to be charged. Popular riders with bike insurance are available with zero depreciation cover, pillion rider personal injury cover, towing cover, and so on.
- Reputed Insurer: Often search for an insurance provider who is reliable and reputable. Do not forget to review the company's claim settlement ratio to understand the reliability of the insurer's claim method. Selecting a reputed insurer means that the settlement of the claim is successful and hassle-free.
- Read Online Reviews: Read web reviews posted by authenticated consumers who share with the insurance provider their experience. It would be good to read the feedback and complaints if you are unsure.
When purchasing insurance, keep the aforementioned points in mind, and also ensure that the policy is updated on time. More, ensure you check the criteria before you renew your policy to know whether the coverage meets your needs or not. Read the “Policy Wordings” closely to understand precisely the policy coverage, exclusions, etc.
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.