Buying your first expensive bike can be exhilarating, but it can also be intimidating if you don’t know what to look out for in the process or if you don’t know what steps to take after the purchase has been made. Research how bike insurance policy can protect your vehicle from external damages. A high-quality bike can last many years and serve you well, but only if you treat it properly with regular maintenance, proper storage, and other things like cleaning and storing accessories separately from the bike itself so they don’t get damaged or stolen.
Here are Four Things You Must do to Protect Your Investment in Your First Expensive Bike
1. Insure Your Bike
One of the first things you should do after buying a new bike is to insure it. Bike insurance will protect you financially in case of theft or an accident. It’s also important to understand that most policies have exclusions and deductibles, which could impact how much coverage you get. The more expensive your bike, the higher these amounts are likely to be!
The best place to start your insurance search is with your current auto insurer. Most offer optional bike coverage, but you may need to purchase additional liability insurance to be fully covered. Be sure to ask about policy limits and exclusions so you know what’s covered before purchasing a policy.
If you plan to use your bike as a form of transportation, it's worth considering a comprehensive bike insurance policy to protect your bike in case of any mishap.
If you’re planning to use your bike for racing or other intense uses, it’s a good idea to look into specialty policies designed for those events. These insurance options provide more comprehensive coverage and offer additional perks like damage waivers at specific events. Most policies don’t cover bikes in any event, so finding a particular policy that protects you while you’re off-road or on track can be worthwhile.
2. Accessorize Your Bike
You would want to protect your investment if you have just purchased a new road bike or have finally taken the plunge on that expensive mountain bike. Here are four must-have accessories for any new bike owner -
- Keep your clothes clean and dry by installing fenders to prevent rain from soaking into them and onto the ground below.
- Brightly illuminate dark paths with LED lights on either side of your handlebars or as part of your bicycle's frame.
- It is also important to ensure you have reflectors attached to increase visibility when biking at night.
- Lastly, you will need a bell to warn pedestrians and other bikers about your presence.
3. Secure Your Bike with a Warranty
When you buy an expensive bike, you should first secure your investment with a warranty. This will ensure that if anything goes wrong with the bike, you're covered. The majority of bike manufacturers will offer a warranty on their bikes. However, the warranty period can vary between companies and between manufacturers. Check your bike's warranty period and ensure you are well informed about it. It may last for two years, for example, or it may be up to 30,000 km from the date of purchase. You should be aware of it.
Any faults and defects with your bike during its warranty period will be taken care of at no extra cost to you. This will save you time and money, while also giving you peace of mind.
Consider getting a comprehensive extended warranty if your bike is more expensive - it will help cover all your bases if any problems arise.
4. Give Your Bike Regular Maintenance
Having your bike serviced is the next step to take. The first service on your bike is extremely important. You will often receive a free first service at a nearby service center after 30 days of riding your bicycle. The first service will involve cleaning the air filter, checking the tyre filters, changing the oil, and adjusting the bike's nuts, bolts and screws. This will be followed by a complete wash and also addressing any specific concerns you may have.
Your new bike is an investment, and like any investment, it needs to be properly cared for to retain its value. That means giving it regular maintenance.
Here are Four Things You Should Do to Keep Your Bike in Tip-Top Shape
1. Check the air pressure in your tyres at least once a week.
2. Lubricate your chain regularly.
3. Keep an eye on your brake pads and replace them when necessary.
4. Check your drivetrain (chain, gears, derailleurs) and service it as needed.
Endnote
You may feel tempted to skimp on security and peace of mind when buying high-ticket items like a new bike. However, spending just a little time and money now can save you from theft or damage in the future.
No matter how expensive or new your bike is, it's always a good idea to insure it. That way, if anything happens to it, you're covered. And with Paytm Insurance, insuring your bike is easy and affordable. With just a few clicks, you can have peace of mind from knowing that your investment is safe. So what are you waiting for? Get your bike insured today!
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