If you want to purchase a new bike, it is intuitive that you research the various bikes on the internet and market. You can compare the various models to find the best one you want. While researching motorcycle models, you should also research two-wheeler insurance extensively.
A two-wheeler insurance policy is not just a lawful requirement you must fulfil before riding your motorcycle on the road; it is also essential for obtaining financial protection in the case of a casualty. Many insurance firms in India now provide competitive bike insurance policies. They may even offer numerous crazy benefits & offers.
Insurance companies frequently attempt to sell their primary plan, which may not meet your insurance needs. Furthermore, insurance providers never consult the plan's details, such as policy exclusions and additional terms & conditions. Aside from many exclusions, let's look at a few other essential things insurance providers won't inform you about.
When purchasing bike insurance, ask your insurance agent about add-on coverage; some benefits may be free, while others may be available at an added but lower cost.
The following are four critical add-on covers for the bike insurance:
- Coverage for Zero Depreciation
- Return-to Invoice Cover
- Roadside Assistance Protection
- Passenger Cover Protection
Coverage for Zero Depreciation
It is widely known that the value of a vehicle begins to depreciate the moment it is purchased. So, suppose you must file a claim for two-wheeler insurance a few days or months after purchasing it.
In that case, most insurance insurers will provide a payout on its worth on that day, not the purchase date. On the other hand, a zero depreciation cover would not hold the depreciation value during the claim amount calculation.
Return-to Invoice Cover
When a bike is broken past repair, most two-wheeler insurance policies will pay you based on the vehicle's depreciating value. Users can get the invoice value of their bike, including registration and road taxes, with an add-on cover like a return to the invoice.
Pillion riders are essential, particularly in India, where states & cities have a high biker population. As part of this add-on cover, the owner could also seek settlement for the pillion rider in case of a mishap.
The add-on covers the costs of towing, storage, & removal of the bike if damaged. Riders can also have their two-wheeler towed for a fee up to the amount specified in the policy.
Is Premium Affected by the Two-wheeler Model?
Your motorcycle insurance policy is directly affected by the model of your two-wheeler. Your insurance company is unlikely to inform you that there exists a motor rating system for each model & configuration.
The higher the premium, the more recent the model of your bike. As a result, before purchasing a new policy, feel free to inquire with your motorcycle insurance agent about this.
Membership Savings Members of Specific Organizations
Membership in an automobile organization in India decreases the quantity of premium you pay. Organizations like the Automobile Association of India (AAI) can help reduce two-wheeler insurance premiums and provide discounts on insurance policies.
Install No Expensive Gadgets
Your insurance premium rises when you install expensive accessories like rear spoilers or alloy wheels. In such instances, the insurance provider evaluates your driving style & the reason for the modification to your bike. The combined maintenance and repair costs usually result in a higher insurance premium on your behalf.
Some of the most common problems that two-wheeler owners face is their insurance policy expiration, which can occur when the policyholder fails to renew his\her two-wheeler insurance for a variety of reasons.
Until an insurer renews their bike insurance & the insurance starts in, your vehicle and the rider are uncovered to all mishap-related expenses. Nevertheless, you can now sigh with relief as you can purchase a long-term bike policy like 5- years for complete protection.
Secrets to Lowering Your Insurance Premium:
There are numerous methods for lowering insurance premiums, including:
- Installing security features on your bikes, such as an anti-theft lock device, or disc brakes, can help you save money on insurance.
- Including voluntary deductions in your insurance policy can help you save money on your premium.
- Avoid filing claims for minor damages is another innovative way to lower your premium. It is preferable if you're able to manage the repair costs.
Obtaining the best bike coverage is not rocket science; however, you must conduct thorough research and compare various plans. You should also be assertive in asking the bike insurance broker about the policy's terms & conditions before purchasing it. Finally, carefully read the insurance policy documents.
These are the top secrets influencing your insurance premium that your two-wheeler insurance provider will not tell you. Hopefully, this list will help you ask the appropriate questions & make an informed decision when purchasing a two-wheeler insurance policy.
As crucial as remembering these tips, securing your bike with an insurance policy is critical to protect yourself and your bike from financial liabilities arising from maintenance or an accident.