Having motor insurance is compulsory as per the law. This makes it imperative for all vehicle owners to invest in one. But insurance for your bike should not only be bought merely to comply with the regulation, but also for its other benefits.
Even though having a motor insurance is mandatory, it is often put-off by people or regarded as a perplexing choice. But it doesn't have to be so anymore. This guide will help you select a policy that checks all the right boxes and provides a suitable insurance policy when you purchase motorcycle insurance online.
#1 Identify your need
The first and foremost step is to identify your need of buying a motorbike insurance policy. Although all bike owners are aware that motorbike insurance is mandatory, you should know how it can help you in protecting yourself from accidents and damages along with third-party liabilities.
#2 Conduct adequate research
With the digital revolution in the country, everything that was once paper based has now shifted to the online medium. This includes motorcycle insurance plans. You can now purchase suitable two wheeler insurance online
by comparing the available plans. Numerous options are available of which a few might be suitable. Doing your share of research will help you find the perfect motorcycle insurance for you. Apart from researching the policies, make sure to familiarise yourself with the various jargons used in motorbike insurance policy documents. Terms like insured declared value or IDV, no-claim bonus (NCB), own-damage cover, etc are a few terms that can help further understand your policy effectively.
#3 Compare the various policies
Most times, selecting a policy from a plethora of options can get confusing. But this confusion is quickly cleared once you start comparing the available motorcycle insurance plans. There are quite a few factors that should be compared like the type of coverage, the factors affecting your premium, the time lag in processing your claim, additional features of your policy, etc. Using a two wheeler insurance premium calculator
, you can compare the premiums for motorcycle insurance online. Online comparison helps to narrow down your policy purchase.
#4 Selecting the right motorcycle insurance company
Once you have compared the various motorbike insurance online, you can choose by selecting your preferred insurance company. An ideal motorcycle insurance company should be able to provide quality service at the time of claim. The settlement time needs to be low and the process should be smooth. For this, you can also make use of the claim settlement ratio which is published by the regulatory body, the Insurance Regulatory and Development Authority of India (IRDAI).
#5 Selecting a suitable motorcycle insurance policy
Once you have selected the preferred insurance company, next is to choose between the two types of insurance plans - third-party and comprehensive. A third-party policy is the minimum requirement and covers only the liabilities due to a third-party. There is no coverage for any damage to your bike. Comprehensive motorcycle insurance makes up for the shortcomings of a third-party cover extending the coverage to include any damages and repairs to your vehicle too. You can buy both types of motorcycle insurance online thereby offering the convenience of choosing from your couch.
#6 Setting the right IDV of your motorcycle insurance policy
Once you have finalised the policy and its type, the next step is to set the insured declared value. IDV is the closest estimate to the current value of your vehicle. As your bike’s age increases, its value goes on decreasing due to depreciation. The IDV of your bike can be set between a predefined range depending on the accessories that you have installed.
#7 Selecting the right add-on cover
Add-ons are additional policy features that can be opted for based on your coverage requirements. Since they are additional coverage, an additional premium is charged. Third-party policies have a limitation where you cannot purchase an add-on. Thus, to buy an add-on, you must have a comprehensive motorcycle insurance. Some popular add-ons that you can purchase when selecting motorcycle insurance online are zero depreciation cover, 24X7 roadside assistance cover, pillion rider cover, etc.
#8 Understanding the policy terms
Once you have selected your insurance policy and its add-ons, you need to carefully examine the terms of the policy. It should be done to eliminate ambiguity and avoid confusion at the time of claim. Understanding the terms and conditions, knowing the coverage and exclusions, being aware of the geographical limits of the policy cover are some terms that you need to know beforehand.
These eight nifty tips will help you in selecting not only a suitable but also an affordable motorcycle insurance cover. Make sure to remember these to tick each step and get a favourable insurance policy for your bike. Know how you can compare bike insurance
plans effectively on Bajaj Allianz Blogs.