Bike insurance is important for safeguarding and protecting your bike under all circumstances. Bikes are prone to accidents, especially with the condition of traffic on the road these days. To ensure adequate cover and the best care for your bike in case of any damage, bike insurance is certainly very helpful.
Purchasing bike insurance can be overwhelming without the right tips to guide you. After all, it is essential to purchasing only the best two-wheeler insurance policy for your bike.
Read on to find some important bike insurance dos and don'ts for new bikers.
Dos and Don’ts for New Bikers
Understandably, you would want the best bike insurance policy for your bike. As a new biker, it is important to know all the dos and don’ts to get the best one. The following are a few of such crucial pointers that should be kept in mind.
1. Learn About Different Types of Two-wheeler Insurance Plans
There are different types of two-wheeler insurance plans like a comprehensive two-wheeler insurance plan, third-party insurance, and more. Make sure you know about all types so that you can purchase the one that is best for your bike and your financial conditions.
2. Compare Two Wheeler Insurance Plans
Browse through multiple two-wheeler insurance plans before you settle for one. You must look through all offers, features, and benefits available at your disposal, and only then, pick the one most suited to your needs and circumstances. Compare various two-wheeler insurance plans available, to buy the most suitable one.
When Mr. Suraj decided to purchase a comprehensive two-wheeler insurance policy for his two-wheeler, his friend Mr. Ramesh advised him to go with the same comprehensive two-wheeler insurance plan which he had. Mr. Ramesh had great things to say about the policy and its benefits.
However, Mr. Kunal, who is also a friend of Mr. Suraj, advised him to compare various policies online before he settles for one. Following Mr. Kunal’s advice, Mr. Suraj browsed various two-wheeler insurance plans online and subsequently found 4 policies, other than the one suggested by Mr. Ramesh, that offered the same coverage. In fact, 2 of these plans offered more features at the same price as Mr. Ramesh’s two-wheeler insurance plan. The importance of comparing policies before settling on one was clear to him then and thus, he benefited by following his friend Mr. Kunal’s advice and saved a few bucks.
3. Explore Two Wheeler Insurance Add-ons
Add-ons allow more enhanced protection for your bike. They provide cover for special circumstances that incur hefty costs and require immediate assistance. Some of the most important add-ons include roadside assistance add-on, engine protection add-on, and more. You can choose the ones needed for your bike and purchase them with the insurance policy.
4. Understand What is Insured Declared Value
The Insured Declared Value (IDV) is the maximum amount of claim that will be paid out by the insurance company if the vehicle insured under the policy is damaged, or stolen. In most cases, it is the current market price of the vehicle. The IDV of extra accessories and parts are calculated separately. In case you want a higher IDV value, you can get so but by paying a higher premium.
5. Know How to File A Claim
Your two-wheeler insurance policy will only pay out benefits when you file for it and it is approved by the two wheeler insurance company. It is essential to file your claim with proper proof, correct information, and the right documents to avoid claim rejection.
6. Learn About Different Types of Claims
A single two-wheeler insurance policy covers various contingencies. According to the situation and your needs, you would need to file for claims. It is important to what kind of claim and benefits you can receive under what circumstances to better finance your needs.
7. Familiarise Yourself With Legal Insurance Requirements
Make sure to familiarise yourself with all legal aspects of your bike insurance to avoid any forfeiture and hassle. It is simple enough and you only need to be careful of all terms and conditions of your two-wheeler insurance policy.
8. Check for Insurance Exclusions
Make sure you know all the details of your two-wheeler insurance policy. See exactly what is included in your policy so that you can make the best use of it.
1. Don’t Go After The Cheaper Premiums
Although they might look tempting, cheaper premiums often do not provide adequate cover and sufficient pay-outs. Do not go for them in haste as you can lose much more in expenses later on.
2. Don’t Delay in Filing Insurance Claims
Make sure to file your two wheeler insurance claim as soon after the incident as possible so that you can provide adequate proof and get your claim. Delays in cases of riots are mostly considered although it is not advisable.
3. Don’t File Claims for Minor Repairs
Try not to file claims for minor repairs that are most affordable. This will help you save up more for bigger expenses that might incur later on.
4. Don’t Forget to Renew Two Wheeler Insurance in Time
Always make sure to renew your two-wheeler insurance before its expiry date. Although a lapsed plan can be renewed, it is best to pay your premiums on time and to avoid leaving your vehicle unprotected.
5. Don’t Falsify Information
Never falsify information on your insurance application or claim reports. Not only can this lead to claim rejection but also formal blacklisting that can make it difficult for you to purchase insurance plans again.
Keep the above dos and don’ts in mind to make the best purchase for your bike. They will guide you to get the best protection for your vehicle even when you are a new bike owner.