It becomes convenient to travel with bikes as there are fewer chances of getting stuck in traffic. However, getting third party insurance for bike has been made mandatory by law. It not only offers financial security to your brand new bike but is also compulsory as per the Motor Vehicles Act, 1988. Never buy the policy from any bike dealer as they provide you with a standard coverage. Research and look for a reputed insurance company to buy a policy that suits your needs.
Here are a few things to keep in mind before insuring your two-wheeler:
- Choose the right type of policy
The two types of two wheeler insurance policies are third-party and comprehensive bike insurance policy. The third-party policy offers coverage for the damages caused to a third-party only. However, the comprehensive cover is an extensive one and covers third-party as well as own damage. However, it is advisable to buy a comprehensive policy because it offers you with wide coverage.
- Know what is covered
It is vital for you to know what you’re signing up for. Know what is covered and what is not as it will prove to be useful at the time of raising a claim. Third-party damages, destruction caused due to man-made and natural calamities, theft, damages caused as a result of accidents, third-party legal liability, etc., are covered under a comprehensive policy. Make sure you purchase the coverage online for better options. Coverage of your two-wheeler can also be checked if you visit the insurance company’s website. Standalone third party insurance for bike is also an option to consider.
- Go for a well-reputed insurance company
Don’t just go for any insurance provider that your friends might’ve suggested. Research for yourself and opt for a reputed insurance company that has good reviews. Signing the deal with a credible insurance company will help you at the time of claim.
- Insured Declared Value (IDV)
The premium of your bike insurance policy depends on the current market value of your bike, i.e. the Insured Declared Value (IDV). Before purchasing, compare two-wheeler insurance policies online and check the IDV amount. For expensive two-wheelers such as a sports bikes, the IDV will be high and vice versa.
- Pay heed to the exclusions
It is extremely important to know what isn’t covered in your policy so that it becomes easy for you to raise claims. Therefore, go through the exclusions part of your policy document thoroughly.
Here are some things that come under exclusions:
- Minor damages and ageing of your bike
- Mechanical or electrical breakdown
- Usage of vehicle in a manner apart from the intended purpose
- Driving your car with an invalid license or no license at all
- Driving under drug or alcohol influence
- Any kind of loss or damage caused as a result of war or nuclear mishaps, etc.
Before you purchase a two-wheeler insurance policy, make sure you check customer reviews or ask people who have bought an insurance policy and take notes of their experience with the insurance company. The entire buying process has become easier as you can purchase or even review your insurance policy online. Last check to make before purchasing a two-wheeler insurance policy is to calculate the premium online using a two wheeler insurance premium calculator and get the quotes in a few clicks.