So, you bought a new bike, right? Now you have to make sure that your vehicle serves you to protect yourself and other people from the risk of accidents. To do so, the first thing you should do is protect the bike itself. By safeguarding here, we mean financial protection that will allow you to repair the damage or to compensate for it, or to enable you or others to pay for the necessary medical care following an accident.
In this guide on bike insurance, we will discuss all the things you need to know to choose and subscribe safely to bike insurance. The insurance world can sometimes appear to be complicated, so we will try to explain the bike insurance in the simplest form possible.
The Secret Guide to Bike Insurance
Here are the topics covered:
# Is it mandatory to purchase bike insurance?
The answer is yes “. Any biker must purchase bike insurance. Legally speaking, even if your bike sleeps in the back of a car park, the third party liability cover is mandatory.
The insurance to the third party makes it possible to compensate for the damages caused to a third party, for example, those damages caused to the cars or the other bikes or human life. Note that not to have bike insurance in India is liable to a fine up to INR 1,000 or imprisonment up to 3 months or both.
# The cost and price of bike insurance
The cost and price of your bike insurance will vary depending on several factors.
Some factors on which the premium of your bike insurance is dependent upon are the registration city of your bike, installation of anti-theft devices, eligibility of no claim bonus, manufacturing year of your bike, accessories and modifications done, fuel type, type of bike insurance opted for, etc.
Then, the tariff will depend on the add-ons or riders chosen. Finally, the price of your bike insurance will depend on the bike make and model to insure. Mostly sporty models and the big engines cost more to insure than the others. Also, note that the age of the vehicle is taken into account, new motorcycles require more to insure.
Bike Insurance Secrets
Choosing bike insurance is not apparent as there are offers, formulas and insurance companies. The secret to buying the best bike insurance is first to define your needs and the level of protection you want. Here is your step by step guide to breaking this secret to bike insurance:
# Know how to define your needs?
In order to define your needs, you ought to know the usage of your bike that you would be making. Are you going to use your bike every day or once or twice a month? Is it for short trips or long journeys? In town or off the road? The more you use your bike for long journeys and busy city roads, the more it is recommended to use comprehensive bike insurance that uses the all-risk formula.
While analysing your needs, remember that when you ride a bike or a scooter, you are well exposed to accidents. A biker can be very careful, but he is not immune to a driver with more unwanted behavior. So choosing between third-party or all-risk insurance is an outstanding choice. It must be done with full knowledge of the facts.
# What is the bike model to ensure?
If you have bought a second-hand bike that no longer fears anything, no need for very protective bike insurance. Its premium over 2 to 4 years will cost you more than the purchase price of your bike. On the contrary, if you have just purchased a brand new all gleaming Hero Passion Pro or a Harley Davidson, do not be too stingy about your insurance and take the bike insurance that pays well the accidents, losses, and theft.
No doubt, third party insurance is the mandatory minimum, and it is the cheapest formula, but it is also the one that covers you the least in case of accidents. Opting for comprehensive bike insurance is often recommended for bikers given the dangerous mode of traffic.
# Which insurance provider you should choose?
Finally, you will need to determine with which insurance company you want to buy your bike insurance. To choose it, the easiest way is to call either a broker or go for an online bike insurance comparator. The latter will give you options of different bike insurers under one roof. All you need to do is, compare different policies offered by different insurers, select one and then finally fill out the bike insurance form. If you are not comfortable with this service, you can also visit the websites of the insurers directly.
Getting cheap bike insurance with the coverages you need when you are young is difficult, however, if you compare you can get it. To find it you will need to ask for a quote from all insurers, and with coverfox.com this process becomes more comfortable. If you compare bike insurance with Coverfox.com, you can check policies according to their price, conditions, and coverages, which mean you, get all the essential details in just a few clicks.