Two wheeler insurance for new riders: Tips for first-time bike owners in India

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11 Sep 2023

Guidance for First-Time Bike Owners: Navigating Two-Wheeler Insurance in India

One of the most crucial steps to take is securing the right two wheeler insurance as a first-time bike owner in India. Insurance not only protects in case of accidents but also ensures compliance with legal requirements. However, navigating the world of two-wheeler insurance can be overwhelming for new riders. Kotak general insurance will provide valuable tips to help first-time bike owners in India when it comes to purchasing new two wheeler insurance.

Valuable tips to help first-time bike owners in India

  • Understand the types of coverage

In India, there are two primary types: third-party liability insurance and comprehensive insurance. Before purchasing bike insurance online, it's important to understand the different types of coverage available. Third-party liability insurance is mandatory by law and covers damages to third-parties. Comprehensive insurance, on the other hand, provides coverage for both third-party damages and damages to your bike.

  • Assess your bike's value

Overestimating your bike's value may result in higher premiums, while underestimating it could leave you under insured in case of a total loss. As a new bike owner, it's essential to assess the value of your new bike insurance online accurately. This will help you determine the appropriate sum insured for your insurance policy.

  • Consider add-on covers

Add-ons can provide extra protection, especially for new riders. While the basic coverage is essential, consider additional add-on covers to enhance your two-wheeler insurance. Popular add-ons include zero depreciation cover, roadside assistance, personal accident cover for pillion riders and engine protection cover.

  • Calculate the insured declared value

Insured Declared Value (IDV) is the approximate market value of your bike at the time of new bike insurance. It determines the maximum claim amount you can receive in case of total loss. Calculate the IDV accurately to ensure that you are adequately compensated in case of an unfortunate event.

  • Understand no-claim bonus

No-claim bonus (NCB) is a reward for not making any claims during the policy term. As a new rider, if you maintain a claim-free record, you can accumulate NCB over the years, leading to significant savings on your premiums. Understand the NCB structure and ensure that it is correctly applied during policy renewal. It results in a discount on the premium during the renewal of the policy.

  • Maintain a good riding record

Avoiding traffic violations, accidents and insurance claims whenever possible. As a new rider, maintaining a good riding record is crucial not just for safety reasons but also to potentially reduce your insurance premiums over time. Responsible riding habits, not only help you to enjoy safer journeys but also save on insurance costs in the long run.

Conclusion

As a first-time bike owner in India, securing the right two-wheeler insurance is essential. Take the time to research, consult with kotak bike insurance and choose the insurance policy that best suits your needs as a new rider in India.

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How Does Bike Modification Impact Two Wheeler Insurance Premium
Planning to renew your bike insurance? Know the factors you should consider
All about claiming for minor scratches for bike insurance


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Team Kotak GIC

The content of this blog has been created and carefully reviewed by the esteemed team at Kotak General Insurance, with the sole purpose of providing valuable guidance and sharing insights on the importance of general insurance. Our objective is to assist users in making informed decisions when purchasing or renewing insurance policies for their cars, bikes, and health. Our expertly curated information aims to empower our readers with the knowledge they need to protect their valuable assets and financial interests.