Motorcycle Insurance: on the highways of India, two-wheelers are among the most common types of vehicles used for transportation. Although riding a two-wheeler may make it simpler to navigate through heavy traffic, those who do so at the expense of an increased likelihood of suffering serious injuries or being killed in an accident.
When looking to purchase a two-wheeler, we consider some aspects, including the price, the mileage, and the bike’s design. Despite this, there is certainly more to purchasing a new bicycle than just buying the bicycle itself. It is just as vital to get the appropriate insurance policy for your two-wheeler to make the proper choice when purchasing a new two-wheeler.
In 2016, there were 44,000 people killed in incidents involving two-wheeled vehicles. This number should remind you how important it is to have comprehensive bike insurance coverage to protect you from unforeseen injuries and property damage. In addition, since the Motor Vehicles Act of 1988 makes it essential for drivers to have auto insurance, it is illegal to ride a motorcycle without having insurance, which is a violation that is penalized by law.
However, according to the law, only third-party insurance must be purchased, and most individuals choose to do so since it is the most cost-effective option. On the other hand, it is essential to understand that having an inadequate insurance cover is the same as having no insurance. As a result, it is vital to compare bike insurance prices online and get a policy that best satisfies your needs in terms of coverage and cost.
How to Pick the Most Appropriate Bike Insurance
Since purchasing comprehensive two-wheeler insurance cover rather than just third-party insurance is the best way to ensure that you are protected in every possible scenario, it is recommended that you do so. A well-researched choice should be made about the purchase of bike insurance, just as it should be regarding purchasing any other sort of insurance. After determining your needs and contrasting the many available insurance policies, this decision should be made.
You may pick an insurance plan that suits your needs and your budget by taking into account the following helpful hints: –
1. Know what type of coverage you require.
Before you start looking for insurance, it is crucial to evaluate your needs and finances to determine what kind of coverage you need. There are two different forms of bike insurance based on coverage: comprehensive cover and third-party liability protection. Choose a plan that provides the appropriate coverage based on how you use your motorcycle, the amount of money you spend, and any other obligations you already have.
2. The Bike’s Cubic Capacity Affects Your Premium
It is significant to learn about your bike’s cubic capacity before selecting an insurance policy since the cubic capacity of your bike will determine the amount of the premium that you pay. If your two-wheeler has a large cubic capacity, then the premium you pay will likewise be on the upper end of the spectrum.
3. Know about insurance declared value (IDV)
In plain English, the IDV of a car is the same thing as its current market worth. IDV stands for “insured declared value,” It is the highest sum insured that may be selected when obtaining a policy. This is the amount that will be compensated in the event of the total loss or theft of a two-wheeler. As a vehicle ages, its depreciation will grow, but its IDV will drop; due to these two factors, the premium will fall from one year to the next. When calculating the cost of a two-wheeler insurance premium, the IDV is one of the most crucial things to consider.
4. Look for “riders” to make your insurance coverage last longer.
Consider purchasing additional coverage in the form of riders that can be added to your two-wheeler insurance policy to provide more comprehensive protection. You will be needed to pay an additional fee for the riders. However, a minor one. Coverage options common with motorcycle insurance include zero depreciation cover, towing cover, and personal accident protection for pillion riders, amongst others.
5. Select a Reputable Insurance Company
Always be sure to seek an insurance provider that you can trust. When trying to determine how well insurance handles claims, it is important to look at the firm’s claim settlement ratio in question. If you choose a reputable insurer, you can ensure that filing and processing your claim will be quick and easy.
6. Compare Bike Insurance Online.
Comparing the many plans offered to you to make an educated choice is another essential part of purchasing insurance. You can evaluate different bike insurance policies online, taking into account coverage, inclusion, exclusion, cost, and more.
7. Don’t Forget to Check Out the Online Reviews!
Read online reviews that have been posted by consumers who have had experience working with the insurance provider and offer their thoughts. It is recommended that you study the reviews and complaints if you are unsure about anything.
When shopping for insurance, be sure to keep the considerations above in mind, and also, don’t forget to renew your policy on time. In addition, when it comes time to renew your policy, you should make it a point to evaluate your needs to determine whether or not the coverage adequately meets those needs.