Bike insurance guarantees financial assistance when your bike is damaged or stolen. It safeguards you from making hefty payments for repairing your car. But apart from the financial coverage it offers, it is mandatory by law that every two-wheeler on the road should have a valid third-party insurance policy.
Any uncertainty regarding a bike insurance policy can lead to you owning a policy that does not really benefit you. Therefore, you should know how to check two-wheeler insurance online and choose one that is suitable for you.
Why should you have a two-wheeler insurance policy?
While third-party two-wheeler insurance is a mandatory legal requirement, the main reason bike owners must have one is for their bike’s protection. The third-party bike insurance does little to protect the insured’s bike apart from looking after the third-party legal liabilities. This is why it is advisable to have comprehensive bike insurance as well.
A comprehensive insurance policy can take care of various types of damages to the policyholder’s bike and also deal with medical bills with a personal accident cover. To ensure that you do not have to take care of these expenses yourself, you should purchase a suitable bike insurance policy to protect your bike.
To make sure you are buying a bike insurance policy that actually works for you, you can follow the steps listed below.
What to look for when you buy bike insurance online?
- Understand insurance-related jargons:
Before you buy bike insurance online, you should be able to understand the terms and conditions listed in the policy document. For an individual who is buying insurance for the first time, the policy document’s terminology may seem a bit confusing. You can have the insurance agent or a knowledgeable acquaintance explain them to you so that you are clear about the purchase. Here are a few insurance policy terminologies that you will come across quite often:
- IDV: Insured Declared Value is the highest possible amount the insurer will pay you if the automobile is damaged beyond repair or stolen.
- NCB: No Claim Bonus is the discount on the premium you can get while renewing your policy if you have not filed for a claim during that year.
- Deductible: The amount that you have to pay at the time of filing a claim. There are two deductibles, compulsory and voluntary. A compulsory deductible is an amount you have to pay. Voluntary deductible is the amount you have opted to pay for every claim you have registered.
- Third-party liability: Commonly known as third-party insurance, this is a mandatory insurance cover for your bike. While it only protects third-party persons or property from damage by your insured vehicle, it protects you from legal liabilities but nothing more.
2. Know and compare the policy coverage:
One of the easiest ways to get the best bike insurance plan for yourself is to buy online so that you can compare the plans from various providers. Note that all insurance providers offer plans with varying coverage. This is important because you do not want to end up being underinsured or pay way more for the premiums than you can afford. Buying insurance online also gives you access to an online insurance premium calculator to help you know the right premium quotes. With these essential online tools, it is easy to get bike insurance online.
An add-on is additional coverage that you can add to your bike insurance policy to enhance the protection. Some of the common add-ons that policyholders add to their coverage are pillion rider cover, collision insurance, fire cover, etc. While adding these add-ons to the policy do lead to an increase in the premium, they will help you broaden the coverage you get from the policy.
4. Company’s reputation:
When applying to get bike insurance online, you get to see the reviews that other customers have left about the company’s services. The customer feedback listed on the website can be of help to potential customers. Before buying a policy, you must make sure to look at these reviews. It will provide you with a good idea about the services the company offers. Apart from the website, you can also visit these companies’ social media profiles to read the reviews.
5. Claim settlement process:
With a two-wheeler policy, you can file the claim either online or offline. Filing a claim through both the ways are simple. However, the factor you should consider is the requirements for filing the claim. As filing a claim must be quick and smooth, you should have a clear understanding of the required documents when filing one.
Hence, bike insurance will provide you with financial aid if your bike gets damaged to take care of the repair costs. It is an excellent way to be prepared for any unfortunate accidents that you may face. It is important that you first understand your requirements from the policy. After this, you can search for the policy that will best suit you. To find a policy, you must look at the coverage they provide, different add-ons you can include, insurance company’s reputation and how smooth their claim settlement process is.