Two-wheelers are among the most frequent vehicles used for transportation on Indian highways. Although riding a two-wheeler makes it easier to navigate through heavy traffic, people do so at the risk of receiving significant injuries or being killed in an accident.
When searching to buy a two-wheeler, we evaluate several factors, including the bike’s price, mileage, and design. Regardless, there is much more to buying a new bicycle than just the bicycle itself. It is just as important to have the right insurance plan for your two-wheeler as it is to make the right option when purchasing a new two-wheeler.
Why Should You Invest in Motorcycle Insurance?
In 2016, 44,000 persons were killed in accidents involving two-wheeled vehicles. This figure should remind you of the need for comprehensive bike insurance coverage to safeguard you from unforeseen property damage and injuries. Furthermore, because the Motor Vehicles Act of 1988 requires drivers to have auto insurance, it is prohibited to operate a motorcycle without insurance, which is a legal infringement.
However, according to the law, just third-party insurance is required, and most people pick this option because it is the most cost-effective. On the other hand, it is critical to remember that inadequate insurance coverage is the same as no insurance. Therefore, comparing bike insurance costs online is critical, and select the policy that best meets your requirements in terms of coverage and cost.
How to Select the Best Bike Insurance
It is recommended that you purchase comprehensive two-wheeler insurance coverage rather than third-party insurance because it is the best method to ensure that you are protected in every potential scenario.
A well-researched decision should be taken when obtaining bike insurance, just as it should be when purchasing any other type of insurance. After analyzing your needs and comparing the many insurance products offered, this selection should be made.
You may choose an insurance plan that meets your demands and your budget by keeping the following tips in mind: –
1. Determine the type of protection you require.
Before shopping for insurance, you must assess your needs and resources to determine the type of coverage you require. In terms of coverage, there are two types of bike insurance: comprehensive coverage and third-party liability protection. Choose a plan that provides adequate coverage based on how you use your motorcycle, how much you spend, and any other commitments you already have.
2. Your premium is affected by the cubic capacity of your bike.
It is critical to understand your bike’s cubic capacity before purchasing an insurance policy because your bike’s cubic capacity will decide the premium you pay. If your two-wheeler has a huge cubic capacity, the premium you pay will also be on the higher end of the scale.
3. Understand the declared value of insurance (IDV)
In layperson’s terms, the IDV of an automobile is the same as its current market value. IDV stands for “insured declared value,” and it is the maximum sum covered that can be chosen when purchasing insurance. This is the sum that will be paid in the event of a two-total wheeler’s loss or theft. As a vehicle ages, its depreciation increases while its IDV decreases; as a result, the premium decreases yearly. The IDV is one of the most important factors to consider when determining the price of two-wheeler insurance.
4. Look for “riders” to extend the life of your insurance policy.
Consider acquiring additional riders that may be applied to your two-wheeler insurance policy to offer complete protection. You will be charged an extra cost for the riders. However, it is a minor one. Motorcycle insurance coverage options include 0% depreciation, towing, and personal injury protection for pillion riders.
5. Choose a Trustworthy Insurance Company
Always look for an insurance provider you can rely on. When establishing how successfully insurance handles claims, it is critical to consider the firm’s claim settlement ratio. If you choose reputed insurance, you can ensure that submitting and handling your claim will be quick and uncomplicated.
6. Online Bike Insurance Comparison.
Another important aspect of getting insurance is comparing the many available plans to make an informed decision. You may compare several bike insurance policies online, taking into account cover, inclusion, exclusion, cost, and other factors.
7. Don’t Forget to Read the Online Reviews!
Read online reviews provided by customers who have had dealings with the insurance provider and share your thoughts. If you are unsure about anything, it is recommended that you read the reviews and complaints.
When searching for insurance, keep the factors listed above in mind, and don’t forget to renew your coverage on time. Furthermore, when it comes time to renew your policy, make it a point to analyze your needs to see if the coverage adequately covers those demands.