Keeping yourself away from any unforeseen expenses is a must to have financial stability. The best way to keep yourself protected from the sudden financial expense of your bike is to follow safe driving practices on roads. This is the first step you will have to do to make yourself financially stable. Apart from driving safely, the other factors that can cause an unexpected expense are damage due to natural calamity, mistakes of the third party on the road, regular maintenance and repair, etc.
To meet all those expenses, you will have to take bike insurance from an authorized insurance provider. In case you are new to the world of insurance, it is mandatory to keep your bike insured in India. Here are some things you should keep in mind while purchasing bike insurance. Do read them fully and make a wise choice!
1. Type of Bike Insurance
Usually, there are two types of bike insurance policies available in India. You can either go for third-party liability insurance or a comprehensive insurance policy. Though third-party insurance has been mandated by the government, the coverage provided under that policy will not be sufficient to meet the expenses required to fix the damages of your car. You will have to pay those bills out-of-your pocket because the insurance provider is not liable to pay for your personal or property damage. Read about the benefits you can avail of under a comprehensive cover and do consider buying it though your bike insurance price might be a little higher.
2. Exclusions of the policy
When everyone states to check the damages or repairs covered under your policy, we state something different. It is better to check the exclusions of your policy to keep yourself prepared for the expenses you will have to bear at the time of emergency. If you need coverage for those exclusions also, you can check if there is an add-on available with your insurance provider and can add them too.
Some people might need extra protection and assistance with regards to their two-wheelers. They don’t want to be alone in an awful situation. So, they make the wise choice of buying the needed add-ons according to their needs. Add-ons are nothing but extra protection like personal accident cover, roadside assistance, zero depreciation, etc. Getting add-ons will again increase your car insurance price but they are the worth investment you can make now for your bike. These add-ons will be a great help during any accidents, or helpless situations.
4. Claim Procedure
The ultimate objective of any non-life insurance is to get the claim during the happening of a particular accident. Always understand the claim procedure before buying any insurance. If the claim settlement ratio of the company or tiring claim process, it is better to avoid buying insurance from those insurers as you have numerous players in the market. Compare the claim procedure and claim amount of various policies from different providers. Only then, you will get to know the best policy. So, make proper research till the end process before actually putting your money in.
5. Mode of purchase
There are various methods by which you can buy or even renew your insurance policy. You can visit the bike showroom where they provide a multi-year insurance plan while buying, the nearest insurance company office, insurance agent, or even online. Also in online mode, you can either buy bike insurance directly from the insurance company’s website or various insurance aggregators. Nowadays, you can avail all information, pre-sale service, post-sale service, quick delivery of the insurance online. We suggest you go online to buy your bike insurance policies to avoid paying huge commissions to the agents. If you purchase your policy from insurance aggregators, the claim process will be taken care of by them keeping you relaxed. Thus, read the various benefits of buying insurance online and then decide on the mode of purchase.
Always read the complete benefits, exclusions, claim procedure, value that you will get as compensation, and anything that will benefit you. Also, check if there are any offers or discounts available. Check the public review on Google, consult with your friends or experts from this field before making your final decision. Take your time in analyzing, and then get the best deal!
You are the best and you deserve only the best policy!