Ticking off your wish list after buying that one particular bike you always wanted can mean nothing short of happiness. But bike isn’t the only thing that you need worry when buying one, its insurance follows that suit. Considering the plethora of options, how does one buy the right insurance plan? Fret-not! This article simplifies how to go about buying the perfect bike insurance policy for first time buyers. So, if this is your first time in selecting a bike insurance cover, you have come to the right place.
Table of Contents
For starters, it is essential to know why is bike insurance important.
Just like a prudent person buys health insurance for protecting their health, similarly you purchase a bike insurance cover. You can buy bike insurance online, as well as offline, thereby giving you the choice to select your preferred channel. When you invest in a policy that checks all the right boxes, you can safeguard yourself from the financial loss due to damages to your bike. In addition, legal liabilities are also covered under the policy.
Now let’s look at a few pointers that first-time buyers must consider when buying a two-wheeler insurance policy:
Type of insurance coverage:
You might have heard countless times about the necessity to buy an insurance cover. This comes from the legal requirement laid down by the Motor Vehicles Act. This law requires all bike owners to at least have third-party coverage.
You can buy from the two types of two wheeler insurance third party cover or a comprehensive cover.
A third-party policy is the one which provides protection from legal liabilities arising in the event of an accident or damages. Accidents can also result in injury to third person which may include death which is covered by a third-party policy. Thus, it is the bare minimum insurance coverage you need to have to legally drive a bike in India. Next is a comprehensive cover. While third-party safeguards from legal liabilities, it offers no coverage for damages and injuries sustained by you, the policyholder. Accidents cause damage not just to a third person, but also the rider. So, to overcome the limitations of a third-party policy, a comprehensive cover can be purchased. * Standard T&C Apply
Setting the right IDV:
IDV or insured declared value is the amount that insurance companies compensate in the event of a total loss to the vehicle. When purchasing an insurance plan, it is crucial to set the right IDV as it defines the compensation that may be offered for cases like theft of your bike or damage beyond repair. However, you need to remember that it directly impacts the premium. Hence, make sure to set the right amount that keeps your policy premiums within budget. For that, you can make use of a two wheeler insurance premium calculator too. * Standard T&C Apply
Checking the policy features:
Before finalising on an insurance plan, it is essential to check the policy features too. While different policies offer different features, a network garage facility for cashless claims is something that you shouldn’t miss. With such facility, you can lodge cashless claims with your insurance company for any repairs required.
Picking the right add-ons:
Optional policy covers can be used to enhance the coverage offered by a standard comprehensive plan known as add-ons. With the help of these add-ons, the parts like engine, consumables spares, and depreciation on your vehicle at the time of claim which are otherwise lower the policy’s scope or the claim amount can be insured. * Standard T&C Apply
With the above pointers, a new buyer can make a choice of suitable bike insurance policy. Also keep in mind that insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms and conditions, please read sales brochure/policy wording carefully before concluding a sale.