If you are planning to purchase a bike, it will open up a world of adventurous rides, unique explorations, and unforgettable experiences. However, with great liberty comes the responsibility of securing your valued possession and financial condition. And here is where bike insurance emerges as a significant player!
Whether you want comprehensive cover, third-party cover, or standalone own damage cover in bike insurance, it totally depends on your needs.
Suppose you are looking for Ola S1 Pro Insurance. What to check before making a bike insurance purchase?
Here is everything you need to know!
Type of Coverage Required
When you purchase an insurance policy for a bike, you must determine the type of coverage required. There are three types of bike insurance policies:
- Third-Party Bike Insurance – Third-Party bike insurance covers third-party vehicle damages and third-party person injuries due to your insured bike.
- Own Damage Bike Insurance – Provides financial coverage for the damages incurred to your bike in accidents or in disasters.
- Comprehensive Bike Insurance – Provides coverage for third-party liabilities and own damages.
Premium
The premium is central and crucial when purchasing a bike insurance policy. It has to provide the required coverage and be affordable at the same time.
The bike insurance premium is based on the following factors:
- Type of Coverage
- Age of the two-wheeler
- Make and model
- Geographical location
- Engine type
- Add-on covers
When you buy two-wheeler insurance online, you can utilise the online bike insurance premium calculators to help you make a well-informed decision.
For instance, Tata AIG provides an online bike insurance premium calculator wherein you can determine the most affordable premium for the bike insurance policy based on your customised requirements, such as the type of coverage, add-on riders required, etc.
Insured Declared Value (IDV)
The Insured Declared Value (IDV) refers to the existing market value of your bike and the maximum amount the insurer can provide in case of total damage or theft. It is calculated based on the manufacturer’s selling price and depreciation at the time of policy inception.
No Claim Bonus (NCB)
The NCB or the No Claim Bonus is an additional discount on the policy premium if you have not made any claims on your bike insurance policy in the previous year. Check for this feature, as it can reduce your premium while providing the required financial coverage. You can choose the benefit when you purchase the 2-wheeler insurance online.
Inclusions and Exclusions
Check the policy inclusions and exclusions before purchasing a bike insurance policy. It will help you make valid insurance claims when in need. When you buy the online two-wheeler policy, you can compare the policy inclusions and exclusions and decide on a suitable policy.
Deductibles
A deductible is the amount you must pay out of pocket for a claim before your insurer covers the remaining expenses. Check for this extent of deductibles for your bike insurance plan. The higher the deductibles, the lesser the premium. It will help you ensure higher coverage keeping the applicable premium relatively lower than expected.
Add-on covers
In addition to the standard bike insurance plan with the basic features, you can include add-on covers to enhance the coverage. For example, the depreciation allowance is an add-on cover that helps you to reimburse the depreciation amount if included and deducted from your claim benefit. You can check and include the required add-on covers even when you purchase a bike insurance policy online.
Online compatibility
Ensure to check if you can purchase the bike insurance policy online. It will help you compare the different policy features and benefits and decide wisely. Furthermore, it will allow for initiating claim requests online in an easy and less time-consuming process.
Network of garages
Check for the network of garages provided by your insurance provider if they are available in various locations across India. Also, check for the standard of the garages to ensure quality repair and service requirements.
Reliability of the insurer
Check for the insurer’s reliability based on their claim settlement ratio, claim process, customer reviews, etc. The claim settlement ratio denotes the number of requests settled, considering the number of claims registered. In addition, check if the claim process is available online, easy to access, and can be initiated during an emergency.
Conclusion
Purchasing an insurance policy for your bike is vital to securing and maintaining it to the best standards. You can compare and choose a suitable policy based on your needs and affordability and purchase the bike insurance policy online. While considering the different options, it is important to check the various factors, such as the type of coverage, premium, add-on covers, reliability of the insurer, etc., to purchase the best bike insurance policy. While purchasing bike insurance is essential, choosing the best option is crucial!
