The roads in India are generally crowded with two-wheelers, but the downside of riding a bike is your exposure to elevated risks of accidents that may lead to physical injuries or even fatality.
This is why it is legally mandatory for two-wheeler owners to have valid bike insurance before they hit the roads. If you ride on an uninsured two-wheeler and get caught, you will face heavy penalties and fines.
To avoid such a situation, you must get new bike insurance as early as possible. The tips below will help you find the bike insurance policy that meets your requirements.
Know What Bike Insurance is
Before you buy new bike insurance, you must first know what it is. Also called two-wheeler insurance, it is a policy coverage that financially protects your two-wheeler against damages that can result from robbery, accidents, natural calamities or any man-made malicious activities.
However, the extent of coverage that the insurer provides depends on the policy terms and what coverage type you opt for. You can use a two-wheeler insurance premium calculator to find out about the policy cost for the coverage level you want for your bike.
4 Tips to Choose the Right Bike Insurance Cover
Here are some effective tips to help you narrow down the best bike insurance online for your bike.
Understand Your Coverage Need
Broadly speaking, there are three new bike insurance types available in today’s market:
Liability-only or Third-party Policy: It offers financial protection from damages caused your two-wheeler to a third party.
Standalone Own Damage Policy: This is a standalone policy that provides financial coverage for your insured two-wheeler only and does not cover third-party liabilities. However, you can include a few add-ons with this plan.
Comprehensive Policy: It provides you with third-party and own damage coverage in a single policy. Additionally, you can also avail of add-ons to make your two-wheeler more secure financially.
Note that you cannot buy own damage coverage without purchasing third-party liability coverage because Indian Law mandates third-party coverage for all vehicles.
Compare Multiple Policies for New Bike Insurance
A powerful way to find the best bike insurance online is to compare multiple policies. Read reviews of each insurance provider and find out what their Claim Settlement Ratio (CSR) is. The higher the CSR, the greater the chances of you getting your claim settled swiftly and smoothly.
Find Out Policy Costs
To learn about the new bike insurance price for your two-wheeler, you have to search online for different insurance companies. Find out who offers the best price that meets your financial requirements. Use a two-wheeler insurance premium calculator to know how much you have to pay as premiums for each policy.
Get a Fair Idea about IDV
IDV or Insurance Declared Value is your two-wheeler’s present market value. This sum is the maximum sum that the insurer will provide in case your insured bike gets stolen or is irreparably damaged. Your bike’s IDV lowers over time due to the depreciation of your two-wheeler. Learning about your bike’s IDV can help you better negotiate the premium rate with your insurer.
Conclusion
Apart from these, you should also check what add-ons each insurer has to offer and if there are discounts available. Based on your allotted budget and extensive research, you can find the right two-wheeler policy to invest in. The bike insurance policy will provide you with the desired financial coverage in your times of need.