Don't settle for anything less than the best when it comes to your bike insurance. Our expert tips can help you navigate the process and find right the policy.
While buying a new two-wheeler, you may consider many factors like mileage, price, engine capacity, etc. Just as it is important to buy the right bike to suit your needs and taste, it is equally important to get protection for your bike against damages by purchasing bike insurance.
But the question is how to buy the right bike insurance policy? If you are a first-time insurance buyer, you can consider the following tips to get the best insurance cover of your choice.
Most insurance companies in India offer two types of bike insurance plans – third party bike insurance and comprehensive bike insurance. The former is a mandatory requirement as per Motor Vehicles Act and every bike owner must have this insurance policy for their bike. The third-party insurance covers only the damages caused to the third-party vehicles. Whereas, comprehensive bike insurance covers both third-party liabilities and own damage. So, when you buy bike insurance, you must be sure of your needs and choose the right policy accordingly.
Before you sign the policy documents, you must read the terms and conditions. This will help you know about the inclusions, exclusions, charges involved, etc. If you find that the terms are disputable, it is better to look for another policy. Also, knowing the terms and conditions beforehand will help you have realistic expectations from your insurance.
Add-ons are additional coverage options that you can buy voluntarily to get protection against specific risks that are not covered under the standard policy. However, you must be careful about choosing the add-ons, as each add-on will increase your premium. So, assess your needs carefully and choose only the add-ons that you think will benefit you.
IDV or insurance declared value is the maximum amount that you get from the insurance company if your bike is damaged beyond repair or gets stolen. Generally, the insurance companies decide the IDV based on the current market value of your bike. This value reduces overtime due to depreciation. It is also one of the important factors that affect the premium for your two-wheeler. So, knowing the IDV will help you be better informed and negotiate with the insurer while fixing the premium.
Whether you buy bike insurance, you must look for a reputed and credible insurance company. Don’t forget to check the insurer's claim settlement ratio (CSR) to know about the efficiency of their claim settlement process. Typically, the reputed insurance companies like Kotak General Insurance have a high CSR and have a reputation for offering world-class services. If you are not sure what CSR is? It is the number of claim requests the insurance company has settled successfully against the number of applications they received in a specific period.
Many experts recommend buying bike insurance online. This is because when you buy online, you can easily compare the different plans, know about the features, benefits, premium, etc., and make an informed buying decision. Also, when you purchase online, you directly deal with the insurance company, and can directly contact the company in case of any queries.
Now that you know how to get bike insurance, do your diligence and purchase the right policy of your choice. If you are looking for best bike insurance online, you can consider buying Two Wheeler Secure Policy offered by Kotak General Insurance. It is a comprehensive policy that covers both third-party liability and own damage. Visit the two wheeler Insurance page to know more about this plan.