A motorcycle or a bike is the most popular mode of transport for work or personal use. Most of the people in India use this mode of commuting, no matter if they fall into the middle and lower-middle-class population. Any harm or decimation caused to their bike can unleash destruction on their whole month to month financial plan. This is because the expense of getting your valuable vehicle fixed will chaos up all the counts.
In such cases, having two-wheeler insurance spare them from burning a hole in their pocket, as it offers cover against unexpected harms and dangers. Having two-wheeler insurance is not only mandated by law, but it also help you worry less about any destruction or mishap caused during road accidents under any condition. Also, not having two-wheeler insurance can make you pay hefty penalties. You can ride without dread and remain safe by keeping yourself and your bike secured with insurance. Though, with so many options available in the market, it can be confusing to decide which plan will give you maximum cover from economic risks occurring out of accidents or catastrophes. To provide you with a fair start, here are the key points that you should know while buying bike insurance:
Know your Coverage Requirement
Before you begin to search for two-wheeler insurance, it is essential to make an evaluation depends on your prerequisite and spending plan. Bike insurance is of two kinds relying on coverage – comprehensive cover and third-party cover. Based on the use of your bike, your purpose of buying it and other existing liabilities, pick an insurance plan that offers adequate coverage.
Understand Insurance Declared Value (IDV)
In simple language, IDV is the present market estimation of your vehicle. It is the maximum sum insured fixed at the time of buying a policy and is the sum that will be paid in case of an occurrence of all-out misfortune or robbery of the bike. As your vehicle ages, depreciation occurs, thus reducing its IDV. Accordingly, the premium will get lower year-on-year. IDV is one of the most significant elements that decide the premium of bike insurance. So, you should know about how it affects your insurance premium.
Know About the Cubic Capacity of your Bike
Ask about your bike’s cubic capacity when you are selecting two-wheeler insurance. It is because your bike’s cubic capacity determines the insurance premium that you will have to pay to some extent. If the cubic size of your motorcycle is big enough, your two-wheeler insurance rate will also be on the higher side.
Compare Bike Insurance Online
Another significant step while purchasing two-wheeler insurance is to compare the accessible plans and two-wheeler insurance rates. Knowing this will let you make an informed decision. You can compare the insurance plans online dependent on inclusion, coverage, exclusions, cost, to name a few.
Choose a Reputable Insurer
After done with the type of bike insurance that you would want, you should look for a reputable insurance company. To find the best one, check the claim settlement proportion of different insurers to know the proficiency of the case procedure of the backup plan. It is also recommended that you read online surveys written by verified clients who share their experience with the insurance agency. If you are still bewildered, look further to understand the reviews and complaints. You can be ensured of the claim settlement efficiency once you choose a reputable insurer.
Keep these important aspects in mind when buying insurance, and make sure to renew your two-wheeler insurance plan on time. Plus, when you renew your policy, make sure to review your requirements to understand whether the coverage satisfies your needs or not.