Individuals purchasing a new two-wheeler can consider obtaining bike insurance from reputed insurers. Two-wheeler insurance policies are highly beneficial as it covers the costs of damages a vehicle might incur due to an unfortunate event.
Several insurance companies offer attractive deals on motor insurance considering a motorist’s requirements. However, making a sound decision regarding insurance plans can seem a bit tricky. To avoid any hassle, here is a piece of tips to follow while choosing an insurance plan for a bike. Factoring in these points will help individuals choose a plan that offers maximum benefits.
Why should you buy a bike insurance policy?
Additionally, insurance for a bike also helps an individual in times of serious accidents resulting in permanent damages or death. As per the IRDA, a person and their family are liable to receive personal accident coverage under an insurance plan.
Essential tips and tricks to buy the best bike insurance policy for you
Know what coverage you need
Based on a coverage limit, two insurance plans are available for a bike, i.e., third-party and comprehensive insurance. Depending on the usage of a two-wheeler, expenditures, and current liabilities, one should choose a plan among these two options.
Insurers give a return amount depending on a bike’s Insured Declared Value (IDV) in case of unfortunate incidents such as theft or irreparable damages. They find out this value by subtracting the bike’s depreciation from its manufacturer’s selling price. As the bike ages, its depreciation value increases, and the IDV falls, resulting in lower premiums.
Thus, a bike’s IDV determines its insurance premium and becomes a vital factor to consider before purchasing a plan. Some insurers give the option of IDV customization where an individual can choose a value as per their requirement and maximize the return.
Also Read – What You Should Know Before Buying Car Insurance
Choose a reputed insurance provider
Compare bike insurance online
Choosing an insurance provider and its individual plan can be a daunting task as there are numerous insurance companies available. To select the best insurance plan for a bike, one should compare the insurers and their respective plans online. This will allow them to go for a plan with maximum benefits.
Some points to consider while comparing insurance plans are:
- Cashless facilities
- Claim settlement ratio
- Claim procedure
- Add-on options
Go for add-on covers
A comprehensive insurance plan for a bike might not provide complete coverage against damages. To that end, one should purchase add-on policies over and above a basic insurance plan against additional charges. An add-on cover provides an additional layer of protection to a bike. However, one needs to increase the existing policy premium by a nominal amount to avail of this benefit.
Some of the add-on policies to choose from are:
- Zero dep bike insurance cover
- Consumable cover
- Breakdown assistance
- Return to invoice cover, and more.
Therefore, it is evident that an insurance plan with correct coverage can effectively reduce the financial burden. Following the aforementioned tips can further decrease liabilities and ensure maximum benefits from an insurance policy.