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How to choose the best Bike Insurance Policy

Bikes and other two-wheelers are popular modes of transport. But as compared to a car, a bike exposes you to the risk of mishaps and accidents and mishaps, which may force you to incur unbearable expenses.

Divya, a landscape architect in Pune, is lucky in many ways: she has a successful career, a happy marriage, and supportive friends. But she wasn’t so fortunate when her bike met with a serious accident two months ago.

Although Divya survived, it is not an experience she wishes for anyone else to go through. She sustained broken bones and deep gashes and couldn’t walk for weeks. She recovered from these injuries – but it cost her a lot of money. 

Perhaps the right bike insurance policy would have made a difference. But it’s easy to be misguided when you have a plethora of options available online. Let’s figure out how you can pick the best two-wheeler insurance plan to shield you from unnecessary costs.

What Are the Different Kinds of Bike Insurance?

Before picking the best policy, let’s recap the different types of two-wheeler insurance:

  •  Third-Party Insurance: This policy is mandatory, and you can be fined or imprisoned if caught without it. This insurance covers third-party mishaps and liabilities like death, property damage, or bodily injuries.
  • Standalone Stand-alone Own-Damage Insurance: This is compensation for own-accidental damages and No-Claim Bonus (NCB). Although it is not mandatory, buying this kind of insurance is a prudent choice.
  •  Comprehensive Insurance: This type covers both options discussed above under a single premium. You also have the option to buy add-on covers and be eligible for NCB under this type of insurance.
  • Add-On Covers: These additional purchases strengthen your two-wheeler insurance. You can use them to mold your policy to your specific needs. Some relevant add-on covers are the Engine Protect Cover, Zero-Depreciation Cover, Roadside Assistance Cover, and the Return to Invoice Cover.

It is recommended to stick to one online insurance company and pay a single premium towards a comprehensive insurance plan.

How to Choose the Best Bike Insurance Policy

Choosing the best bike insurance policy should be a well-researched decision. It requires proper evaluation and comparison of different insurers and online two-wheeler insurance plans.

Try these useful tips to choose the best bike insurance plan:

1. Compare and Understand the Claim Settlement Process

Always choose an insurer with a smooth track record of swift, hassle-free and simple claim settlement processes. The claim turn-around-time of the insurer and the claim settlement ratio are important factors to consider before purchasing two-wheeler insurance.

2. Understand Your Policy Coverage Requirement

Choose a plan that offers the right coverage for you. Opting for a third-party or comprehensive plan is entirely your choice. Still, it should depend on your existing liabilities, expenditures, and usage of the vehicle.

3. Purchase Process and Renewal

Comparing the feasibility of the online payment process and renewal process of insurers is essential when you are buying an online bike insurance policy. Each insurance company is different, and you must diligently compare different plans to get the best offers.

4. Discounts Allowed

Look for insurance offers that promise to give the highest discount rate – it can reduce your premium considerably. You must also consider other perks like NCB and voluntary deductibles. 

5. The Cubic Capacity of Your Bike 

Your bike’s cubic capacity decides the insurance premium. If the cubic capacity of your bike is high, your premium will also be on the higher side.

6. Understand IDV – Insurance Declared Value 

IDV is your vehicle’s current market value. It decides the maximum sum insured, which is the amount that will be paid in case of a total loss of the vehicle and is fixed when purchasing a policy. The IDV decreases as your bike ages because of depreciation, so the premium will also get lower year on year.

7. Look for Add-ons or Riders 

You can add extended additional riders to your two-wheeler insurance policy, such as towing engine cover, personal accident cover for pillion riders, zero-depreciation cover, etc.

8. Select the Best Premium Rate

A premium is the amount paid for your insurance cover and is one of the most crucial parameters for selecting bike insurance. The best thing to do is to compare the cost of the premium along with the IDV and policy coverage before you finalize the insurer.

9. Compare Insurers Online

If you must trust an insurance company, make sure it’s reputable. Consider important factors like claim settlement ratio, premium to be paid, and the process of renewal and application.

10. Don’t Forget to Read Online Reviews

Another important criterion is to check the ratings, feedback, testimonials, and customer reviews of the chosen insurance companies. This helps you choose the best bike insurance policy from the lot.  

To Conclude

It is highly recommended to own bike insurance to enjoy your rides without any worry. Whether it is a third party or bearing costs of own damages – two-wheeler insurance in both cases should be taken, preferably under a single premium.

You must review your requirements and the features of the policy before paying for it. It will become much easier for you to choose the best policy for your two-wheeler without fail.

FAQs

Why should I get my bike insurance transferred online?

If you sell your bike and fail to transfer the insurance policy, you are legally obligated to bear the consequences from mishaps or accidents done by the current owner. You may have to legally compensate for losses suffered by a third party for any kind of damage caused to him or his property by the new owner.

What are the benefits of bike insurance transfer online?

If you have bought a bike from another person and retrieved the transfer online, you will be eligible for any claims that have been raised subsequently.
If you have sold your bike to another person and processed the bike insurance transfer online, you will not be legally responsible for any kind of mishaps occurring thereafter.
An online bike insurance transfer is equally important to a buyer and a seller. It is also essential concerning the NCB, a reward offered by the insurer to people who have not filed a single claim in a year.
You are eligible for a larger discount on premiums for the number of claim-free years.
It is important to pay a transfer fee along with documents like the application form, Form 30, Form 29, NOC from the existing policyholder, inspection report from the insurance company, and a new registration certificate.

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