If you’re a first-time motorbike insurance buyer, understanding how it works is essential for securing the ideal policy that aligns with your needs and budget. Here are some valuable pieces of advice to consider when purchasing bike insurance.
- Selecting An Appropriate Insurance Provider
Selecting the right insurance provider is as crucial as choosing the correct policy. Explore online pages to understand the range of services offered by insurance companies. Check customer reviews and social media ratings, and seek recommendations from friends and family to gauge the insurer’s reputation.
2. Have The Information Ready
Opting for online insurance is the quickest method, but you’ll need certain documents related to you and your motorbike. The insurance premium is influenced by details such as the make, model, manufacturing date, and engine cubic capacity. Refer to your bike’s invoice for this information. Remember that a copy of your insurance policy will be required during registration at the Regional Transport Office, though the registration number will be available later.
3. Pick The Appropriate Policy Type
Given the higher susceptibility of two-wheelers to accidents compared to cars, opting for comprehensive bike insurance is advisable. This policy covers both own damage and third-party liability, with the option to enhance coverage through add-ons. While not legally required, choosing a comprehensive policy is highly recommended for bike owners. Third-party bike insurance is an alternative, offering coverage for third-party liability but excluding damages to your bike or accessories.
4. Avoid Lowering The IDV
A common misconception is that reducing the Insured Declared Value (IDV) will decrease insurance costs. It’s crucial to understand that lowering the IDV reduces the claim amount in case of theft or irreparable damage. The IDV represents your bike’s approximate current market value, acting as a guide in such situations. Be cautious about compromising on IDV to ensure adequate coverage.
5. Select Accessories Wisely
Choosing accessories for your bike can lead to increased insurance costs. To avoid overspending, identify your needs first and then select add-ons accordingly. For instance, skip the Pillion Rider Add-on if you primarily ride solo. Evaluate whether additional covers, such as Return to Invoice, Zero Depreciation insurance, or Roadside Assistance, align with your requirements, as they can impact the overall insurance premium. *
6. Scrutinise The Policy Text
Before finalising motorcycle insurance online in India, thoroughly review the policy document. As the policyholder, understanding the inclusions, exclusions, and terms is crucial. Pay attention to the fine print to avoid surprises during claims or unforeseen situations. Familiarise yourself with the coverage details to make an informed decision.
Securing insurance for your new bike and carrying out the bike insurance renewal process regularly is crucial to maintaining coverage. If you need to remember, consider opting for a long-term two-wheeler insurance policy that lasts over a year. These policies offer tenures of three or five years, providing convenience and continuous coverage. Stay informed and make thoughtful decisions to ensure your motorbike insurance meets your needs effectively. If you’re wondering how to check your bike insurance status, visit your insurance provider’s official website or contact customer service for the most accurate and up-to-date information. Claims are subject to terms and conditions set forth under the motor insurance policy.*
*Standard T&C Apply
Disclaimer: The content on this page is generic and shared only for informational and explanatory purposes. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making any related decisions.
Insurance is the subject matter of solicitation. For more details on benefits, exclusions, limitations, terms, and conditions, please read the sales brochure/policy wording carefully before concluding a sale.