Why is bike insurance important?
Riding a two-wheeler is often deemed convenient and economical. Avoiding traffic, manoeuvring your ride in a narrow alley and lesser carbon footprint are some of the reasons why people prefer bikes. However, riding bikes come with their challenges.
Apart from being more susceptible to injuries, the well-being of you and your bike depends largely on the conditions of the roads. What if your bike collides with another vehicle and you don’t have adequate funds to take care of the liabilities?
If you look closely at the processes and advantages of bike insurance policies, you will realize that it is the best gift that can be given to your cherished companion.
Another bonus of getting bike insurance is the option to choose cashless bike insurance. When you are seeking insurance assistance post a mishap, you will be directed to a garage enlisted by the insurance company for repairs.
It becomes cashless insurance when the insured party does not have to spend anything from their pockets to utilize the services. The insurance company directly takes care of the bills.
What are the types of bike insurance?
The two types of insurance available in the market are comprehensive insurance and third party insurance (legally mandatory). Comprehensive insurance has a wide scope of protection which includes coverage against theft, damage, loss, and much more. Third-party insurance is limited to coverage of the aggrieved party and not your bike or you, in case of an accident.
Apart from this, most insurance policies are open to customization. The common add-ons that people opt for are – roadside assistance cover, cover for loss or theft of key, zero depreciation, and more. Nowadays, you can simply buy bike insurance online as per your requirements. Let’s take a look at how to determine which insurance policy is best for you.
How to decide which insurance policy is best suited to your needs?
Here are a few tricks that you might want to keep in mind while researching for the best bike insurance policy. It is always recommended to buy insurance while buying a new vehicle.
Know about your policy coverage requirement - When you start looking for suitable bike insurance it is important to assess your budget as well as your existing commitments before investing in an insurance policy. Considering the usage of a two-wheeler and conducting risk assessment might also help in making this decision.
Consider the Insured Declared Value (IDV) – IDV, in simple terms, is the current market value of your bike. This is an important factor in determining the premium and compensation amount of your policy. Like all machines, two-wheelers depreciate with time, and the same is reflected in the amount to be paid by the insurance company in case of loss, theft, and any such occurrences.
Premium rate – This is the amount that has to be paid by you to keep your beloved possession insured. This amount should be bearable by you. It is best to research and look at competitive premium prices, whilst not cutting corners.
Understanding the Claim Settlement Process – With the assistance of insurance companies, this process has gotten relatively easier for the insured parties. Quick and smooth settlements through online portals can be achieved. With the help of cashless insurance, you can eliminate this added step.
The add-ons – All policies have added benefits available at some cost. It is wise to tailor your insurance policy as per your needs.
Read online reviews and compare bike insurance policies – The market is flooded with reputed insurance companies. The best way to settle on a policy is by using platforms online to compare the benefits and reviews of all alternatives.
Comprehend the terms and conditions – Ensure you read the underwritten terms and conditions in the policy document thoroughly and do not ignore the exclusions list mentioned therein. It might happen that the benefit or specific type of coverage you seek might just be unavailable to you in the policy selected.
You are now armed with knowledge and can make an educated decision regarding the welfare of your prized property and yourself. Happy insuring!
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