Buying an insurance policy for a two-wheeler has become widely confusing because of the rise of many insurers providing multiple packages of high termed policies. Sometimes many users do not understand the use of these policies and refuse to make use of it, even though one buys them.
Buying bike insurance should not be taken lightly. It is mandatory by the law to have your bike insured despite the fact it is a new or a second-hand bike. If you have already purchased a second-hand bike but lack an understanding of what it exists or what to check for when buying one, we have got you covered.
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1. Check Types of coverages offered:
Bike insurances have three main coverages, those are third-party insurance, own damage insurance, and comprehensive insurance.
● Third-part insurance: Third-party insurance covers liabilities and damages caused to the person affected by the accident you were involved in. This coverage does not cover damages caused to you or your bike.
● Own Damage Bike Insurance: Own damage insurance for bike is a policy that helps the coverage of the self. This policy covers damages to the first person alone, which is “you”. It also helps you stay covered against damage caused to your vehicle due to accidents like fire, theft, etc. In case of an accident, an own damage cover compensates you for the expense to repair or replace parts of your two-wheeler damaged in the accident.
● Comprehensive Insurance: After which there is a policy that covers both the parties known as “comprehensive insurance policy”. Comprehensive insurance not only covers the first party and the second party but also provides various other benefits along with it.
However, it is advisable to have own damage insurance for bike when you are already having a third-party insurance cover. As third-party insurance is mandatory it also comes with limited coverages. Therefore, opting for own damage insurance provides sufficient coverages for an affordable premium.
However each of these insurances has different sets of benefits, and it is important for you to analyze and buy what suits your requirements. Through it all, third-party insurance is mandated by the law to obtain by every two-wheeler rider in India.
2. Check the list of add-ons:
Bike insurance coverage allows you to have the privilege to buy more benefits on the basis of your needs or requirements. These add-ons work wonders for your two-wheeler. Enabling multiple protection to it. However, before buying add-ons it is mandated for the owner to have bought one type of insurance, either third-party or comprehensive insurance. Some of the major add-ons are zero depreciation cover, breakdown assistance coverage, consumable cover, and own damage cover.
3. Check for the term planning to insure:
Knowing the condition of the bike, you’ve got to insure it according to the term you wish. Just after looking for the right insurance coverage, you have to opt for the period in which you want your insurance policy covered. Some of the packages fall in between 2 years to 5 years and even more. Therefore before insuring your bike, plan in advance and prepare for the duration of time you want to insure, and revise it accordingly. Through it all, it is compulsory to have insurance all the days of using your bike.
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4. Check for the premium amount:
Checking for how much you have to pay for your insurance month after month is the wisest thing to do. Analyze different premium amounts offered by different packages, along with each of the benefits. If you are opting for insurance with limited coverages, then an insurance premium will be cheaper. On the other hand, if the insurance cover provides a vast number of benefits, then the premium amount will lightly be on the higher side.
To escape too many calculations, online insurance platforms provide insurance premium calculator that calculates everything and remind you to not miss your premium payments.
5. Look for a policy equivalent to the value of your bike:
Consider analyzing and evaluating your bike before you buy any insurance policies. Consider buying what suits your requirements best. These insurance policies enhance safety for a second-hand bike or a new bike. Including a sportbike or a bike that you have for leisure purposes, or for visiting the market every day. Therefore, based on the requirement and the type of bike you own, you need to buy insurance based on it.
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6. The credibility of the insurance company:
Lastly, after you have clearly checked into the above details, you have to look deeper, analyze & study the credibility of the company that you are buying the insurance from. Not all companies are credible, some promise one and deliver another. Every insurance company have their own distinguishing qualities that make them stand out from another. So, look for a company that is credible, worth your money and deliver what they actually promise.
With these few steps in mind, you can easily buy insurance for your two-wheeler and enjoy its benefits to the fullest. Be wise enough not to skip any steps and look out for the details in particular. These steps will enable you, to the things you should look for while buying a bike insurance policy.