Bike Insurance: Should You Buy It from Bike Dealers?
Insurance is always a good idea, but is it necessary to buy it from the bike dealer? Or are there other options available for it? It's best to purchase your bike insurance from an established company and ensure it covers all your needs. Additionally, bike dealers are not legally bound to sell insurance for the bikes they sell. Therefore, you can also buy your two-wheeler insurance from other reliable sources. It can also save you a lot of money in any accidents. There are a lot of factors that decide whether you need to buy insurance from your bike dealer.
When buying a bike insurance policy from a dealer, the price for the same varies depending on several factors. This includes age, usage, and the type of bike you already have or want to buy. You can also buy two-wheeler insurance online by comparing the quotes on different websites or after asking for referrals from your friends and family.
It is essential to know that buying insurance from a bike dealer is not mandatory. You can buy it from any other dealer or agent. You should have some kind of insurance, no matter where you get it from. However, purchasing the bike insurance policy from the dealer will be a much safer option.
Why Should You Get Two-wheeler Insurance from the Bike Dealer?
- Buying motor insurance from a bike dealer ensures that you get valid insurance for your two-wheeler. Insurance companies offer different types of two-wheeler insurance policies.
- Your bike dealer should be able to help you choose the one best suited to your needs. It is also essential to consult with the bike dealer before buying two-wheeler insurance since the cost includes several factors. It includes the make, model, age and engine capacity of the bike. Furthermore, it will broadly vary due to your bike type, like a new or old bike.
- Another reason to get a bike insurance policy from the dealer is the IDV or Insured Declared Value. It refers to the current market value of your bike and is the price you will receive in case your two-wheeler is stolen or undergo a total loss. The correct IDV also helps evaluate the total insurance premium you will pay.
What are the Benefits of Buying Bike Insurance from Third-party Sources?
The need for bike insurance is increasing in India due to the number of two-wheeler riders. Bike owners seek third-party insurance providers who provide comprehensive two-wheeler vehicle insurance. Third-party insurance providers often offer a policy that covers all aspects of the bike, including theft, damage, and even medical coverage. This is unlike regular insurance provided by bike dealers, which mainly only covers accidents and theft.
Buying motor insurance from third-party or bike insurance companies is also an excellent way to save money. You can get different policies for a lot less on an annual basis, compared to a bike insurance policy offered by a bike dealer. Furthermore, you can also purchase third-party bike insurance online and insure your two-wheeler within just a few minutes. However, while doing so, it is best to choose a reliable and trustworthy insurer.
Final Words
To conclude, a two-wheeler insurance policy is quite crucial since it not only insures your bike but also saves you the loss of money. Often, bike dealers bundle the insurance policy with the bike sales package offered to you. Furthermore, instead of offering a cash discount, bike dealers tend to provide free basic motor insurance to you.
In saying so, buying insurance from a bike dealer is not mandatory. This is because you can often get better policies from other bike insurance companies as well. Reach out to Paytm Insurance for the best deals and bike insurance choices.
Add ons for your Two Wheeler Insurance
Bike insurance, also known as two-wheeler insurance, is a policy that provides insurance coverage for a person’s bike. It was introduced under the provisions stated by the Motor Vehicles Act of 1988. It is a form of motor insurance that covers the bike and its rider. It protects against theft, damage and third-party liability. A comprehensive bike insurance policy covers you for all types of risks associated with your bike:
- Damage to the bike caused by accidents
- Theft of the bike
- Damage to other people or property in an accident you cause
- The cost of medical treatment if you are injured in an accident while riding your bike
No, there is no compulsion. However, if you want to buy the two-wheeler insurance from your dealer, you can do so. Otherwise, you can look for other options as well.
You can avail of two main bike insurance policy types for your two-wheeler from bike dealers. These include:
- Comprehensive Insurance:
Comprehensive bike insurance is a type of motor insurance that covers the insured’s bike in case of any damage to the vehicle, be it accidental or intentional or even due to natural calamities or terrorist activity. Comprehensive policies also include several other benefits like including add-ons .
- Third-party Liability Insurance:
Third-party liability bike insurance is a type of insurance that financially covers the bike owner in case of an accident happens against third party. The third-party liability inlcudes bodily injuries, vehicle and property damage to a third-party person.
Whether you buy bike insurance online or purchase it from your bike dealer, there are several add-on options that you can include in your insurance policy. These include:
- Roadside assistance cover
- Cover for theft or loss of bike key
- Zero depreciation