When there is a choice, there is room for hesitation in making the decision. Each option has its own set of advantages and disadvantages. Making a decision is based on at least a fundamental analysis, whether conscious or subconscious. Which bike insurance to choose is also a decision that requires some thought.
Also, while purchasing a two-wheeler, we evaluate a variety of things, such as design, mileage, and pricing. However, there is something more to buying a new bike than just the purchase itself. As crucial as making the proper decision when purchasing a new two-wheeler is purchasing the right insurance for your two-wheeler. Continue reading to learn how to choose the best two-wheeler insurance.
Why Buy Bike Insurance?
Bike insurance is required under the Motor Vehicles Act of 1988. Riding a bike without insurance is a legal violation. However, according to the law, only third-party insurance is required, and people prefer to obtain third-party coverage to save money on premiums. However, it is critical to remember that inadequate insurance coverage is equivalent to no insurance at all. As a result, it is critical to compare bike insurance online and purchase insurance coverage that best matches your needs.
How to Choose the Best Bike Insurance?
Choosing the best bike insurance policy should be a well-thought-out process. It necessitates careful study and comparison of various insurers and online two-wheeler insurance plans.
Use these helpful tips to get the best bike insurance policy.
1. Know your needs
Before you begin looking for insurance, you should conduct an assessment based on your needs and budget. Bike insurance is classified into two types based on coverage: third-party and comprehensive. Choose a plan that provides adequate coverage based on how you use your two-wheeler, your expenses, and any other existing liabilities.
2. Understand the IDV
The insurance declared value (IDV) of your motorcycle is the current market value. The Insurance Declared Value is the fixed maximum sum insured at the time the policy is purchased. It is the amount that your insurer will pay if your bike is lost or stolen. IDV is one of the most essential elements in determining two-wheeler insurance premiums.
The IDV of a vehicle diminishes as it ages. This has an immediate impact on the premium amount for your bike. As a result, newer models of the same vehicle have higher two-wheeler insurance premiums than previous models.
3. Compare plans online
Another critical step in purchasing insurance is comparing available plans to make an informed decision. You may compare bike insurance plans online by coverage, inclusions, exclusions, cost, and other factors.
4. Choose the best premium rate
A premium is the amount paid for your insurance coverage and is one of the most important factors to consider when choosing bike insurance. Before choosing insurance, compare the cost of the premium, the IDV, and the policy coverage.
5. Look for discounts/deals
Look for insurance packages that claim the largest discount rate—this can significantly reduce your price. Other benefits, including NCB and optional deductibles, must also be considered.
6. Consider adding on covers
Towing engine cover, personal accident cover for pillion riders, zero-depreciation cover, and other benefits can be added to your two-wheeler insurance policy.
7. Select a reputed insurer
Always look for a reputable insurance company. Check the company’s claim settlement ratio to determine the efficiency of the insurer’s claim process. Choosing reputable insurance ensures that claim payment is quick and easy.
In the event of an accident or other emergency, this coverage is insufficient. As a result, it is critical to have comprehensive coverage. Before making a purchase, conduct thorough research, compare prices, and read online consumer reviews.
Also, before picking your two-wheeler insurer, make sure you understand the terms and exclusions of your two-wheeler insurance. It is critical to make an informed decision rather than settle for the lowest package on the market.