How To Buy Insurance For Bike? 7 Things To Consider
Bike insurance is a must if you want to secure your ride from any theft, damage, or accidents. However, when it comes to insurance of bikes, there is an array of plans and policies.
This can lead you to confusion about which one to choose and what can be the best for you. But you can get rid of the doubt if you consider some of the things that this blog mentions below.
7 Essential Things to Check Before Buying Insurance for a Bike
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Explore Coverage Types
Before you buy insurance for your bike, you must decide which type of coverage you want to purchase. There are three types of bike insurance: comprehensive, own damage cover, and third-party insurance.
Comprehensive Bike Insurance Coverage
- The comprehensive type will cover any type of damage or loss to your bike, including both accidental damage and theft, regardless of whether you are at fault.
- It will also cover damages caused to third-party property or injury to third parties.
- This is the most extensive coverage and offers maximum protection for your bike.
Own Damage Cover in Bike Insurance
- It only covers the damage to your own bike, either due to accidents, natural calamities, fire, or theft.
- This type of insurance does not cover damages to third-party property or injury caused to others.
Third-Party Insurance for Bike
- 3rd party bike insurance is the most basic and mandatory form of insurance.
- It only covers damage or injury caused to another person or their property.
- It does not cover any damage to your own bike.
This type of coverage is legally required in most places to ensure that any accidents involving your bike do not financially burden others.
Before choosing a coverage type for your vehicle, it is recommended to consider factors like your bike’s value, how often you ride, and the potential risks involved.
Comprehensive insurance offers the most protection, while third-party insurance is the most affordable and legally essential.
No Claim Bonus (NCB)
You are eligible for a No Claim Bonus if your claim history is spotless.
This is a premium discount that, over time, can drastically lower the cost of your insurance of bike.
If you switch motorcycles, the NCB might be transferred to a new vehicle.
Thus, it’s critical to maintain this benefit.
Relevant Post: Pros & Cons Of Buying 2 Wheeler Insurance – RashGear
Insured Declared Value (IDV)
Another important thing to consider when purchasing bike insurance is IDV.
The maximum amount your insurer will pay you in the event that your motorbike is stolen or damaged beyond repair is known as IDV.
It is calculated using your bike’s current market value.
Moreover, because the IDV has a direct impact on the premium you pay and the amount you will be paid in the event of a claim, make sure it is calculated correctly.
Take The Advantage Of Riders
Many riders and add-ons are available from bike insurance companies to improve your coverage for pillion riders; roadside assistance and accessory coverage are typical add-ons.
Evaluate the costs of these extras against your own needs to see if it makes sense to include them in policy.
Deicide The Deductibles
When it comes to 2 wheeler insurance, you must also consider the deductibles because it has a crucial role in an insurance claim.
This amount is a part of the claim amount that goes from your pocket before the insurance company pays the rest.
For example, if your claim is ₹5000 and the deductible amount is ₹500, then the company pays only ₹4500 as the remaining amount has to be paid by you.
Check The Insurer’s Reputation
One of the most significant things you cannot overlook when purchasing two wheeler insurance is the reputation of the insurance company.
Research, read, and get some feedback about the company’s reputation.
Get in touch with people who have bought the insurance before, and go through the company’s site and reviews to make sure they are a legitimate institution.
Worth Reading: Is It Mandatory To Buy A Bike Insurance? Or It’s Optional? – RashGear
Keep Your Ride Safe And Secure
An insurance of a bike can ensure that in case of any mishaps, such as accidents, damage, or theft, you get the reimbursement for the loss.
Thus, when planning to buy, you must consider the above things; it will help you choose a perfect plan for you and your bike as well.
