Two-wheelers are one of the most preferred modes of transportation as they help people make their way through narrow lanes and chaotic Indian roads. Riding a bike is also very comfortable and can make you reach your destination in a reasonable time. While a bike is desirable by most, not many think of securing it under the best motor insurance.
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The Indian law has made it mandatory to insure your two-wheelers before taking them out on roads, failing which you can attract heavy penalties from the concerned authorities. Since the chances of encountering road accidents cannot entirely be overruled in any case, getting the bike secured under reliable bike insurance always helps.
It can save you from the financial obligations caused towards third-party individuals and properties during an accident. If you’ve never invested in two-wheeler insurance before, this guide is here to help. We’ve shared below all the points you should consider before picking insurance, so let’s quickly check them out.
Assess the Coverage Requirements
The right policy can only be selected when you clearly understand your requirements. The market has two popular types of bike insurance, viz., third-party and comprehensive insurance. The former covers the policyholder against financial losses caused to third-party properties and individuals in a road accident.
But it doesn’t cover the own damages for the bike, rider, or policyholder. This downside is looked for under comprehensive bike insurance as it covers its own damages and third-party damages. Now that you’re aware of the nature of the coverage offered, you can pick anyone, depending on your requirements.
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Check the Relevant Add-Ons
Add-ons or riders are like additional coverage that increases the scope of insurance coverage. If you feel the standard coverage is insufficient for your vehicle, you can upgrade the coverage by buying relevant add-ons.
Not all insurers offer the same range of add-ons, but you can generally find add-ons like roadside assistance, return to invoice, consumable cover, zero depreciation cover, engine protection cover, etc. Since every add-on you purchase will increase the premium amount, invest in only those add-ons that are relevant.
Look for Affordable Premium
Every bike owner wants the best coverage for their vehicle, but high premiums often prevent them from picking the top-notch plans. Fortunately, the growing competition in the Indian insurance market has given rise to various motor insurance plans. If you research enough, you can undoubtedly find plans within your budget offering decent coverage.
If you’ve decided what type of coverage you want and have shortlisted some insurers, you can take the help of a bike insurance premium calculator to know how much each plan would approximately cost. You can then compare all the shortlisted plans against the coverage and premiums to pick the best option.
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Double-Check the Inclusions & Exclusions
A mistake some people make while buying bike insurance is assuming certain things will be included by default in the coverage. Well, it is never the case. Take consequential engine damages, for example. While insurance will cover the costs of a damaged bike during a road accident, it won’t cover the expenses related to consequential damages. You will have to buy an add-on for the insurer to cover these expenses.
Similar to inclusions, checking the exclusions is also critically important. The insurers won’t honour the claims under certain circumstances, and you should be aware of those from day one to avoid disappointments. For example, if you were found drunk riding, making contributory negligence, riding without a valid licence, etc., you won’t be able to file a claim with your insurer.
Compare Two-wheeler Policies Online
Once you have a pretty clear picture of the requirements, you should start shortlisting at least three to four insurance plans offered by different insurers. After shortlisting, compare those policies online to determine which plan offers the best coverage at a competitive premium point.
You can either visit individual bike insurers’ websites to gather information or look for resources that offer exhaustive comparisons between different bike insurance policies. The more you compare similar bike insurance policies, the closer you’ll get to pick an ideal insurance plan.
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Find About the Insurer’s Reputation
Nowadays, it is relatively easy to find bike insurance plans that offer more or less similar coverage at a given premium point. But what separates the best policy from the rest is the insurer’s excellent customer service.
You wouldn’t really want to end up with an insurance company with a bad reputation for rejecting genuine insurance claims or garnering enough bad press for mistreating their customers. Ultimately, you would need an insurance company that fulfils its promises and offers impeccable customer support.
Give Weightage to Easy Documentation & Policy Buying Process
If you value your time, you should always look for insurance companies known for their minimum documentation and easy policy buying process. These things save time and ensure you get peace of mind during the policy buying process.
Fortunately, most insurance buying processes have now been shifted online, and you can complete the purchase in a few minutes. You should have a few essential scanned documents ready to upload on the insurer’s site, a stable internet connection, and a card for payment, and you’re done.
Settle with Companies Having High Claim Settlement Ratio
The prime aim of investing in any insurance is to receive timely assistance during emergencies. You wouldn’t want to get a bike insurance plan from an insurer that is notoriously known for rejecting claims.
An excellent way to ensure you stay away from the wrong insurers is to check their claim settlement ratio over the recent five years. If your shortlisted insurance company has a consistent high claim settlement ratio over the years, you can proceed with it.
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Ensure Financial Safety & Peace of Mind by Picking the Best Bike Insurance
Investing in the right bike insurance can be one of your life’s best decisions. It secures you and your bike against potential losses arising from road accidents. Loses from theft, damage due to natural calamities, etc., are also covered if you pick comprehensive insurance. When you can get decent security and peace of mind by simply investing in bike insurance, you shouldn’t think twice before investing. If you’re unsure about picking the right insurance, follow all the points discussed above, and you’re good to go.