A good bike insurance policy is a must-have acquisition for anyone who owns a bike. However, not all bike insurance policies are genuine, as a number of fake policies are also often seen doing the rounds of markets. Unfortunately, a number of people looking for the lowest bike insurance price end up falling in the trap of con men who sell fake policies. Investing time and effort in choosing a genuine two-wheeler insurance therefore is of utmost importance.
If you have been looking for the best bike insurance policy but are unsure about the pitfalls to be avoided, read the eight tips given below and make an informed decision:
Visit the Government’s Ministry of Road Transport and Highways Website
Undeniably, this is one of the most important and reliable ways of ascertaining the status of your bike’s insurance policy. VAHAN, the official website of the government’s Ministry of Road Transport and Highways, allows you to check your bike’s insurance status easily and quickly. All you have to do is visit VAHAN and enter your bike’s registration number and some details. It will promptly show the exact status of your bike and answer all the queries you may have.
Conduct Intensive Research
Whether you choose a regular bike insurance policy or a bike insurance online, make sure you carry out thorough research about the insurance company from where you are buying it. Find out information about the background of the company, when it was established, its promoters and market reputation. You ought to check the company’s IRDAI (Insurance Regulatory and Development Authority of India) license number since companies which possess this license are genuine.
Verify Details of Your Bike given in the Policy Document
Once you get the bike insurance policy details, make sure you match them with the details of your two-wheeler. Check details like your bike’s engine number, registration number, year of registration, chassis number, etc. stated on the policy document. Further, the coverage details such as the premium amount paid, coverage start date, end date, type of coverage, etc. should also be verified. You have to be doubly attentive and ensure that you have not lost out on any of the benefits that your two-wheeler insurance policy is supposed to yield.
Purchase Your Bike Insurance Policy from a Reliable Source
Thanks to the internet, you can buy two-wheeler insurance online from the comfort of your home. However, you need to watch out against the plethora of fake websites offering incredible deals online. You need to exercise caution and buy your policy only from a credible website. For that, visit the website of the Insurance Regulatory and Development Authority of India (IRDAI) to confirm the authenticity of the insurer.
Choose Online Payment Modes over Cash Payment
If you are purchasing bike insurance, it is highly recommended that you opt for online payment mode over cash. Making digital payment is not only faster and more convenient, but also safe as it generates proof of payment made by you. Use net banking, debit card, credit card, etc. for making payment as it will double as evidence in case of any complication or issue in future.
Request for Receipts and Documents
Acquiring physical copies such as receipts, bills, payment slips, etc. for anything you purchase is always a good idea. Make sure you are given a receipt every time you pay a premium as well. You must ask for a valid receipt for each transaction, and no company can refuse to provide the same.
Double Check Verification Links
Most bike insurance companies provide verification links on their websites. If you are purchasing your bike insurance online, you have to click the link on the website to validate it. Make sure there’s no oversight on your part when it comes to this step for proper completion of the transaction. Also, make sure you have received the e-copy of your policy on your e-mail. If not, place a request to the company for your e-copy right away.
Make a Record of all Prerequisites
Take the effort to compile all the crucial policy information and details related to your bike insurance policy. It comprises Insured Declared Value (IDV), No Claim Bonus (NCB) and deductibles clauses. You are investing your hard-earned money in the bike insurance policy you are purchasing; hence you have to take adequate steps to safeguard it in every way you can. Checking up on these aspects is all the more important if you are purchasing the policy at a discount. If you are taking the policy from an insurance agent, she/he may have altered the NCB and IDV values to show a lower premium amount for your policy. If the agent skips discussing the NCB or IDV with you, get in touch with the insurance company. It will prevent unpleasant situations and eventualities that may arise and consume a lot of your time and effort for sorting things out.
Conclusion
Purchasing a bike insurance policy encompasses a whole lot of factors and procedures. You have to be meticulous and vigilant while taking key decisions related to your policy. Make sure you follow the above-mentioned guidelines so that you invest in the right bike insurance policy that is not only authentic but also rewarding in the long run. Since the government has made third-party bike insurance mandatory for all two-wheeler owners, you have to acquire the policy that suits you best and is genuine.
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