Freedom. This is precisely what you get when you opt for a two-wheeler. With a two wheeler, you can zip through traffic, which you would otherwise struggle with. They are more affordable to buy and maintain as well. It is no surprise then that India is one of the largest consumers of two wheelers. To counter the huge number of bikes on the road, you must opt for bike insurance online.
Two wheelers offer a lot of freedom over public transport or ride-hailing apps. You can make your plans and not be discouraged due to the lack of a commute. And they are great for the occasional long ride along with friends. However, one of the more important aspects of owning a two wheeler is buying insurance for the bike. Here is all that you need to know.
Xmas is that time of the year when get-togethers and good company is the order of the day. And there could not be a better time than this to buy bike insurance online for your bike. Following are some of the more prominent reasons to opt for bike insurance this Xmas.
Should you opt for a comprehensive plan for your bike, you will receive all weather protection. In short, the plan covers damages caused by natural calamities such as cyclones, earthquakes, typhoons, etc. If your bike is damaged due to any of these, you can claim the insurance policy and repair your bike without having to worry about the expenses.
A bike does not only require protection against natural calamities. A bike can be subject to accidents, vandalism, riots, theft, burglary and so on. Having zero depreciation bike insurance can be helpful in such situations. With a zero depreciation plan, you can claim the insurance and not have to pay anything for the claims.
When you opt to buy bike insurance online, you can choose add-ons. Add-ons are additional coverage for bike insurance that you can get by paying a small premium. It is important to note that add-ons are only applicable with a comprehensive plan. Add-ons such as zero depreciation cover, roadside assistance, engine protection, consumables expense, etc., are the more popular ones.
With the festive season still around, you might get a discount from an insurance provider. It essentially reduces the cost of buying insurance policies.
Here are some of the things that you should keep in mind before buying a bike insurance plan.
You can choose from three different types of insurance policies for bikes.
a. Third party bike insurance
b. Standalone bike insurance
c. Comprehensive bike insurance
The law mandates that bike owners have at least third party bike insurance. This makes the plan the most affordable, but it lacks coverage and features. Depending on your needs, you can choose from any one of the three plans.
It is one of the most important deciding factors when buying an insurance policy for bikes. The premium that you pay for the bike is dependent on a variety of factors such as IDV, term of the policy, the type of policy, NCB and so on.
Insured declared value or IDV in bike insuranceis the leading factor in deciding policy premiums. IDV in bike insurance denotes the current market value of the bike, and thus, the insurance is based on it. You can change the IDV to influence the premiums amounts. However, it is recommended to opt for a higher IDV.
Insurance providers have tie-ups with garages where you can repair your bike without having to worry about expenses. Thus, it is always a good idea to take a look at the network garages and look for the ones that are near your house.
Before you buy bike insurance, online you must go through the exclusion list of the policy. Exclusions list all the conditions where the insurance provider will not honour the insurance. In short, any claims for these conditions will be rejected.
One of the main reasons for buying a bike insurance policy is to opt for claims in the event of an accident or any kind of incident. Thus, it is important to take a look at the CSR or claim settlement ratio of an insurance provider. The ratio will let you know the total number of claims that an insurance provider has settled versus the total number of claims that were made. A higher CSR signifies that the insurer is more likely to honour your claims.
While owning a bike can be a lot of fun, it does come with its share of responsibilities. And one of them is buying insurance for the bike. Here are a few reasons that make bike insurance policies important.
● The Motor Vehicles Act mandates that all new and existing vehicles must have valid insurance on them always. Failing to do so will attract hefty fines and even imprisonment.
● Potholes and a lot of vehicles on the road increase the chances of accidents. During an accident, the policy will offer financial assistance and make it a bit easier for you.
● Comprehensive bike insurance plans offer a wide range of coverage, including against natural calamities and man-made calamities. This allows for easier claims under the mentioned circumstances.
● Bike insurance policies also offer personal accident cover, which can be useful in the case of an accident that leads to serious injuries or even the death of a policyholder.
● By paying a small premium, you can secure your financials about owning a bike and never be financially strained.
● In the event of theft or the bike being destroyed beyond repairs, the insurance plan will compensate the IDV of the bike.
● And most importantly, if you are involved in an accident involving other individuals, the third party component of the policy will take care of any compensation for damages or injuries.
Bike insurance policies are a crucial part of owning a bike. And above are some of the reasons to consider buying a policy this Xmas. If you are someone who dearly loves your bike, opting for zero depreciation bike insurance is a no-brainer. By paying a small premium over a conventional comprehensive plan, you can receive even better coverage. With a zero depreciation plan, you need not worry about depreciation eating into your claims.
Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.
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